Mr Zaib
06/08 05:48
Michael Saylor’s Strategy ups Bitcoin bet with $1B
Strategy, the world’s largest corporate Bitcoin holder, plans to raise nearly $1 billion through a stock offering to fund additional Bitcoin purchases.
The company, led by executive chairman Michael Saylor, plans to issue 11,764,700 shares of 10.00% Series A Perpetual Stride Preferred Stock at a public offering price of $85 per share.
Strategy estimates raising about $979.7 million from the net proceeds after deducting the underwriting discounts and commissions for the firm’s offering expenses, according to a June 6 announcement.
The company plans to use the almost $1 billion for “general corporate purposes, including the acquisition of Bitcoin and for working capital.”
The move quadruples the company’s previously announced $250 million raise and introduces a new financing route beyond its historical use of common stock and convertible debt.
In contrast, Strategy’s perpetual preferred stocks will pay professional and institutional investors non-cumulative dividends equal to 10% of the stated amount.
At the current price of $103,800 per Bitcoin
BTC $105,175, the $1 billion would enable Strategy to acquire an additional 9,633 BTC, significantly more than its latest purchase of 705 Bitcoin for $75.1 million announced on June 2.
Strategy’s Bitcoin premium soars to +112%: VanEck
Strategy’s Bitcoin premium has soared to over 112% compared to spot Bitcoin prices, according to VanEck.
“We calculate a +112% premium to the combined fair value of MSTR’s BTC and core software business, driven by expectations of future BTC accumulation, regulatory advantages, and speculative positioning,” the asset manager said in a May 22 research report.
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