The crypto treasury firm Strategy, formerly known as MicroStrategy, has announced its plans to accumulate more Bitcoin (BTC) after pricing a new preferred stock offering.
In a recent update on the social media platform X, Strategy founder and BTC enthusiast Michael Saylor revealed the pricing of the Strife Perpetual Preferred Stock (STRF) offering, which has been increased from $500 million to $722.5 million.
According to a press release, the company intends to use the proceeds from the offering to purchase more Bitcoin, the leading cryptocurrency by market cap.
“Strategy has priced its offering of 8,500,000 shares of 10.00% Series A Perpetual Strife Preferred Stock at $85.00 per share. The company plans to use the net proceeds for general corporate purposes, including acquiring Bitcoin and working capital.”
The preferred stock offering will accrue cumulative dividends at a fixed rate of 10.00% per annum on the stated amount of $100 per share. This type of stock offers fixed dividends similar to bonds while also granting ownership in the company.
Strategy currently holds 499,226 BTC, valued at approximately $41.9 billion, based on data from Bitcoin Treasuries.
Earlier this year, Strategy announced a $2 billion private offering of 0% convertible senior notes to fund its Bitcoin acquisition strategy.
Bitcoin is currently trading at $83,947, showing a slight increase over the past 24 hours.
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