Strategy Raises $6B via Perpetual Preferred Stock to Acquire 600K BTC

In 2025, MicroStrategy rebranded as Strategy and raised over $6 billion through multiple issuances of perpetual preferred stock to purchase Bitcoin. These perpetual preferred stock offerings, with 9–10% annual dividends, no maturity date, and no voting rights, have funded the acquisition of 607,000–628,791 BTC, representing nearly 3% of circulating supply. Dubbed the “BTC Credit Model” by CEO Michael Saylor, the financing includes interest rates linked to SOFR and callable protections. Strategy sets strict issuance thresholds at four times Bitcoin’s net asset value to preserve ordinary share premiums. Over 80% of Strategy’s assets are now tied to Bitcoin, increasing exposure to price swings. Critics caution that a market downturn could strain liquidity and dividend payments, likening it to a Ponzi structure. Nevertheless, the success of these securities underscores growing institutional demand and further institutionalizes crypto asset exposure.