Strategy Sets IPO Pricing for 11.7 Million Preferred Shares at $85 Each

Highlights:

• Strategy has unveiled new fundraising plans aimed at expanding the firm’s BTC holdings.
• The investment firm aims to generate nearly $1 billion by selling its STRD shares.
• Investors will pay roughly $85 for each share on or before June 10, 2025.

Largest corporate holder of Bitcoin (BTC), Strategy has set the price of its initial public offering (IPO) of 11.76 million shares of its 10.00% Series A Perpetual Stride Preferred Stock (STRD) at $85.00 per share. The Bitcoin investment firm disclosed the pricing in a press release on June 6, eliciting widespread reactions among crypto enthusiasts.

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According to the publication, the offering will be short-lived as it will close on June 10, 2025, subject to standard conditions. Strategy noted that it hopes to raise $979.7 million in net proceeds after deducting expenses that might arise from the share sales. As usual, the investment firm will use the entire capital to fund more BTC acquisitions. Strategy also noted that it would allocate some of the money to fund the company’s operations.

Strategy announces pricing of its Stride Perpetual Preferred Stock $STRD Offering and upsizes the deal from $250M to $1B. $MSTR https://t.co/3p2J6qRu38

— Michael Saylor (@saylor) June 6, 2025

Strategy Stock Details

If declared, the stock will attract a 10% annual dividend rate, which the company intends to pay quarterly. The fixed payment dates for each year include March 31, June 30, September 30, and December 31. Notably, the payments will kick off on September 30, 2025. The dividend will be non-cumulative. Hence, if the company skips any payment, there will be no provision for reimbursement later. Meanwhile, Strategy plans to pay dividends in cash in line with the prospectus supplement for the offering.

The crypto investment firm stated:

“No dividend, interest or other amount will accumulate or accrue on any unpaid regular dividends, regardless of whether regular dividends are declared for any future regular dividend period.”

Redemption Methods and Associated Conditions

In its publication, Strategy stated that the company possess the right to redeem all outstanding STRD stock at its election under two conditions. First, the total outstanding stock must fall 25% below the original issuance. Second, certain tax law changes could affect redemption payments.

Strategy added:

“The redemption price for any STRD Stock to be redeemed will be a cash amount equal to the liquidation preference of the STRD Stock to be redeemed.”

The Bitcoin investment firm also noted that fundamental changes, including a merger or a major restructuring, could force Strategy to repurchase its shares. Meanwhile, the company set the stock liquidation preference at $100 per share, subject to daily changes based on certain factors like recent stock sales or trading prices.

The offering joint bookrunners will include Barclays, Morgan Stanley, Moelis & Company, and TD Securities. Meanwhile, the co-managers will be the Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods, and BTIG.

Metaplanet Announces New Fundraising Initiative

In related news, Metaplanet, popularly known as Japan’s Strategy, has unveiled new initiatives to expand its Bitcoin holdings. Simon Gerovich, Metaplanet’s Chief Executive Officer (CEO), said the plan was Asia’s largest equity raise for Bitcoin procurement. Gerovich noted that the fundraiser could add $5.4 billion to the firm’s investment capital, driving its goals of accumulating 100,000 BTC by the end of next year and 210,000 BTC by the end of 2027.

Metaplanet has launched Asia’s largest-ever equity raise dedicated to Bitcoin:
🚀 ¥770.9 billion (~$5.4B) capital raise
📈 555 million shares via moving strike warrants
🥇 First in Japan: issued at a premium to market — enabled by Metaplanet’s high volatility and deep liquidity… pic.twitter.com/UlXHneyDzo

— Simon Gerovich (@gerovich) June 6, 2025

Meanwhile, Metaplanet currently owns 8,888 BTC, while Strategy has acquired a total of 580,995 tokens. Both companies have shown no sign of relenting despite Bitcoin’s volatility. The consistent procurement signals bullish hopes for the flagship token amid recent struggles.

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