Michael Saylor’s Strategy Boosts Latest Preferred Share Raise to $2B From $500M: Bloomberg

Strategy (MSTR), the world’s largest corporate bitcoin (BTC) holder helmed by Michael Saylor, has lifted the size its preferred stock offering STRC to $2 billion, Bloomberg reported on Thursday.

That’s a significant raise from the original plan of issuing 5 million shares for $100 $100 each for a total of $500 million announced on Monday. STRC (dubbed “stretch” by the company) aims to deliver a regular dividend to investors, initially set at a 9% rate.

According to the Bloomberg report, the firm is poised to price the shares at $90, a discount to the hoped-for $100.

MSTR common stock is little-changed on the day as bitcoin continues in a very tight range around the $118,000 area.

This latest preferred offering will provide more buying power for the company to acquire BTC. Strategy currently holds over 607,000 BTC, worth roughly $72 billion, per bitcointreasuries.net.

Read more: Strategy Aims to Raise Another $500M for Bitcoin Buys With New Preferred Series