Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR).
MicroStrategy’s (MSTR) initial attempt to expand its capital raising activities via perpetual preferred stock appeared to have been met with strong demand.
The company more than doubled the $250 million it was looking to raise, selling 7.3 million shares of STRK (the ticker for the new series) at $80 each, and coming away with $563.4 million after expenses.
The new pricing raises the dividend yield to 10% from an initially expected 8%, a move that’s likely to increase investor demand.
Funds will be used to acquire more bitcoin (BTC).
