Michael Saylor’s Strategy offers $250M preferred stock to buy more Bitcoin

Bitcoin-stacking Strategy is looking to raise $250 million through a new perpetual preferred stock listing to buy more Bitcoin.

Strategy, formerly MicroStrategy, plans to raise $250 million through an initial public offering of a new class of perpetual preferred stock so it can fund more Bitcoin purchases.

Strategy intends to issue 2.5 million shares of its 10% Series A Perpetual Stride Preferred Stock, with the ticker STRD, at $100 a share, the Bitcoin-stacking firm said in a June 2 statement. 

Proceeds from the offering will be used to acquire additional Bitcoin (BTC) and provide working capital, it added.

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