The world’s largest corporate Bitcoin (BTC) holder is announcing a new stock offering worth hundreds of millions of dollars as a means of accumulating more of the crypto king.
In a new press release, Strategy, formerly known as MicroStrategy, is announcing the stock offering of 11.764 million shares of its 10% Series A Perpetual Stride Preferred Stock (STRD Stock) for $85.00 per share.
Strategy estimates that it will acquire about $980 million from the offering, which may give investors quarterly dividends, and intends to use the money for miscellaneous corporate expenses and to acquire more of the top crypto asset by market cap.
Preferred stock offerings, which offer investors higher and more consistent returns as well as stability, are a way for companies to raise funds without weakening their voting rights.
Strategy – which was co-founded by former chief executive and longtime BTC maxi Michael Saylor – currently holds 580,955 Bitcoin worth just over $60.5 billion at time of writing, coming in at an average cost basis of $40,680 per token, according to data from BTC tracking website BitcoinTreasuries.
The data also shows that Strategy currently holds about 2.7% of Bitcoin’s total supply.
Last month, Saylor announced that Strategy doubled the amount of capital it wants to accumulate to purchase more of the flagship digital asset from $42 billion to $84 billion.
Bitcoin is trading for $104,540 at time of writing, a 2.1% rise during the last 24 hours.
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