On May 22, Strategy (formerly MicroStrategy) launched a new capital raise program. The company plans to raise up to $2.1 billion through a special type of share called STRF (Series A Perpetual Preferred Stock). A significant portion of the funds raised will once again be allocated to Bitcoin investments.
What Do STRF Shares Offer?
STRF shares are perpetual and offer an annual 10% dividend yield. This means investors will continue receiving regular income as long as the company does not call back the shares. Additionally, in extraordinary situations—such as mergers, tax changes, or delisting—investors will have the right to redeem these shares at their nominal value.
Sales will be made gradually at market prices, managed by TD Securities, Barclays, and The Benchmark Company.
New Funds Target Bitcoin Again
The company plans to allocate most of the proceeds from this sale to purchasing more Bitcoin. Although the official announcement does not explicitly mention BTC, Michael Saylor’s consistent stance clearly points to this intention. Strategy views Bitcoin as a reserve currency and continues expanding its holdings whenever possible.
As of May, the company holds 576,230 BTC, with an average purchase price of $69,726. The latest acquisition took place between May 12–18, when Strategy bought 7,390 BTC for approximately $765 million at an average price of $103,498.
Same Strategy: Building Balance Sheet While Growing BTC Holdings
Through STRF shares, investors receive dividends, while the company uses this capital to accumulate Bitcoin. This model not only increases Bitcoin’s weight on the balance sheet but also provides returns to shareholders. However, this strategy remains vulnerable to Bitcoin price volatility. Still, Strategy appears determined to maintain its long-term position.
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