Key Points:

• Strategy (MSTR) raised $711.2 million by selling a new series of preferred stock.
• The capital is expected to be primarily used to buy more Bitcoin.
• This would increase Strategy’s Bitcoin holdings to over 500,000 tokens.

Strategy recently executed an upsized sale of its preferred stock issue, selling 8.5 million shares of the 10% Series A Perpetual Strife Preferred Stock at $85 per share, successfully raising approximately $711.2 million, surpassing their initial target of $500 million.

The latest preferred stock differs from its predecessor, featuring a higher coupon rate (10% compared to 8%) and lacking a conversion provision to common shares. Currently, the company holds more than 499,200 Bitcoins, and this funding round will likely push its holdings past 500,000. As of now, MSTR shares saw a slight decrease in premarket trading, with Bitcoin steady just below $84,000.

For further details, visit Strategy’s Press Release.

Don’t miss out! Subscribe to the Crypto Long & Short Newsletter for daily updates.