Strategy Inc, previously MicroStrategy, increased its Strife (STRF) stock offering to $722M. The move is intended to boost its Bitcoin acquisition plan. The company offered 8.5M shares of 10% Series A Perpetual Strife Preferred Stock for $85 a piece. Initially aimed at $500M, overwhelming demand drove the offering to $711M in net revenues.
This month, Strategy introduced Strife stock to increase its Bitcoin holdings. The company began buying Bitcoin in August 2020 and has since made consistent investments. Previously, Strategy used Convertible Senior Notes to fund its cryptocurrency purchases.
The corporation currently buys Bitcoin twice a month. Its most recent acquisition was 130 Bitcoin units for $10.7M. Strategy views Strife as a critical tool in its goal to become a leading Bitcoin bank.
This aggressive approach is a departure from previous funding techniques. Strategy feels that Strife will help it sustain its Bitcoin accumulating momentum. The company's commitment to cryptocurrency remains constant, with each new offering intended to broaden its digital asset portfolio.
