American business intelligence and software firm Strategy Inc. has announced its plans to upsize the offering of its Strife (STRF) perpetual preferred stock to advance its Bitcoin (BTC) bets. Per the update, the firm will now raise up to $722 million, with proceeds used to buy more Bitcoin.
According to the firm's announcement, it offered 8,500,000 shares of 10.00% Series A Perpetual Strife Preferred Stock at a price of $85 each. Initially, the firm planned to raise just $500 million from this STRF sale; however, a demand surge saw it upsize the offering to $711 million in net proceeds.
The company unveiled the Strife stock earlier this month as a renewed model to advance its BTC accumulation. Formerly known as MicroStrategy, the company started buying BTC in August 2020 and has made many concessions to sustain its buy-ups to date.
Prior to this period, the company offered Convertible Senior Notes, a debt issuance with long-term debt expiration. The firm believes offering Strife can help it rebuild its momentum in its pursuit of becoming a top Bitcoin bank.
The company now makes new Bitcoin purchases at least twice a month, with the latest announced earlier this week. The firm bought a total of 130 Bitcoin units for a total of $10.7 million.
This purchase saw its combined holdings reach 499,226 BTC, a sum now valued at over $33.1 billion. Strategy's Bitcoin bet now serves as a major template for other companies adopting BTC as their treasury reserve strategy.
Known as one of the biggest advocates of digital currency, Michael Saylor has reaffirmed the firm’s commitment to keep its BTC holdings for the long term. At press time, the BTC price was changing hands for $83,724, down by 1.81%.
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