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Strategy has successfully raised $711.2 million through an upsized offering of preferred stock primarily to fund further Bitcoin acquisitions. The company sold 8.5 million shares of its 10.00% Series A Perpetual Strife Preferred Stock at $85 each. Set to close on March 25 this transaction underscores robust investor confidence initially aimed to gather $500 million but was expanded following enthusiastic market reception.
Net proceeds after necessary deductions are pegged at $711.2 million earmarked for general corporate needs including Bitcoin purchase and working capital enhancements. The preferred shares offer a 10% annual dividend paid quarterly in cash. Should there be a missed dividend payment accrued dividends will compound increasing from 11% and rising each quarter to a maximum of 18% annually.
Strategy is deepening its investment in Bitcoin after converting its balance sheet to BTC in 2020 championing it as a pivotal digital asset. Alongside bolstering its Bitcoin reserves the firm is enhancing its suite of AI-driven analytics tools demonstrating a dual commitment to technological advancement and cryptocurrency advocacy.
