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Michael Saylor Amps Up Bitcoin War Chest With $2.8 Billion Sale
Michael Saylor’s one-of-a-kind capital markets machine just got bigger. As crypto prices continue to boom, Saylor’s Bitcoin holding company, Strategy launched a new kind of preferred stock, and then promptly upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified. The security that priced on Thursday, which the company is calling Stretch, promises buyers a hefty 9% annual payout, with no end date attached — unusual in the arcane world of preferred stock offerings. The deal offered the latest demonstration of Saylor’s Wall Street ... (full story)
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