Strategy (MSTR) will likely soon be in the market for additional sizable bitcoin purchases after pricing an upsized sale of its latest preferred stock issue. The company sold 8.5M shares of its 10% Series A Perpetual Strife Preferred Stock at price of $85 each, raising roughly $711.2M. Strategy initially had hoped to raise $500M. The latest series of preferred stock differs from the original STRK in that it comes with a higher coupon (10% versus 8%) and has no common share conversion provision. The company at last check owned more than 499,200 bitcoin, so this coming fresh round of purchases should take the Strategy stack well above 500,000 tokens. MSTR shares are down marginally in premarket action to just under $300. Bitcoin is steady at $84,000.
