Michael Saylor's company, Strategy, formerly known as MicroStrategy, is planning to raise $250 million through an initial public offering of a new class of perpetual preferred stock, designated as 10% Series A Perpetual Stride Preferred Stock (ticker STRD). The funds from this offering will be utilized to purchase additional Bitcoin, building on Strategy's significant holdings, which exceed $61.7 billion, making it the largest corporate Bitcoin holder globally. The offering will consist of 2.5 million shares priced at $100 each, targeting institutional investors as well as select non-institutional investors. Although STRD holders may receive a 10% annual dividend, this is not guaranteed, and dividends are non-cumulative. The strategic move aims to bolster Strategy's ongoing Bitcoin acquisition efforts, adding a fundraising avenue beyond common stock and convertible notes. Wall Street banks, including Barclays and Morgan Stanley, will manage the sale, which is under an effective shelf registration statement with the SEC.

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