The Bitcoin (BTC) Treasury Firm Strategy Plans to Accumulate More Crypto King
The Bitcoin (BTC) treasury firm Strategy has announced its intention to accumulate more of the crypto king after pricing a new preferred stock.
In a recent thread on the social media platform X, Strategy founder and BTC enthusiast Michael Saylor shared the news about the pricing of its Strife Perpetual Preferred Stock (STRF) offering, which has been upscaled from $500 million to $722.5 million.
The company has stated that it will use the proceeds from the offering to purchase more of the top crypto asset by market cap, as mentioned in a recent press release.
The stock offering will involve 8,500,000 shares of 10.00% Series A Perpetual Strife Preferred Stock, priced at $85.00 per share. The company plans to use the net proceeds for general corporate purposes, including the acquisition of bitcoin and working capital.
Preferred stock offerings yield fixed dividends similar to bonds but also provide ownership in a company. Strategy, previously known as MicroStrategy, currently holds 499,226 BTC valued at approximately $41.9 billion, according to data from Bitcoin Treasuries.
In February, Strategy announced a fundraising of $2 billion through a private offering of 0% convertible senior notes to continue its Bitcoin acquisition spree.
At the time of writing, Bitcoin is trading at $83,947, showing a marginal increase over the last 24 hours.
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