Software intelligence firm Microstrategy (Nasdaq: MSTR), which has rebranded as Strategy, announced on June 2 its intention to initiate an initial public offering (IPO) of 2.5 million shares of its 10.00% Series A Perpetual Stride Preferred Stock (STRD Stock). Filed under the U.S. Securities Act of 1933, the preferred stock is expected to support the company’s broader bitcoin strategy. The release states:

Strategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital.

The STRD Stock carries an annual dividend rate of 10.00%, but dividends are not guaranteed and will only be paid if declared by the board. These cash-only payments, if declared, are set to be distributed quarterly beginning Sept. 30, 2025. Unpaid dividends will not accumulate, and the company has no obligation to compensate for undeclared periods.

Strategy also outlined conditions under which the stock could be redeemed, including if less than 25% of the initially issued shares remain or if specific tax events occur. In cases of a “fundamental change,” shareholders will have the right to compel the company to repurchase shares at the $100 stated value plus any declared and unpaid dividends. The liquidation preference will be at least the stated $100, but may be adjusted based on recent trading performance.

On June 2, Strategy also reported its latest bitcoin acquisition and provided an update on its at-the-market programs. In a Form 8-K filing with the U.S. Securities and Exchange Commission (SEC), the company disclosed that it raised $36.2 million through the sale of 353,511 STRK shares and $38.4 million from 374,968 STRF shares between May 26 and June 1. The combined proceeds were used to purchase 705 BTC at an average price of $106,495. Strategy’s total bitcoin holdings now stand at 580,955, acquired for approximately $40.68 billion at an average purchase price of $70,023.

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