Переоценка бессрочных привилегированных акций на номинальную стоимость: анализ арбитражных возможностей и механизмов доходности

【Chain Article】A well-known asset management company’s perpetual preferred stock product has gotten interesting recently—it has climbed back above the $100 par value, marking the first time since November last year. Why is this worth paying attention to? The key is that once it stabilizes at par value, the company can flexibly issue additional shares through At-The-Market (ATM) offerings, directly using the proceeds to increase Bitcoin positions.

The product itself is positioned as a high-yield credit instrument, with an annual dividend yield currently locked at 11%, paid to accounts monthly in cash—this is quite attractive. What’s interesting is that the dividend yield is adjusted every month. This mechanism’s design purpose is very clear—it aims to keep the stock price fluctuating around the $100 par value, allowing investors stable return expectations while reducing the risk of significant price volatility. It’s essentially using dynamic adjustments in yield to stabilize stock price, forming a relatively balanced trading ecosystem. Compared to other cryptocurrency asset-related financing tools on the market, this approach has some creativity.