Breaking: Michael Saylor’s Strategy Announces $4.2B STRD Offering To Buy More Bitcoin

Strategy, previously MicroStrategy, has announced another at-the-market (ATM) program in a bid to raise capital to acquire more Bitcoin. This move will give the company enough funds to surpass the 600k BTC milestone and maintain its position as the largest Bitcoin treasury company.

Michael Saylor’s Strategy To Raise $4.2 Billion To Buy More Bitcoin

In a press release, the company announced that it has entered into a sales agreement under which it may issue and sell shares of its 10.000% Series A Perpetual Stride Preferred Stock. The stocks will sell at $0.001 par value per share, having an aggregate offering price of up to $4.2 billion.

Strategy stated that it intends to use the net proceeds from the ATM program for general corporate purposes, acquire more Bitcoin, and for working capital. The company may also use the proceeds for the payment of dividends to holders of its 10.00% Series A Perpetual Strife Preferred Stock, $0.001 par value per share, and 8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per share.

This announcement comes after the company halted its Bitcoin purchases after 12 consecutive weekly purchases. Saylor’s firm also reported $14 billion in unrealized gains on its BTC investment.

The STRD offering will give Strategy enough cash to buy more Bitcoin and surpass the 600,000 BTC milestone. The company currently holds 597,325 BTC, which it acquired for $42.40 billion at an average price of $70,982 per BTC.

Meanwhile, Strategy stated that it expects to make sales of the STRD stock under the ATM program in a disciplined manner over an extended period. The company will take into account the trading price and trading volumes of the STRD stock at the time of sale.