Michael Saylor's Strategy Upsizes STRD Offering to $1 Billion for Bitcoin, No Debt or Dilution

Strategy, a subsidiary of MicroStrategy Inc., led by Michael Saylor, has successfully upsized its offering of its Stride Perpetual Preferred Stock (STRD) from $250 million to $1 billion. The preferred stock offering, priced at $85 per share, involved the sale of 11,764,700 shares, generating net proceeds of approximately $979.7 million.

The company plans to use the net proceeds for general corporate purposes, including the acquisition of more Bitcoin. This move is part of Strategy's broader strategy to increase its Bitcoin holdings, aiming to leverage the cryptocurrency as a primary treasury reserve asset. The raise marks the largest preferred stock raise in the company's history and was achieved without incurring debt or causing dilution.

Notably, the Saudi Central Bank holds over 25,000 shares, and Cantor has a $326 million position, using STRD as a sovereign Bitcoin proxy.

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