Strategy expands preferred stock offering to $2B amid Bitcoin-fueled rally — Report
Michael Saylor’s company has accumulated 607,770 BTC since adopting its Bitcoin treasury strategy in 2020.
Business intelligence firm–turned–Bitcoin treasury company Strategy has reportedly increased its preferred stock offering to $2 billion, up from the previously planned $500 million, as it continues raising capital to fund additional Bitcoin purchases.
The Series A Perpetual Stretch preferred shares were priced at $90 each at noon Eastern Time on Thursday and carry an initial dividend of 9%, Bloomberg reported, citing an anonymous source.
This update comes just days after Bloomberg first revealed the preferred equity sale, which at the time was expected to be marketed between $90 and $95 per share. As Cointelegraph reported, the offering includes 5 million preferred shares.