Strategy Boosts Bitcoin Fundraise to $2B via Preferred Stock: Report
Main Idea
Strategy Inc. increased its preferred stock sale target to $2 billion to fund bitcoin purchases, driven by strong investor demand for cryptocurrency exposure.
Key Points
1. Strategy Inc. raised its preferred stock sale target from $500 million to $2 billion to fund bitcoin purchases.
2. The Series A Perpetual Stretch preferred shares (STRC) offer a 9% annual dividend, payable monthly and compounding if unpaid.
3. Morgan Stanley, Barclays, Moelis & Company, and TD Securities are leading the offering.
4. Strategy holds 607,770 bitcoin as its primary reserve asset.
5. This marks Strategy’s fourth preferred offering dedicated to funding bitcoin purchases and working capital.
Description
Strategy Inc. dramatically increased its latest preferred stock sale targeting bitcoin purchases to $2 billion from an initially planned $500 million, Bloomberg reported Thursday, citing a person familiar with the matter. The bitcoin-focused treasury firm, led by Michael Saylor, priced its Series A Perpetual Stretch preferred shares (STRC) in New York amid strong investor demand
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