On June 8, Strategy announced a $1 billion stock offering to support new Bitcoin acquisitions and cover corporate expenses. The move quadruples a previously announced $250 million raise. The offering includes 11.76 million shares of the company’s 10.00% Series A Perpetual Stride Preferred Stock, priced at $85 each.
After deducting underwriting fees and other expenses, Strategy expects to raise approximately $979 million. The preferred stock includes non-cumulative dividends of 10%, designed to attract institutional investors seeking consistent returns. This differs from Strategy’s earlier funding methods, which leaned on convertible debt or common equity offerings.
The stock offering comes at a time when Strategy has consistently increased its Bitcoin holdings. The funds are expected to go directly into Bitcoin purchases, as the company continues its accumulation model.
Saylor’s “Send More Orange” Sparks Bitcoin Speculation
Michael Saylor, Strategy’s executive chairman, posted a message on X:
“Send more Orange.”
The phrase accompanied a chart showing Strategy’s Bitcoin holdings, updated through June 8.
Saylor’s posts have often preceded Bitcoin purchases by the company. If the firm adds more BTC following this message, it would mark the ninth straight week of acquisitions. Between May 26 and June 1, Strategy acquired 705 BTC for approximately $75 million. The average price per Bitcoin during that purchase was $106,495.
As of June 8, Strategy holds 580,955 BTC. According to SaylorTracker, these holdings are currently worth about $61.4 billion. The company’s unrealized profit from Bitcoin stands near $20.6 billion, representing a 50% gain on its total investment.
Strategy Becomes the Largest Known Bitcoin Holder
Data from BitcoinTreasuries.net shows that Strategy holds more Bitcoin than any other known entity. Its holdings surpass even those of the U.S. and Chinese governments combined. The company’s total BTC stash is nearly 12 times larger than that of Mara Holdings, the next largest public Bitcoin holder.
Strategy’s identity has become closely linked to Bitcoin. For many investors, the company operates as a proxy for Bitcoin exposure through regulated U.S. markets. While this link increases volatility, it also simplifies access to Bitcoin for investors preferring traditional financial structures.
The recent stock offering and Saylor’s messaging suggest that the company is preparing to expand its Bitcoin position further. However, no official purchase confirmation followed the June 8 post at the time of writing.
Strategy’s Funding Approach Targets Institutional Investors
The latest offering uses preferred shares with a 10% non-cumulative dividend, marking a shift in the firm’s fundraising approach. These shares do not accrue unpaid dividends, which could appeal to buyers focused on yield without long-term obligations from the issuer.
By structuring the deal this way, Strategy likely aims to attract institutional capital without diluting its common shareholders. The pricing at $85 per share also sets a fixed benchmark for the raise, which contrasts with open-market placements or debt instruments with variable conversion rates.
This offering format reflects an effort to balance aggressive Bitcoin accumulation with investor demands for structured returns. As the company adds more Bitcoin, its balance sheet becomes more closely tied to BTC market value, placing further emphasis on funding strategies that manage risk exposure.
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