Strategy (MSTR) is likely to be in the market for additional bitcoin purchases after pricing an upsized sale of the latest preferred stock issue.
The company was sold 8.5m Sharing 10% Series A Perpetual Strife Preferred stock at $ 85 each, raising nearly $ 711.2m. The strategy at first hopes to raise $ 500m.
The latest series of preferred stock differs from the original strk that has a higher coupon (10% compared to 8%) and there is no common provision of sharing shares.
The company at the last check owns more than 499,200 Bitcoin, so the upcoming fresh cycle of purchases should make the stack approach to over 500,000 tokens.
MSTR shares have dropped marginally with the premarket action up to just under $ 300. Bitcoin is stable at $ 84,000.
