Strategy (MSTR), the largest corporate holder of bitcoin, plans to raise as much as $4.2 billion through sales of a newly issued preferred stock series, according to a Thursday filing with the U.S. Securities and Exchange Commission.
The offering comes just days after the company sold nearly $2.5 billion worth of STRC, or “stretch,” to investors and the stock debuted trading on the Nasdaq Global Select Market. The shares pay a 9% variable dividend, adjustable at the company’s discretion to maintain market price stability.
The filing also coincided with the firm reporting second-quarter net income of $10 billion driven by bitcoin's price gains during the quarter.
Read more: Strategy Earned $10B in Q2 on Back of Bitcoin Price Gain