Strategy, formerly known as MicroStrategy, is doubling down on its Bitcoin obsession by planning to raise a cool $250 million through a shiny new initial public offering of perpetual preferred stock. Because why not add a fresh funding trick to buy even more Bitcoin?
The company will issue 2.5 million shares of its 10% Series A Perpetual Stride Preferred Stock (ticker: STRD) at $100 a pop, announced June 2. The cash influx will help them snag more Bitcoin and keep their operations humming.
Perpetual preferred stock sounds fancy: it usually pays fixed dividends forever, has no expiration date, and gets paid before common stockholders. This round will be offered to institutional big shots and a select few lucky non-institutional investors.
Strategy today announced the launch of $STRD ("Stride"), a new perpetual preferred stock offering, available to institutional investors and select non-institutional investors. For more information, click here. $MSTRhttps://t.co/GAWggiYwX9
— Strategy (@Strategy) June 2, 2025
This new fundraising move adds a fresh tool to Strategy’s arsenal, which has mostly been common stock and convertible notes so far. And if you’re wondering just how big they are in the Bitcoin game, Strategy holds a whopping 580,955 BTC, valued at over $61.7 billion, according to their website.
That stash is more than double the combined Bitcoin of the other 117 publicly traded Bitcoin-hoarding companies out there, according to BitcoinTreasuries.NET. With $250 million ready to spend, Strategy could snap up about 2,351.8 more Bitcoin at today’s price of roughly $106,325.
Michael Saylor, the company’s executive chairman and co-founder, is the mastermind behind this Bitcoin bonanza.
Dividend Drama and the Fine Print
But here’s the cheeky bit: STRD holders might get 10% annual dividends, but only if Strategy’s board feels generous and declares them. No guaranteed payouts here, and unpaid dividends don’t roll over. If dividends do get declared, expect payments quarterly starting Sept. 30, 2025.
Strategy can also buy back STRD shares if fewer than 25% remain, or if a “fundamental change” happens. They’ll pay back $100 per share plus any declared but unpaid dividends.
Big Wall Street players like Barclays, Morgan Stanley, Moelis & Company, and TD Securities will handle the sale, while firms like The Benchmark Company and AmeriVet Securities back the offering. It’s all happening under a SEC-approved shelf registration.
So, Strategy’s Bitcoin journey is far from over, and this $250 million IPO is just the latest move in their crypto chess game.
Gunel Ismayilova
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