MicroStrategy, the largest corporate player in the Bitcoin space, has quadrupled its preferred stock offering to $2 billion to fund additional Bitcoin purchases.
According to Bloomberg, the recent preferred stock offering known as "Stretch" was initially set at $500 million but was increased to $2 billion following intense investor demand. Shares will be sold at $90 each, providing investors with a 9% annual cumulative dividend.
MicroStrategy intends to use all proceeds from this offering to acquire additional Bitcoin. The company currently holds 607,770 BTC, roughly 3% of Bitcoin's total supply, valued at approximately $72.4 billion. Wall Street analysts project that MicroStrategy’s aggressive financing strategy could increase its holdings to nearly 900,000 BTC by 2027.
