Strategy Proposes IPO for New STRD Stock to Load Up on More Bitcoin

Michael Saylor’s next Bitcoin move? Selling preferred stock to buy even more BTC

Strategy today announced the launch of $STRD ("Stride"), a new perpetual preferred stock offering, available to institutional investors and select non-institutional investors. For more information, click here. $MSTR https://t.co/D2Wy9M2bqa
— Michael Saylor (@saylor) June 2, 2025

Michael Saylor is once again doubling down on Bitcoin. His company, Strategy, just announced plans to offer 2.5 million shares of a new preferred stock under the ticker STRD and yep, you guessed it, the main goal is to buy even more Bitcoin.

The stock is called “10% Series A Perpetual Stride Preferred Stock,” and it’s being priced at $100 per share. In typical Saylor fashion, the proceeds will go toward general operations, working capital, and of course, beefing up the company’s already massive Bitcoin holdings.

The announcement dropped on June 2, and the offering is being positioned as a way for both institutional and a few select retail investors to gain exposure to BTC through Strategy’s unique treasury approach.

What’s the deal with STRD?

This new STRD preferred stock comes with a 10% annual dividend rate, which sounds juicy but it’s important to know that the dividends aren’t guaranteed. Strategy can skip payments without penalty, and dividends are non-cumulative, so missed ones don’t stack up. The company will pay quarterly, with the first payout scheduled for September 30, 2025.

Interestingly, Strategy also included a flexible liquidation preference, which is designed to help investors if the share price shoots up after launch. It’s not a super common feature, but it adds a protective twist for buyers.

And this isn’t some small-time raise. Strategy’s got some big names underwriting the offering think Barclays, Morgan Stanley, and TD Securities. That kind of backing gives the whole move a lot more weight and signals that Strategy’s really going for it.

In its prospectus, the company framed it like this: they’re building a treasury strategy that lets investors tap into Bitcoin exposure through a range of financial instruments, not just buying spot BTC or trading ETFs. Basically, they’re turning Bitcoin investing into a full financial product suite.

Yep, they’re still buying more Bitcoin

To drive the point home, Strategy also announced a fresh Bitcoin buy the same day. The company picked up another 705 BTC for about $75.1 million at an average price of $106,495 per coin.

That brings Strategy’s total Bitcoin stash to a staggering 580,955 BTC nearly 3% of the total circulating supply. At today’s prices, that’s around $61.5 billion in value. Even more impressive? They’re sitting on $20.7 billion in unrealized profits, with an average cost basis of $70,000 per BTC.

Their class A shares (MSTR) also saw a small bump following the news, trading at $372 in after-hours. So far this year, the stock’s up more than 28%, riding the wave of Bitcoin’s big bull run.

Speaking of which, Bitcoin itself gained a little boost, topping $106,000 in early Tuesday trading in Asia. Between Saylor’s relentless buys and the market’s current momentum, it seems like the BTC accumulation story isn’t slowing down anytime soon.