Strategy raises 500 million for Bitcoin expansion, reaching 3.05% of supply

• Strategy plans to raise $500 million through Series A Perpetual Stretch preferred stock sales at $90 to $95 per share, a 10% discount to the initial $100 offer.
• The company’s total Bitcoin holdings reached 607,770 BTC worth approximately $72 billion, representing 3.05% of all 19.9 million issued tokens.
• Stretch securities feature variable dividend rates that Strategy can adjust monthly between 0.25% above or below the one-month SOFR rate, a structure designed to lower funding costs while maintaining investor returns.

• $500M Target capital raise from preferred equity sales to fund Bitcoin accumulation
• 607,770 BTC Total corporate holdings, representing 3.05% of circulating supply
• $72B Estimated value of Strategy’s Bitcoin treasury at current market rates

Strategy, the company led by Michael Saylor, is pursuing an unconventional equity structure to accelerate its Bitcoin purchases. The firm plans to raise approximately $500 million through a new class of preferred shares called Series A Perpetual Stretch stock, according to reporting by Cryptopolitan. The offering, priced at $90 to $95 per share with a 9% dividend rate, represents a 10% discount from the initial $100 listing price. The structure allows Strategy to tap institutional capital without diluting common shareholders, while using the proceeds to acquire Bitcoin at a scale that reinforces its position as the world’s largest corporate holder of the asset.

Saylor’s Stretch securities introduce variable-rate dividend structure to lower debt service

Stretch preferred shares feature a dividend mechanism unlike traditional corporate equity. Rather than fixing dividend rates at issuance, Strategy can adjust rates monthly within a band set by the one-month SOFR benchmark, with a maximum swing of 0.25% annually in either direction.

This flexibility allows the company to lower its cost of capital as interest rates decline while maintaining a floor return for investors, a structure that appeals to larger institutional investors seeking yield without unlimited exposure to rising rates.

The offering, led by Barclays, Moelis & Co., TD Securities, and Morgan Stanley, is described by Saylor as “Perpetual Preferred Stock through an IPO” in a post on X. Pricing for the initial offering is scheduled for Thursday (September 18), following completion of the company’s earlier convertible bond and Strife preferred stock issuances. The Stretch class represents a refinement in how corporate treasuries access capital markets to accumulate hard assets, shifting away from traditional debt or common equity toward hybrid instruments that reward both company and investor based on macroeconomic conditions.

Strategy’s Bitcoin portfolio now equals 3% of total supply worth $72 billion

Strategy’s total Bitcoin holdings reached 607,770 tokens following its latest acquisitions, according to Securities and Exchange Commission filings. This represents 3.05% of the 19.9 million Bitcoin in circulation, valued at approximately $72 billion at current market prices.

The company acquired 6,220 BTC in the week ending July 20 alone, valued at $739.8 million, demonstrating the velocity of its accumulation strategy.

The company has funded its Bitcoin treasury through a combination of common shares, preferred equity offerings, and debt instruments since beginning its digital asset program in 2020.

The CCS Read. We see Strategy’s preferred equity innovation as a play for institutional capital that traditional Bitcoin custodians and mining companies cannot easily access. By offering variable-rate returns tied to SOFR, Saylor is positioning his preferred shares as a macro hedge for institutions holding rising-rate treasuries, turning Bitcoin accumulation into an adjacent trade. Watch whether other corporate Bitcoin accumulators adopt similar structures.

Initial pricing for the Stretch offering occurs Thursday (September 18). Institutional demand for the $90-to-$95 price point will signal whether the variable-rate structure attracts the capital markets participation Strategy needs to sustain quarterly Bitcoin purchases at current acquisition rates, or whether a fixed-rate offering would have been more competitive.