Strategy intends to expand its new preferred equity offering to $2 billion from $500 million, Bloomberg News reported on July 24.
The upsized deal comes as the Michael Saylor-led firm leans further into purchasing additional Bitcoin (BTC) amid a powerful, ETF-driven market rally to new all-time highs. The company has created multiple share classes to fuel its BTC accumulation.
The Series A Perpetual Stretch preferred shares were priced at $90 apiece at noon Eastern Time on Thursday and carry an initial 9% dividend, the report said. The financing, which includes 5 million preferred shares, is being underwritten by Morgan Stanley, Barclays, TD Securities and Moelis & Co.
Strategy’s common stock (MSTR) was little changed on the day, hovering around $413. Shares have gained 37% year to date and more than 146% over the past 12 months, lifting the company’s market value to roughly $116 billion.
The company’s equity continues to move largely in step with Bitcoin, which was trading around $119,109 as of press time after posting a series of record highs since 2024 on the back of surging institutional flows into spot exchange-traded funds, expanding regulatory acceptance and rising corporate treasury demand.
Since adopting its Bitcoin-first treasury play in 2020, Strategy has amassed 607,770 BTC, leaving it the largest public corporate holder of the asset by a wide margin.
Industry tallies show the top 100 publicly traded Bitcoin treasury companies hold 917,599 BTC; in total, public companies own 918,108 BTC, with Strategy representing about 66% of that figure.
The playbook has spread around the world, starting with Metaplanet, which now holds over 13,000 BTC. The number of public firms now holding Bitcoin has grown from a handful to more than 100, cumulatively accounting for almost 3% of the total BTC supply.
Bitcoin miners have also stepped up accumulation: MARA Holdings is now the second-largest corporate holder with 50,000 BTC, while Riot Platforms, CleanSpark ,and Hut 8 are also among the top 11 corporate treasuries.
Strategy’s enlarged preferred raise underscores how aggressively it intends to keep buying Bitcoin, even as its own stock already far outpaces major equity benchmarks. Whether others can match that risk tolerance as Bitcoin’s cycle matures will be the next test for the corporate-treasury-as-Bitcoin thesis.
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