Software intelligence firm Microstrategy (Nasdaq: MSTR), operating under the brand Strategy, announced on June 6 that it has priced its initial public offering (IPO) of Series A Perpetual Stride Preferred Stock (STRD Stock) at $85 per share.

The issuance includes 11,764,700 shares and is expected to generate net proceeds of approximately $979.7 million after deducting underwriting fees and offering-related costs. The settlement is scheduled for June 10, contingent upon standard closing conditions. Executive Chairman Michael Saylor shared the news on social media platform X, stating:

Strategy announces pricing of its Stride Perpetual Preferred Stock STRD offering and upsizes the deal from $250M to $1B.

The company confirmed its capital allocation plan: “Strategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital.”

The STRD Stock offers a 10% annual dividend rate, payable in cash on a non-cumulative basis, contingent upon board declaration. These dividends are scheduled quarterly—March 31, June 30, Sept. 30, and Dec. 31—beginning on Sept. 30, 2025. Unpaid dividends will not accrue or carry forward if not declared.

Redemption rights are available if the total outstanding shares fall below 25% of the originally issued amount or under specified tax conditions. Additionally, holders may compel Strategy to repurchase shares following a “fundamental change,” at a price equal to the liquidation preference of $100 per share plus any declared and unpaid dividends.

To ensure price responsiveness, the liquidation preference will adjust daily based on market dynamics, taking into account recent sale prices and trading averages. Barclays, Morgan Stanley, Moelis & Company, and TD Securities are acting as joint book-running managers, supported by a syndicate of co-managers. The transaction is conducted under an effective shelf registration with the U.S. Securities and Exchange Commission (SEC).

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