Software intelligence company Microstrategy (Nasdaq: MSTR), now operating under the brand Strategy, has introduced its third tranche of bitcoin-collateralized preferred equity. Trading has commenced for the new issue—ticker symbol STRD—on the Nasdaq exchange.

Strategy secured approximately $980 million in net proceeds after underwriting and issuance costs, following an upsized offering of 11.76 million shares at $85 each due to strong institutional demand, exceeding the original $250 million target. Executive Chairman Michael Saylor disclosed the development on social media platform X on June 11, stating:

STRD begins trading on Nasdaq today. It’s the third in our series of bitcoin-backed preferred stocks—designed for fixed income, secured by BTC, and issued by Strategy.

Diversifying its capital structure, the firm now manages three preferred equity instruments: STRK, STRF, and STRD, each specifically structured to finance additional bitcoin acquisitions. STRK incorporates an 8% cumulative dividend and features a conversion option into common shares. STRF delivers a 10% cumulative yield, remains non-convertible, and holds the highest liquidation priority across the preferred suite. STRD, by contrast, distributes a 10% yield on a non-cumulative basis, is generally non-callable, and carries the highest risk profile—appealing to investors seeking yield in exchange for subordinate terms.

Strategy plans to use the proceeds to expand its cryptocurrency holdings, which have reached 582,000 BTC, making it the largest publicly held bitcoin treasury. This latest capital raise underscores the firm’s ongoing commitment to a digital asset accumulation strategy through financial structuring that appeals to differentiated investor risk appetites.

Forecasting future valuation paths, Saylor expects bitcoin to reach $1 million in the near term and $13 million by 2045. He attributes this outlook to limited supply, growing institutional inflows through exchange-traded fund (ETF) channels, and rising corporate treasury adoption. Recently, he said he is even more bullish on the $13 million projection. Referring to bitcoin as “digital gold,” Saylor contends that strengthening regulatory clarity and the protocol’s inherent resilience eliminate the prospect of an extended market decline, often termed a “crypto winter.”

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