The company is poised to make significant additional bitcoin acquisitions following the successful pricing of an increased sale of its latest preferred stock offering.
It recently sold 8.5 million shares of its Series A 10% Perpetual Preferred Stock at a price of $85 per share, generating approximately $711.2 million. Initially, the company aimed to raise $500 million.
This new series of preferred stock differs from the previous version in that it offers a higher coupon rate (10% instead of 8%) and lacks a common share conversion feature.
Currently, the firm owns over 499,200 bitcoins, so this upcoming purchase is expected to elevate its total holdings past 500,000 bitcoin.
Shares are slightly down in premarket trading, hovering just below $300, while bitcoin remains stable at $84,000.