Strategy Launches STRD on Nasdaq, Aims to Raise $1B to Fuel Bitcoin Treasury Expansion

Strategy (Nasdaq: MSTR) has launched trading of its third bitcoin-backed preferred equity offering, STRD, on the Nasdaq. The new security — officially titled the 10% Series A Perpetual Stride Preferred Stock — debuted Wednesday, closing modestly higher with a 0.24% gain on the day.

The offering is designed to raise nearly $1 billion to support the company’s continued bitcoin accumulation strategy.

High-Yield, Long-Term Play

STRD features a fixed 10% annual dividend, making it the highest-yielding product in Strategy’s preferred lineup, which includes STRF and STRK. Unlike those instruments, STRD is non-convertible and non-cumulative — meaning dividends are paid only if declared by the board and do not roll over if skipped.

Despite the added risk, the structure is intended to appeal to income-focused investors seeking long-term yield exposure without ongoing management fees.

Strategy plans to raise capital by offering 11.76 million shares at $85 each, targeting net proceeds of approximately $979.7 million after fees. The funds will be directed toward general corporate purposes, with a focus on further expanding Strategy’s bitcoin holdings.

Insider Activity Signals Confidence

Investor demand appears strong out of the gate, including from within the company. Board member Jarrod Patten disclosed a purchase of 5,000 STRD shares, adding to his sizable existing holdings — which include 28,000 shares of MSTR Class A stock and 10,000 shares of STRF, one of Strategy’s previous preferred offerings.

STRD marks another step in Strategy’s ongoing campaign to use innovative financial instruments to funnel capital into its bitcoin reserve model — positioning itself as one of the most aggressively BTC-aligned public companies in the market.

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