Strategy to Sell as Much as $21 Billion in Preferred Stock

Michael Saylor is stepping up plans to tap capital markets to accelerate Strategy’s Bitcoin buying binge, saying the firm will issue up to $21 billion of preferred stock and use the proceeds to buy more of the cryptocurrency.

The 8% series A perpetual-strike preferred shares, which are convertible into class A common stock, will be sold in an “at the market offering” program, the company said in a press release on Monday.