Michael Saylor’s Bitcoin-forward enterprise, Strategy Inc. formerly known as MicroStrategy, has unveiled plans to raise $250 million through an initial public offering (IPO) of a new class of perpetual preferred stock, the company announced on June 2, 2025.The offering aims to bolster Strategy’s already record-breaking Bitcoin reserves. According to data from BitcoinTreasuries.net, Strategy holds 580,955 BTC, valued at over $61.7 billion, more than double the combined holdings of 117 other publicly traded Bitcoin-holding firms.

Introducing STRD: A New Bitcoin-Funding Mechanism

The stock, named 10% Series A Perpetual Stride Preferred Stock (STRD), will trade at $100 per share. Strategy will issue 2.5 million shares, available primarily to institutional investors and select non-institutional buyers.

Proceeds will be allocated to acquire additional Bitcoin and support working capital, the company stated. At current market prices (Bitcoin trading at $106,325), this fundraising round could purchase up to 2,351.8 BTC.

This marks a shift in Strategy’s capital-raising tactics. Historically, Bitcoin purchases were financed through common stock sales and convertible notes. The STRD offering adds a new layer to its financial toolkit, offering fixed dividend potential without a maturity date.

Dividend Terms and Redemption Conditions

While STRD offers a 10% annual dividend, it comes with critical caveats. Dividends are non-cumulative and only paid if declared by Strategy’s board or authorized committee. If declared, dividends will be paid quarterly, starting September 30, 2025.

The shares can be redeemed by Strategy if less than 25% of the originally issued stock. STRD holders may also request a buyback in the event of a “fundamental change” in the company. In either scenario, investors will receive the $100 liquidation preference plus any declared but unpaid dividends.

Wall Street-Backed Launch

The STRD offering is being managed by top-tier Wall Street banks, including Barclays, Morgan Stanley, Moelis & Company, and TD Securities. Additional firms, such as The Benchmark Company and AmeriVet Securities, are participating as underwriters.

The IPO is being executed under a previously filed shelf registration statement with the U.S. Securities and Exchange Commission (SEC).

Saylor’s Vision: Institutional Bitcoin Accumulation

As Executive Chairman and co-founder, Michael Saylor continues to steer Strategy as the most aggressive corporate Bitcoin accumulator. His consistent, high-conviction strategy has transformed the company into a major Bitcoin treasury, garnering significant attention from Wall Street and the broader cryptocurrency market.

If this $250 million initiative is successful, it will mark yet another chapter in Saylor’s bold strategy to reshape corporate finance through Bitcoin adoption.

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