Strategy Adds Europe to Capital Raising Efforts, Securing $715M in Newest Preferred Offering
Strategy expanded its capital raising to Europe, securing approximately $715 million through a new preferred stock offering to fund more Bitcoin purchases.Summary
Strategy (MSTR), the largest publicly traded company holding Bitcoin, has expanded its fundraising efforts to Europe by pricing its initial public offering of 7.75 million shares of 10% Series A Perpetual Stream Preferred Stock (STRE) at €80 per share. This sale is expected to generate gross proceeds of about €620 million ($715 million), which the company intends to use primarily for acquiring additional Bitcoin. The STRE stock carries a 10% annual dividend, payable quarterly, with accruing interest on unpaid dividends rising up to 18%. This move to preferred issuances is favored because the premium investors place on Strategy's common stock relative to its Bitcoin holdings has been contracting, hindering common stock sales as a fundraising method.
(Source：CoinDesk)