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MicroStrategy Adds 10.1K Bitcoin to Holdings, Launches Preferred Stock Sale for Additional Buying Power
It's the 12th consecutive week the company has purchased bitcoin.
Updated Jan 29, 2025, 11:50 a.m. Published Jan 27, 2025, 12:18 p.m.
What to know:
- MicroStrategy bought another 10,107 bitcoin.
- The firm announced a preferred stock offering to continue its bitcoin accumulation.
- The company now holds 471,107 BTC, Michael Saylor wrote in a tweet.
Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR).
MicroStrategy (MSTR) brought its bitcoin holdings to 471,107 following another week of accumulating tokens. Alongside, the company announced a preferred share offering of roughly $250 million as it opened up a new front to raise money to purchase even more BTC.
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The firm, led by Executive Chairman Michael Saylor, announced that the Series A Perpetual Preferred Stock (STRK) will have a $100 liquidation preference. Each share of STRK is initially convertible into one-tenth of a share of Class A common stock, effectively setting a $1,000 implied conversion price per Class A share. STRK will also pay an $8 per share cumulative annual preferred dividend, according to Saylor.
The announcement came after MicroStrategy increased its bitcoin holdings for the 12th straight week.
In the week ended Jan. 26, the company bought 10,107 BTC, taking its total stack to 471,107 BTC, Saylor wrote in a post on X. The purchase, at an average price of $105,596 per bitcoin, raised MicroStrategy's overall average purchase price to $64,511.
Saylor teased the announcement on Sunday, as he has done in recent weeks, posting: "Don't stop thinking about tomorrow."
On Jan. 21, MicroStrategy shareholders approved increasing the authorized number of Class A common shares to 10.3 billion from 330 million shares.
MicroStrategy also filed a mixed securities shelf registration that now includes: debt securities, preferred stock, warrants and depository shares in addition to Class A common stock.
UPDATE (Jan. 27, 13:21 UTC): Adds details on MicroStrategy's mixed securities registration.
UPDATE (Jan. 27, 13:40 UTC): Adds details on firm's preferred share offering.
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