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Strategy upsizes STRC stock offering to $2B with plans to buy more Bitcoin
In a significant move, Strategy has announced the upsize of its preferred equity raise from $500 million to $2 billion. The company intends to use these funds to acquire additional Bitcoin.
Pricing and terms for the STRC shares have been adjusted to accommodate the increased capital raise. Initially expected to be priced at $100 each, the offering will now price at $90 per share. The initial offering size of 5 million shares is likely to increase in order to reach the revised target of $2 billion.
The new shares will rank senior to Strategy’s Strike and Stride preferreds and to its common stock, but remain junior to the previously issued Strife preferreds and outstanding convertible bonds. Proceeds from the raise will be used for general corporate purposes, including the acquisition of more Bitcoin.
Source: cryptobriefing.com
