Bitcoin-stacking Strategy is looking to raise $250 million through a new perpetual preferred stock listing to buy more Bitcoin.
Strategy, formerly MicroStrategy, plans to raise $250 million through an initial public offering of a new class of perpetual preferred stock so it can fund more Bitcoin purchases.
Strategy intends to issue 2.5 million shares of its 10% Series A Perpetual Stride Preferred Stock, with the ticker STRD, at $100 a share, the Bitcoin-stacking firm said in a June 2 statement.
Proceeds from the offering will be used to acquire additional Bitcoin (BTC) and provide working capital, it added.
