MicroStrategy's brand new Bitcoin blueprint, STRF how to expand the bond market to enable retail investors to invest easily.

Self-proclaimed as a Bitcoin development company, Strategy (, formerly known as MicroStrategy), recently announced the issuance of permanent preferred shares with the code STRF. In addition to the previously issued convertible preferred shares STRK and the original listed stock MSTR, there will be three different codes of Strategy products visible in the secondary market in the future. Jesse Myers, who focuses on Bitcoin research, analyzed the new Bitcoin blueprint of Strategy for us.

Saylor’s huge new move: $STRF

Strategy is a pump, designed to accelerate capital flow from the Bond market into #Bitcoin

This is how @saylor will source $3T of Bond market capital to buy Bitcoin

THREAD explaining it all… pic.twitter.com/zWXNa941xS

— Jesse Myers (Croesus ) (@Croesus_BTC) March 19, 2025

MSTR, STRK, STRF complete Strategy Bitcoin blueprint

Myers, with over 8,000 subscribed users, clearly demonstrates the Bitcoin blueprint of Strategy in the image below.

MSTR: A stock representing Bitcoin

STRK: Convertible Bonds

STRF: Fixed income product ( is bond )

The newly launched STRF aims at a bond market with a market value of up to 300 trillion.

( MicroStrategy Preferred Stock STRF 10% High Yield Only Raises 500 Million USD, Can Bitcoin Strategy Expand Limitlessly? )

STRF aims for a 300 trillion market value in the bond market.

The traditional bond market consists of 2% convertible bonds and 98% general bonds. The strategy has so far raised $8.2 billion through the issuance of convertible bonds, but typically these convertible bonds are sold to professional investors and have poorer liquidity, making them inaccessible to general retail investors. Through the issuance of STRF, the issuance of convertible bonds can be simplified, allowing general investors with securities accounts to easily buy and sell in the secondary market.

Previously, MicroStrategy founder Michael Saylor mentioned in an interview that he wants to capture 1% of the 300 trillion bond market, which is an issuance of 1 trillion dollars in bonds.

What is the strategy of STRF?

STRF offers an annual dividend of 10%, payable quarterly, along with a maximum of 18% compounded dividends. If the current period's dividends cannot be paid, the unpaid portion will accumulate as "compounded dividends" (, thereby attracting Bitcoin investors who favor high dividends and making it irresistible for fixed-income investment managers.

The principle is to utilize the time difference, first issuing STRF to obtain funds to buy Bitcoin, and then selling it after the price of Bitcoin rises, in order to pay the bond interest and principal. This is a strategic plan made under the premise that "the purchasing power of fiat currency may decrease over time, but the value of Bitcoin will increase over time."

Key Points for Subsequent Observation of STRF

Myers pointed out that the key points to observe in the future are:

Will STRF be issued at a price of 100 yuan? Or will it be issued at a discount like STRK?

What is the demand for the initial public offering?

What is the time and scale of the next round B financing?

When will the 21 billion plan be achieved?

The author believes that the issuance of STRF, with an issuance price of around one hundred dollars, indeed allows investors to easily think about small investments of a hundred dollars, which is brilliant! However, this product has no maturity date, meaning that it cannot guarantee the repayment of the principal at a fixed moment for one hundred dollars, which is somewhat different from traditional bonds. But a yield of over 10% is indeed attractive. It reminds investors that dividends in the US stock market are subject to a 30% tax rate, so the actual yield will drop to 7%. After the official issuance and listing in the future, Chain News will continue to track and report.

For more information on Bitcoin reserve strategy companies, please see: Strategy leads the trend, a comprehensive guide to investing in Bitcoin reserve strategy companies.

This article MicroStrategy's new Bitcoin blueprint, how STRF expands the bond market to allow retail investors to easily invest, first appeared in Chain News ABMedia.