Cổ phiếu ưu đãi vĩnh viễn trở lại mệnh giá, Giải thích về không gian chênh lệch lợi nhuận và cơ chế sinh lợi

【Link Article】A well-known asset management company’s perpetual preferred stock product recently has become interesting——rebounding 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-money (ATM) offerings, directly using the proceeds to increase Bitcoin positions.

The product itself is positioned as a high-yield credit instrument, with the annual dividend yield currently locked at 11%, paid out monthly in cash to accounts——this is quite attractive. Interestingly, the dividend yield needs to be adjusted every month. The design purpose of this mechanism is very clear——it aims to keep the stock price fluctuating around the $100 par value, allowing investors to have stable income expectations while reducing the risk of significant price volatility. It’s equivalent to using dynamic dividend yield adjustments to stabilize the stock price, forming a relatively balanced trading ecosystem. Compared to other crypto asset-related financing tools on the market, this approach is somewhat creative.