Strategy to Raise $2.47B Through Sale of 28M Preferred Shares Priced at $90 Each
Main Idea
Strategy (formerly MicroStrategy) plans to raise $2.47 billion through the sale of 28 million preferred shares priced at $90, with proceeds aimed at funding Bitcoin purchases and operations.
Key Points
1. Strategy will sell 28 million preferred shares at $90 each, estimating net proceeds of approximately $2.474 billion after underwriting discounts.
2. The proceeds will be used to purchase Bitcoin and cover operating costs, with the STRC Stock paying monthly dividends starting at 9% per year.
3. Strategy recently acquired 4,225 BTC for $472.5 million, bringing its total holdings to 601,550 BTC at an average price of $71,268 per coin.
4. The company, led by Bitcoin advocate Michael Saylor, has a market cap of $116.58 billion and is a prominent Bitcoin proxy in public markets.
5. MicroStrategy Inc. Class A stock (MSTR) showed no change at $414.92 in regular trading but indicated a 2.30% drop in pre-market trading.
Description
Strategy (formerly MicroStrategy) announced Friday that it will sell 28 million shares of its Series A Stretch Preferred Stock at $90 each in its initial public offering. The transaction is expected to close on July 29. Strategy said it estimates net proceeds of approximately $2.474 billion after underwriting discounts and estimated offering expenses. Strategy announces pricing of its Stretch Perpetual Preferred Stock ($STRC) Offering and upsizes the deal from $500 Million to $2.521 Billion. $MS...
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