Strategy will issue 10% Series A perpetual preferred stock with a total size of up to $2.1 billion Strategy (formerly MicroStrategy) announced that it will issue 10% Series A perpetual preferred stock (code: STRF) with a total size not exceeding $2.1 billion through TD Securities, Barclays Capital, and Benchmark as underwriters. The preferred stock was traded on the NASDAQ Global Select Market on May 21st at a price of $100.65 per share. The announcement shows that in the event of a "fundamental change," preferred stockholders may request the company to repurchase their shares at face value plus accumulated dividends. This financing will be used for company operations and Bitcoin investment, but the documents also indicate significant risks associated with the investment.