Strategy Raises $979.7 Million in STRD Offering, Selling 11.76M Shares at $85 to Buy Bitcoin

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Updated Jun 7, 2025, 12:11 AM

Strategy Inc., formerly MicroStrategy, has upsized its initial public offering of 10.00% Series A Perpetual Stride Preferred Stock (STRD) from $250 million to $1 billion. The offering consists of 11,764,700 shares priced at $85 each, with a $100 liquidation preference, and is scheduled to settle on June 10, 2025, pending customary closing conditions. STRD is listed on Nasdaq.

The company estimates net proceeds of approximately $979.7 million from the offering, after deducting underwriting discounts and expenses. Strategy intends to use the proceeds primarily to acquire additional Bitcoin and for general corporate purposes, including working capital. Major institutional investors include the Saudi central bank, holding over 25,000 shares, and Cantor, with a $326 million position.

STRD preferred stock will pay non-cumulative quarterly dividends at an annual rate of 10%, subject to declaration by the board of directors, with dividend payments beginning September 30, 2025. The shares are non-convertible and non-callable for life except under certain conditions, and have limited sensitivity to Bitcoin's price.

Strategy currently holds 580,995 Bitcoin, valued at approximately $60.9 billion. STRD is the company's third preferred stock product this year, following STRF and STRK.

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