Strategy (formerly MicroStrategy) has unveiled plans to raise $2.1 billion via sales of its Series A Perpetual Strife Preferred Stock (STRF).
According to the May 22 statement, the stock will be issued under an at-the-market (ATM) program. This structure allows Strategy to sell shares gradually, based on favorable market conditions like trading volume and price.
The funds raised from these offerings will be used to fuel the firm’s Bitcoin acquisitions and other corporate initiatives.
STRF
According to the prospectus, the firm has partnered with TD Securities, Barclays Capital, and The Benchmark Company to manage the offering. STRF shares are listed on the Nasdaq Global Select Market and trade at $100.65 per unit.
Strategy clarified that this issuance will be in addition to the 8.5 million STRF shares already in circulation.
The preferred stock is not convertible into other securities and offers no preemptive rights to investors. This means holders will not gain priority in future stock offerings nor benefit from equity conversions.
Swan, a Bitcoin-focused financial firm, described the offering as a “Trojan horse” that would help to onboard conservative fixed-income capital into Bitcoin.
It added:
“STRF pays a 10% yield, is overcollateralized with BTC, and is engineered to look pristine to TradFi. The goal? Investment-grade treatment. While Wall Street pushes spot ETFs, Strategy is building an entire Bitcoin credit market—STRK, STRF, converts, and high-yield ETFs all tied to MSTR.”
Strategy’s fundraising efforts
The latest share sale is part of Strategy’s broader 42/42 capital raising plan.
With the latest move, the company has three ATM sales programs running simultaneously, including an MSTR program, which can still raise approximately $18.89 billion.
Meanwhile, the firm has allocated $21.79 billion to STRK and $2.1 billion to STRF.
The company currently holds 576,230 BTC, making it the largest corporate holder of Bitcoin, and has no plans to stop accumulating the flagship crypto.
Data from Saylor Tracker shows that the firm’s Bitcoin stash is worth approximately $64 billion, up more than 59% from its $40.2 billion cost basis.
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