Michael Saylor’s Strategy Nears 600,000 Bitcoin After $1 Billion Buy Funded By High-Yield IPO, Says TD Cowen Sees ‘Very Safe’ Upside
MicroStrategy Inc. (NASDAQ:MSTR), operating under the Strategy brand, has expanded its Bitcoin (CRYPTO: BTC) treasury to 592,100 BTC following a $1 billion purchase funded primarily through its new Stride preferred stock (STRD) offering.
What Happened: The corporate Bitcoin treasury company completed the acquisition last week using proceeds from its upsized $1 billion perpetual preferred stock issuance, reported The Block.
TD Cowen analysts said the STRD offerings will “prove highly accretive” to MSTR shareholders and “establishes a channel for future high yield funds flows into Bitcoin,” the report noted.
Strategy’s latest preferred instrument offers a fixed 10% non-cumulative annual dividend and ranks below the company’s senior preferred shares but above common equity, according to the …
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