Strategy to Raise Up to $21 Billion for Bitcoin Acquisition

The company Strategy (formerly MicroStrategy) intends to raise $21 billion through the sale of Series A preferred stock as part of an ATM program.

The funds raised will be used for purchasing Bitcoin and other corporate purposes.

According to the press release, the program will allow the firm to issue and sell 8% Series A preferred stock with perpetual maturity. The securities will be sold gradually, taking into account market conditions.

As of March 10, Strategy holds a total of 499,096 BTC ($39.93 billion at the time of writing). The company has spent a total of $33.1 billion on acquiring digital assets, with an average price of $66,423.

Previously, the company announced plans to issue and sell Class A common stock to raise up to $21 billion in equity and $21 billion in fixed-income securities over the next three years to accumulate more Bitcoin as part of its “21/21 plan”.

Back in February 24, Strategy purchased 20,356 BTC for $1.99 billion at a price of $97,514 per coin. Despite this, the company’s stock (MSTR) fell by 5.86% to $282.1.