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.
They have considered Bitcoin as "The end game" so they have never stopped their accumulation and recent months, they have been actually boosting their accumulation than past years. It has not only created hype and FOMO effects but also made Bitcoin more scarce as well as harder for other investors to purchase from old supply to new supply from new found blocks and their block rewards.
In 2013 he had completely different views on it, so he didn't do it through its whole existence for sure.
From 2013 to 2020 when Michael Saylor changed his mind and actually started MicroStrategy investment in Bitcoin, there are enough time for him to change his mindset on Bitcoin and take action. It's luckily that he changed it years ago, and had enough time for accumulating Bitcoin at many cheaper prices than in 2024 and 2025 as well as in future years.
Other institutional investors who came in this market cycle and future ones will surely feel a little bit of jealously with Michael Saylor and Strategy which are like a role model for tech giants and institutional investors in Bitcoin market.