I haven’t heard much about STRD’s IPO what does this mean

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The fixed income market is huge (think pension funds that have to have quarterly income to pay their members). They had no access to Bitcoin. STRD is a preferred stock offered by Strategy that pays $10/share per year or $2.50 per quarter. This is a much higher coupon payment than is avail anywhere else in the market. As FI discovers this product they will pour $$$ into it and Strategy uses that to buy Bitcoin.

Great explanation thanks!