#我在Gate广场过新年 The proposed issuance of perpetual preferred shares by Strategy may have the following impacts on Bitcoin:

1. Capital inflow into Bitcoin
Strategy raising funds through the issuance of perpetual preferred shares may allocate part of the funds to continue purchasing Bitcoin. If the market has a high acceptance of preferred shares and the company can sustain financing, this will bring incremental funds to the Bitcoin market and support Bitcoin prices. For example, previously, Strategy has accumulated a large amount of Bitcoin through similar financing methods. If the issuance proceeds smoothly, this trend may continue.

2. Market confidence impact
Issuing perpetual preferred shares demonstrates the company's long-term confidence in Bitcoin. If investors approve of this strategy, it could boost market optimism about Bitcoin and attract other investors to follow suit. Conversely, if market demand for preferred shares remains low, it may raise concerns about Bitcoin's prospects and increase price volatility.

3. Risk transmission effect
If Bitcoin prices continue to decline, Strategy may face pressure to pay dividends on the preferred shares. If the company cannot cover costs through financing or Bitcoin appreciation, it may be forced to sell Bitcoin to maintain operations, further depressing Bitcoin prices. This risk transmission could trigger market panic, leading to an accelerated decline in Bitcoin prices.

4. Industry demonstration effect
As a company with a large Bitcoin holding, Strategy's financing and accumulation activities may be emulated by other companies. If more enterprises adopt similar approaches to hold Bitcoin, it will expand institutional ownership of Bitcoin and enhance its market position; on the other hand, if the issuance is blocked, it may suppress industry enthusiasm for investing in Bitcoin.