What to know:
- Strategy raised a whopping $711.2M by selling a new series of preferred stock. ๐ฐ
- Most of this cash is expected to be funneled into buying more bitcoin. Because why not? ๐คทโโ๏ธ
- These new acquisitions will likely push Strategy’s bitcoin stash above 500,000 tokens. Talk about a digital hoarder! ๐ช
So, here we are, folks. Strategy (MSTR) is gearing up to dive headfirst into the bitcoin pool again, after pricing an upsized sale of its latest preferred stock issue. I mean, who needs a savings account when you can just buy more bitcoin, right?
The company sold 8.5 million shares of its 10% Series A Perpetual Strife Preferred Stock at a price of $85 each, raising around $711.2M. They initially aimed for a modest $500M, but I guess they decided to go big or go home. ๐
This latest series of preferred stock is a bit different from the original STRK. It comes with a higher coupon (10% versus 8%) and, get this, no common share conversion provision. Because who needs options when you can just throw money at bitcoin?
Last I checked, the company owned more than 499,200 bitcoin. So, this fresh round of purchases should catapult their bitcoin stack well above 500,000 tokens. I can only imagine the board meetings: “More bitcoin? Yes, please!”
Meanwhile, MSTR shares are down a smidge in premarket action, hovering just under $300. And bitcoin? It’s chilling at a steady $84,000. Just another day in the wild world of cryptocurrency! ๐
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2025-03-21 15:27