MicroStrategy, which currently operates under Name Strategy, is moving forward with plans to sell up to $2.1 billion worth of preferred stock. The company will primarily use its funds to purchase additional Bitcoin. This offering takes place over time through sales agreements with TD Securities, Barclays Capital and benchmarking companies that act as sales agents.
The stock offered is part of the strategy’s 10.00% Series A permanent inventory and is listed in Nasdaq under the ticker symbol “STRF”. Each share will pay a liquidation preference of $100 and, if declared, a cumulative annual dividend of 10%. As of May 21st, the stock was trading at $100.65. The new shares will have the same terms as the 8.5 million people already issued.
Strategy announces the $2.1 billion STRF AT-the-Market program pic.twitter.com/ezijkawm0m
– Michael Saylor (@saylor) May 22, 2025
The timing of this offer coincides with new records on Bitcoin’s new records. Today, the price reached a short time of $111,861, then settled near $111,000. The strategy currently holds 576,230 BTC, accumulating at an average cost of $69,726 per Bitcoin since August 2020. At current prices, the strategy holds just under $64 billion, roughly 59% above the original cost.
Bitcoin currently accounts for more than half of the strategy’s $111.4 billion market capitalization and remains at the heart of its financial strategy. The company said revenue from this offer will be directed towards general corporate objectives and additional Bitcoin acquisitions, along with historical capital gains. Escrow does not retain funds.
Just like previous products, there is no fixed amount to sell, and agents do not need to meet their minimum sales target. They receive a fee of up to 2% of their total income. The offering structure gives the strategy the flexibility to issue stocks over time based on market conditions. However, dividend payments will depend on available funds and board approval.