Summary

• Strategy (formerly MicroStrategy) raised $979.7M by selling 11.76M STRD shares at $85 each.
• STRD is a 10% non-cumulative preferred stock with no conversion to common shares.
• The proceeds will primarily fund Bitcoin acquisitions.
• The firm now holds 580,955 BTC, worth over $60B.
• Executive Chairman Michael Saylor called STRD the “fourth gear” in Strategy’s Bitcoin engine.
• Managed by top institutions: Morgan Stanley, Barclays, and TD Securities.
• STRD is listed on the Nasdaq, ensuring public investor access.

Strategy’s Bold $1B STRD Offering Powers New Bitcoin Push

Introduction: A Strategic Bitcoin Bet

Strategy’s STRD offering is turning heads on Wall Street. Formerly known as MicroStrategy, the company priced 11.76 million shares of its Series A Perpetual Stride Preferred Stock (STRD) at $85 each, raising an impressive $979.7 million. The goal? More Bitcoin.

With a laser focus on building its Bitcoin treasury, Strategy continues to lead the institutional race into crypto.

Inside the STRD Offering

STRD comes with a 10% fixed, non-cumulative dividend and no conversion rights—unlike many traditional instruments. That means:

• If Strategy misses a dividend payment, it doesn’t owe investors back pay.
• STRD shares can’t be turned into common stock.

This structure offers high yields with limited Bitcoin price volatility—ideal for conservative institutional investors hungry for crypto exposure with lower risk.

How STRD Differs from STRK and STRF

This marks the third preferred stock issuance from Strategy in 2025:

• STRK: 8% dividend with conversion rights to common stock.
• STRF: 10% cumulative dividend—missed payments are still owed.
• STRD: 10% non-cumulative, non-convertible.

Each caters to a different investor profile, offering a spectrum of exposure levels and risk tolerance.

Michael Saylor’s Bitcoin Vision

Executive Chairman Michael Saylor described STRD as the “fourth gear in Strategy’s Bitcoin engine.”

“We’re adding a high-yield credit product that isn’t sensitive to Bitcoin’s short-term price movements,” said Saylor.

Saylor’s consistent push for Bitcoin as a reserve asset shows no signs of slowing, and this move adds another tool to the company’s ever-growing arsenal.

Why This Move Matters

🔗 Public Access via Nasdaq

STRD’s listing on Nasdaq opens the door for public and institutional investors to tap into Strategy’s Bitcoin vision without owning BTC directly.

Managed by Financial Giants

Major banks like Morgan Stanley, Barclays, and TD Securities managed the offering, highlighting mainstream financial trust in Strategy’s model.

Bitcoin Accumulation Continues

• On June 1, Strategy added 705 BTC worth $75.1 million, funded by earlier preferred stock sales.
• Between May 19 and 25, the firm acquired 4,020 BTC for $427.1 million.
• Total holdings: 580,955 BTC valued over $60 billion at an average of $70,023 per BTC.

However, analysts from K33 Research noted slowing momentum in Strategy’s accumulation, pointing to increasing competition and narrowing stock premiums.

Final Thoughts

With the STRD offering, Strategy once again proves its unwavering commitment to Bitcoin. This high-yield, non-convertible product adds depth to the company’s funding strategy and broadens its appeal to yield-focused investors.

As Bitcoin trades around $104,638, Strategy continues to bet big—and win big—on the future of decentralized finance.