Strategy (MSTR) is anticipated to enter the market soon for significant bitcoin acquisitions following a larger-than-expected sale of its recent preferred stock offering.
The company sold 8.5 million shares of its 10% Series A Perpetual Strife Preferred Stock, priced at $85 each, securing approximately $711.2 million. Initially, Strategy aimed to raise $500 million.
This latest preferred stock series is distinct from the original STRK, featuring a higher coupon rate (10% compared to 8%) and omitting a provision for common share conversion.
As of the last update, the company held more than 499,200 bitcoin, meaning this upcoming round of purchases is likely to elevate Strategy’s total holdings to well over 500,000 tokens.
MSTR shares have seen a slight decline in premarket trading, now just below $300, while bitcoin remains stable at $84,000.
