Michael Saylor's bitcoin buying spree shifts gears as Strategy announced plans to raise £185.16 million ($250 million) through an initial public offering (IPO) of a new class of perpetual preferred stock to fund more BTC purchases.
The announcement comes on the same day Saylor posted on X, formerly Twitter, that his company added 705 bitcoins to the vault for £55.62 million ($75.1 million). Strategy now holds a total of 580,955 bitcoins. The latest bitcoin acquisition was made at nearly £78,877 ($106,495) per token.
According to a 2nd June press release, Strategy said it plans an IPO of 2.5 million of its 10% series A perpetual stride preferred shares, with the ticker 'STRD' at £74 ($100) apiece.
The largest corporate holder of bitcoin said it plans to use the net proceeds from the IPO to purchase more tokens and for general corporate purposes. Perpetual preferred stocks generally pay fixed dividends indefinitely, with no maturity date. These shares have priority over common stock in payouts.
The company said that dividends on the shares offered to institutional investors and select non-institutional investors won't be mandatory. However, stockholders will be entitled to receive non-cumulative dividends at a 10% annual rate if approved by the company board. If dividends are declared, they will be payable quarterly, starting 30th September.
The £185.16 million ($250 million) fundraising could enable Strategy to buy an additional 2,351 BTCs at current market prices.
Saylor wrote in his X post that the company's BTC holdings achieved returns of 16.9% year to date. Strategy's total BTC holdings are now worth £30.13 billion ($40.68 billion) at an average buy price of £51,863 ($70,023) per coin.
However, data from blockchain analysis platform Arkham Intelligence indicates that Strategy's bitcoin holdings could be larger than reported. The intelligence platform estimated the company's BTC holdings could be as high as 625,000 tokens, which would be worth over £43.69 billion ($59 billion).
Strategy's stock price has jumped over 128% in the past year to close at £275.73 ($372.27) on 2nd June as the company continues to purchase bitcoin aggressively, especially during price corrections.
In a recent CNBC interview, Saylor highlighted that there is no ceiling to the amount of bitcoin the company plans to buy.
'We'll keep buying Bitcoin. We expect the price of bitcoin will keep going up. We think it will get exponentially harder to buy Bitcoin, but we will work exponentially more efficiently to buy Bitcoin.'
Although critics are concerned that companies following Strategy's lead of adding bitcoin to their balance sheets would undermine the token's decentralised ideals, Saylor argued that 'the network is very anti-fragile, and there's a balance of power here.'
Saylor believes that as more organisations and corporations enter the crypto blockchain ecosystem, the protocol will become more diverse, distributed, and incorruptible, transforming into a more trustworthy system for larger economic entities.
'No force on Earth can stop an idea whose time has come,' Saylor said at the recent Bitcoin 2025 in Las Vegas. 'Bitcoin is digital capital and maybe the most explosive idea of the era...There's an explosion of interest right now.'
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