Strategy Upsizes Preferred Stock Offering to $2.47 Billion for Bitcoin Acquisition
Michael Saylor's Strategy announced pricing for its Stretch Perpetual Preferred Stock ($STRC) on July 25, increasing the offering to 28,011,111 shares at $90 each. The company expects net proceeds of approximately $2.474 billion, aimed for general corporate purposes, including significant Bitcoin acquisitions.
Key points:
- Strategy currently holds about 607,770 Bitcoin, valued at approximately $70.4 billion based on a current price of $115,847 per BTC.
- The sale of $STRC is scheduled to settle on July 29, 2025.
- This issuance adds to the company's suite of preferred stock, which includes other offerings like $STRK, $STRF, and $STRD.
- $STRC features a variable dividend rate starting at 9% annually, adjustable monthly under certain conditions.
- The goal is to maintain the share price of $STRC around $100.