Core Viewpoint - Prospect Capital Corporation has expanded access to its Perpetual Preferred Stock Series A5 and M5 offerings through the iCapital Marketplace, aiming to enhance investment opportunities for various financial professionals and their clients [1][2]. Group 1: Offering Details - The ongoing offerings of Prospect Capital Corporation's perpetual preferred stock have raised nearly $2 billion and feature a fixed dividend rate of 7.50% per annum, intended to be paid monthly [2]. - The preferred stock has a stated value of $25.00 per share and requires a minimum investment of $5,000, with no upfront or ongoing fees for investors [5]. Group 2: Strategic Importance - The collaboration with iCapital Marketplace is expected to benefit Prospect's private wealth offerings by providing seamless investment access and enhancing diversification for investors [3]. - The management and employees of Prospect Capital Management own approximately 29% of the common equity, aligning their interests with those of the investors [4]. Group 3: Company Background - Prospect Capital Management is an SEC-registered investment adviser with 38 years of experience in high-yielding debt and equity investments, managing approximately $7.3 billion in regulatory assets as of September 30, 2025 [7]. - Prospect Capital Corporation primarily invests in middle-market privately-held companies, focusing on generating current income and long-term capital appreciation [8].

Bitcoin Treasury Strategy & Market Dynamics - Strategy 的最坏情况是比特币本身出现问题，但这种情况发生的概率极低 [1][10] - 许多公司都在模仿 Strategy 的比特币国库策略，这些公司都有机会继续增长并通过现金流或资本市场机会永久性地购买更多比特币 [5] - 拥有比特币在资产负债表上对于未来至关重要，尤其是在 AI 颠覆的时代，公司可以通过比特币进行杠杆收购或其他操作 [6] - 市场存在对 Strategy 股票的投机行为，一些人通过做空该股票获利，这可能是 Strategy 改变策略的原因之一 [4] - 长期来看，最重要的指标是每股比特币数量，用美元等法币来衡量该工具的回报会带有法币的视角 [4] Perpetual Preferred Stock & Capital Markets - Strategy 使用永久优先股，因为它没有到期日，如果资产负债表以 50% 的复合年增长率增长，并且以 9% 的利率借出资本，那么资产的复合年增长率和未来支付的负债之间存在巨大的套利机会 [1] - STRF 产品的独特之处在于，进入这些工具的任何资金都会立即购买比特币，从而增加比特币在资产负债表上的持有量 [2] - Strategy 持有价值 700 亿到 750 亿美元的比特币，每年的股息负债为 6 亿美元 [2] - Strategy 暂停发行可转换债券是因为他们希望进入不同的资本池，并接触不同的持有者，可转换债券的卖方并不关心股票，他们是波动率爱好者 [4] - Strategy 正在尝试从 300 万亿美元的固定收益市场中吸引资本，需要提供一种他们可以接受的产品，这种产品看起来与他们投资组合中的其他产品相似 [2] Strive's Bitcoin Strategy - Strive 的目标是购买比特币，并利用比特币购买更多的比特币，Strive 旨在通过降低波动性的工具向资本提供者出售比特币 [10] - Strive 计划利用其在 True North 团队中建立的背景，将相同的消息传递到更广泛的资本市场，类似于在再保险领域所做的那样 [10] - Strive 旨在成为比特币国库领域的兰博基尼，在资本结构上更加灵活，行动更加迅速 [11]

JUST IN: Michael Saylor's Strategy to launch its first ever euro-denominated Perpetual Preferred Stock and use the net proceeds to buy more #Bitcoin 🇪🇺 https://t.co/zXPXOzQ8oP ...