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.
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.
