Software intelligence firm Microstrategy Inc. (Nasdaq: MSTR) has announced the pricing of 7.3 million shares of its 8.00% Series A Perpetual Strike Preferred Stock at $80 per share, with settlement expected on Feb. 5. The offering is projected to generate approximately $563.4 million in net proceeds after deducting underwriting discounts and expenses.

“Microstrategy estimates that the net proceeds to it from the offering will be approximately $563.4 million, after deducting the underwriting discounts and commissions and Microstrategy’s estimated offering expenses,” the company stated, elaborating:

Microstrategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital.

As of Jan. 26, Microstrategy hodls approximately 471,107 bitcoins, acquired at an aggregate purchase price of $30.4 billion. This aggressive accumulation strategy has positioned the company as the largest corporate holder of bitcoin. Executive Chairman Michael Saylor has been a vocal proponent of bitcoin, predicting that by 2045, the cryptocurrency’s price could reach $13 million per coin in a base-case scenario. He emphasizes bitcoin’s potential to displace gold as a non-governmental store of value, stating that it is “the apex property of the human race.”

The preferred stock offers investors a $100 per share liquidation preference and an annual dividend rate of 8.00%, payable quarterly starting March 31, 2025. Holders can convert these shares into Microstrategy’s class A common stock at an initial rate of 0.1000 shares per preferred share, equating to a conversion price of $1,000 per common share.

The company retains the right to redeem all outstanding shares if the total liquidation preference falls below 25% of the original issuance or in certain tax-related circumstances. This strategic move aligns with Microstrategy’s ongoing efforts to leverage capital markets to expand its bitcoin holdings, reflecting Saylor’s belief in bitcoin as a superior store of value compared to traditional fiat currencies.

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