Michael Saylor's Strategy Makes Massive $2.4B Bitcoin Purchase With Preferred Stock Sale Proceeds

Strategy (MSTR), the largest firm proprietor of bitcoin (BTC), said connected Tuesday it has acquired astir $2.4 cardinal worthy of BTC utilizing the funds from its caller preferred banal (STRC) issuance.

The steadfast sold astir $2.5 cardinal worthy of STRC, besides dubbed "stretch," to investors, importantly much than the primitively planned $500 million.

STRC, which aims to present a regular dividend to investors initially acceptable astatine a 9% rate, volition commencement trading connected Wednesday connected Nasdaq.

With the proceeds, the institution purchased 21,021 BTC astatine an mean terms of $117,256, according to a property release. That brings Strategy's bitcoin holdings to 628,791 BTC, worthy astir $74 cardinal astatine existent prices.

Read more: Michael Saylor Is Bringing Bitcoin-Backed Money-Market-Style Vehicle to Wall Street: NYDIG