Strategy (MSTR), the largest corporate owner of bitcoin (BTC), announced on Tuesday that it has acquired roughly $2.4 billion worth of BTC using funds from its new preferred stock (STRC) issuance.
The firm sold nearly $2.5 billion worth of STRC, also known as “stretch,” to investors, significantly exceeding the originally planned $500 million.
STRC, which aims to provide a regular dividend to investors initially set at a 9% rate, will start trading on Wednesday on Nasdaq.
With the proceeds, the company purchased 21,021 BTC at an average price of $117,256. This acquisition raises Strategy’s bitcoin holdings to 628,791 BTC, valued at nearly $74 billion at current prices.
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