Michael Saylor’s Strategy Makes Massive $2.4B Bitcoin Purchase With Preferred Stock Sale Proceeds

Strategy (MSTR), the largest corporate owner of bitcoin (BTC), said on Tuesday it has acquired roughly $2.4 billion worth of BTC using the funds from its new preferred stock (STRC) issuance.

The firm sold nearly $2.5 billion worth of STRC, also dubbed “stretch,” to investors, significantly more than the originally planned $500 million.

STRC, which aims to deliver a regular dividend to investors initially set at a 9% rate, will start trading on Wednesday on Nasdaq.

With the proceeds, the company purchased 21,021 BTC at an average price of $117,256, according to a press release. That brings Strategy’s bitcoin holdings to 628,791 BTC, worth nearly $74 billion at current prices.

Read more: Michael Saylor Is Bringing Bitcoin-Backed Money-Market-Style Vehicle to Wall Street: NYDIG

 

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