MicroStrategy Buys 3,015 Bitcoin for $204.1M and Raises Preferred Dividend to 11.5%
Strategy acquired 3,015 Bitcoin for $204.1 million at an average cost of $67,700 per coin, increasing its holdings to 720,737 BTC worth $49.5 billion. The company generated $237.1 million through at-the-market offerings of 1.73 million common and 71,590 STRC preferred shares, and raised its preferred dividend rate to 11.50%.
1. Bitcoin Acquisition
MicroStrategy purchased 3,015 Bitcoin for $204.1 million at an average price of $67,700 per coin during the week of February 23, boosting its total holdings to 720,737 BTC valued at approximately $49.5 billion.
2. At-the-Market Offerings
The company funded the Bitcoin acquisition via at-the-market equity offerings, netting $229.9 million from 1.73 million common shares and $7.1 million from 71,590 STRC preferred shares, for total proceeds of $237.1 million.
3. Preferred Dividend Adjustments
MicroStrategy increased the dividend rate on its Variable Rate Series A Perpetual Stretch Preferred Stock from 11.25% to 11.50%, effective for monthly periods starting this month, and declared cash dividends on multiple preferred series payable March 31.