Technology
MicroStrategy Raises $563 Million From Preferred Stock Sale
- Shares sold at $80 apiece, below liquidation preference
- Offering shows growth of Saylor’s fundraising to buy Bitcoin
The MicroStrategy Inc. headquarters in Tysons Corner, Virginia.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
MicroStrategy Inc. has raised $563 million through a debt-like equity offering to help finance its purchase of more Bitcoin.
The perpetual strike preferred stock was sold for $80 apiece, below the liquidation preference of $100 per share, a sign that the deal was more investor friendly than when it was initially pitched to retail traders and institutions, according to a press release Friday. The stock will pay investors an 8% fixed coupon and carries a $1,000 conversion price, which would require the stock to nearly triple from Thursday’s close.