Michael Saylor's Strategy Makes Massive $2.4B Bitcoin Purchase With Preferred Stock Sale Proceeds

Description

Strategy (MSTR), the largest corporate owner of bitcoin (BTC), said on Tuesday it has acquired roughly $2.4 billion worth of BTC using the funds from its new preferred stock (STRC) issuance. The firm sold nearly $2.5 billion worth of STRC, also dubbed "stretch," to investors, significantly more than the originally planned $500 million. STRC, which aims to deliver a regular dividend to investors initially set at a 9% rate, will start trading on Wednesday on Nasdaq. With the proceeds, the company ...