Strategy (Nasdaq: MSTR; STRK; STRF) has announced an initial public offering of 2,500,000 STRD shares of Strategy’s 10.00% Series A Perpetual Stride Preferred Stock.
The net proceeds from the offering will be used for general corporate purposes, including the acquisition of bitcoin and working capital.
The STRD Stock offers non-cumulative cash dividends at an annual rate of 10 percent and Strategy has the option to redeem outstanding shares under certain conditions.
Strategy (MSTR) also acquired 705 Bitcoin for $75 million, expanding its position as the largest corporate holder of Bitcoin with total holdings now at 580,955 BTC.