MicroStrategy Inc., doing business as Strategy, revealed on Friday the pricing of its initial public offering of Perpetual Stride Preferred Stock (STRD stock). The company priced the IPO of 11,764,700 shares of STRD stock at $85 apiece, with the issuance and sale scheduled to settle on June 10, 2025.
"Strategy estimates that the net proceeds to it from the offering will be approximately $979.7 million, after deducting the underwriting discounts and commissions and Strategy's estimated offering expenses," the company detailed in a press release, further explaining that the proceeds are intended to be used for general corporate purposes, which encompasses bitcoin purchases.
The firm noted that holders of the STRD stock will be entitled to non-cumulative dividends at a rate of 10% per annum on the stated amount, "out of funds legally available for their payment only when, as, and if declared by our board of directors."
