According to a press release, Strategy has announced an imminent IPO to raise funds for the purchase of Bitcoin. The company is offering the public 5 million Series A variable rate preferred shares with perpetual stretch (STRC) from Strategy.
At $100 per share, Strategy anticipates raising $500 million with the STRC IPO. The company claims it will use the funds to boost its Bitcoin purchases and allocate part of it to working capital.
"Strategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of Bitcoin and for working capital," the statement reads.
The announcement of the STRC IPO launch comes after Strategy's purchase of Bitcoin earlier in the day, which raised its holdings to 607,770 BTC. According to the statement, the launch of Strategy's STRC IPO will depend on market conditions, as the company will expand its offering of preferred shares.
