Michael Saylor’s Strategy Is Amping Up Its Preferred Stock Offering From $500 Million To $2 Billion For Buying Bitcoin: Report
Michael Saylor’s Bitcoin (CRYPTO: BTC) holding company, Strategy Inc. (NASDAQ:MSTR), increased the size of its latest preferred equity issuance to $2 billion from $500 million, according to a Thursday report.
What Happened: Strategy boosted its Series A Perpetual Stretch Preferred Stock offering, announced earlier this week, Bloomberg reported, citing sources familiar with the matter. The company previously disclosed a plan to issue 5 million shares.
The proceeds are meant to be channeled for general corporate purposes, including Bitcoin acquisitions.
Strategy intends to price the shares, which carry an initial dividend of 9%, at $90 each, marking a discount to the earlier face value of $100 apiece, the report said. Unlike its other preferred stock offerings, the STRC …
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