So, yesterday Strategy announced a new IPO of preferred shares, the STRD series.
Michael Saylor's company intends to raise $250 million by issuing 2.5 million STRD shares at $100 each. The funds will be used to buy Bitcoin and replenish working capital.
STRD is a perpetual preferred share with a fixed dividend rate of 10% per annum.
Dividends are paid quarterly, beginning September 30, 2025, but only if the board of directors declares a payment.
If dividends are not declared, they do not accumulate and are not paid in the future. STRD shares are junior in seniority to Strategy's previous preferred shares (STRK and STRF).
Still, Saylor's buying policy looks great, especially when alts are weak and Bitcoin looks stronger than ever.