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MicroStrategy Upsizes Preferred Stock Offering, Raising $563M for More Bitcoin
The initial dividend yield will be 10%, up from an originally expected 8%.
What to know:
Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR).
MicroStrategy's (MSTR) initial attempt to expand its capital raising activities via perpetual preferred stock appeared to have been met with strong demand.
The company more than doubled the $250 million it was looking to raise, selling 7.3 million shares of STRK (the ticker for the new series) at $80 each, and coming away with $563.4 million after expenses.
The new pricing raises the dividend yield to 10% from an initially expected 8%, a move that's likely to increase investor demand.
Funds will be used to acquire more bitcoin (BTC).
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
