MicroStrategy launches convertible preferred stock STRK, and the funds raised will be used to purchase Bitcoin

2025-01-27 21:34:33

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ChainCatcher news, MicroStrategy CEO Michael Saylor announced the launch of convertible preferred stock STRK. This preferred stock will be issued to institutional investors and certain retail investors, with a planned issuance of 2.5 million shares, each with a liquidation preference of $100.

According to the announcement, holders of STRK preferred stock may convert their shares into MicroStrategy Class A common stock under certain conditions. The company will pay dividends quarterly starting March 31, 2025, with the option to pay in cash, Class A common stock, or a combination of both. MicroStrategy has the right to redeem all preferred stock when the total outstanding amount is less than 25% of the total issued amount.

This issuance is led by several investment banks including Barclays and Moelis & Company, and the raised funds will be used for general corporate purposes, including the purchase of Bitcoin and operating capital.

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