Strategy (formerly MicroStrategy) appears to have raised enough from its STRC perpetual preferred stock to buy more than 1,800 BTC, and MSTR shares closed Thursday up 2.40% at $119.83. The move signals a likely restart of the firm's aggressive Bitcoin accumulation.
A $1.18 billion preferred stock issuance — roughly equal to 16,800 BTC — signals a shift from common equity as dividend commitments climb past $1 billion. The move funds a large bitcoin purchase while limiting dilution for existing shareholders.
Strategy CEO Phong Le announced an expansion of the Stretch perpetual preferred stock product as the company’s common shares have fallen 73% since November amid Bitcoin volatility. The move aims to raise alternative capital while markets swing.