Strategy launches Bitcoin stock pegged at $100 to increase treasury
Strategy aims to launch a stock akin to a synthetic stablecoin, enabling the company to absorb more fiat money to convert into Bitcoin capital.
Strategy, the world’s largest corporate holder of Bitcoin, is launching a new type of stock offering to raise additional funds for further investment in the cryptocurrency.
Michael Saylor’s Strategy announced plans to conduct an initial public offering of 5 million shares of Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC).
Strategy will use the net proceeds for “general corporate purposes, including the acquisition of Bitcoin and for working capital,” it announced on Monday.