Michael Saylor Engineers Tailored Yield Curve via Boosted Preferred Share Issuance

MicroStrategy Raises $2.5B Through Preferred Stock as Saylor Expands Bitcoin Treasury Strategy

MicroStrategy (MSTR), under the leadership of Executive Chairman Michael Saylor, has completed a $2.5 billion preferred stock offering—its largest to date—as the firm continues to deepen its commitment to Bitcoin accumulation.

The newly issued STRC preferred shares join MicroStrategy’s existing series (STRD, STRF, STRK), helping construct a layered credit yield curve tailored to the company’s capital strategy. STRC is positioned as a senior, low-volatility security offering a 9.5%–10.0% variable monthly yield, designed to appeal to investors seeking stable, high-yield exposure.

Originally launched with a $500 million fundraising target, the offering was upsized significantly, pricing 28 million shares at $90 each. Proceeds from the raise will fund additional Bitcoin purchases, aligning with Saylor’s long-term vision of anchoring the firm’s balance sheet to BTC. At present, MicroStrategy owns over 2.9% of the total Bitcoin supply.

The STRC instrument includes price-stability mechanisms to help keep its market value near par. These include dynamic dividend adjustments, call options above $101, and issuance pauses below $99—creating a feedback loop to promote trading stability.

In the event of falling yields, STRC’s dividend can only decline by a maximum of 25 basis points plus the drop in the one-month SOFR benchmark, limiting downside risk for yield-seeking investors.

Compared with traditional short-duration fixed income products, STRC offers significantly higher returns, making it a compelling option in a high-rate environment. It competes with commercial paper, Treasury bills, and bank deposits, while offering less price volatility than direct crypto exposure.

MicroStrategy’s latest move reinforces its role as the most aggressive corporate player in Bitcoin, continuing to blur the lines between traditional finance and digital asset strategy.