Explain something that many people haven't figured out: what is preferred stock and why it's Saylor's lifeblood. Preferred stock is a mixture sandwiched between debt and common stock. The "dividend" it gives you is exactly the same as the bond coupon - fixed or floating, periodic. But its legal nature is dividends, not interest. The difference in just one word is where the whole mystery lies: ① It is not a contractual debt. Failure to pay does not constitute a breach of contract, nor does it trigger bankruptcy. A missed bond payment once is a nuclear explosion, and a missed preferred stock payment can make the company look bad at most, but it cannot explode. ② It has priority. You must first pay off the dividends of preferred stocks before you can receive common stocks in rotation. (However, micro strategy common stocks do not inherently distribute dividends, so this is more of a symbol of its ranking.) ③ It is sustainable. There is no expiration date, so there is no need to repay the principal. The third point is what micro strategies really need - no debt wall. Ordinary corporate bonds have a term, and on the day of maturity, you must repay the principal with real money and silver; Once the chain of borrowing new and repaying old breaks in a bear market, it is a chain of liquidation. And perpetual preferred stocks do not have this wall: when money is brought in, theoretically it never needs to be repaid, at the cost of continuous dividends. For a company that wants to hoard coins for a long time and is most afraid of being forced to sell at the bottom by the "expiration date", this is like breaking the most fatal noose. But don't treat it as a free lunch. Although missed payments are not fatal, the accumulated debts of preferred stocks will accumulate like a snowball, usually accompanied by a clause of "giving up voting rights/board seats for consecutive missed payments", and the market will directly treat missed payments as a thunderous signal. It did not come without a cost, but instead replaced the 'immediate explosion of debt risk' with the 'continuous bloodletting of dividend costs'. Preferred stock allows Saylor to borrow leverage close to debt with the safety of "stocks".