Basically it is a product that is going to pay dividends on a monthly basis, so I am sure it will slowly eat into the market for REITs, savings accounts and other products that usually pay crap interest compared to the 10% per annum it is going to pay initially although the dividend will be variable and what they will try to achieve is that the share price is always around $100.
I bet the aim il here is to gain as much capital from diverse audience in order to diversify the investors according to different risk preferences, while maintaining the capital flywheel in motion!
There intention is to raise funds thru their IPO to acquire more Bitcoin. I guess this is better program for those people following MicroStrategy and invest on offerings what they currently have.
There's further more information from here
https://www.panabee.com/news/microstrategy-unveils-unique-9-yield-preferred-stock-to-boost-bitcoin-treasuryLet see if they could able to hit their $500 million target since somehow I could see that this news is gaining traction and provably lots of people are hyped with the latest news release by MicroStrategy.
But for me as an investor if they are going to put the funds they collected on Bitcoin, I my self would just directly buy Bitcoin to get better gains.