Strategy Expands Its Bitcoin-Backed Empire by Launching STRD on Nasdaq

Software intelligence company Microstrategy (Nasdaq: MSTR), now operating under the brand Strategy, has introduced its third tranche of bitcoin-collateralized preferred equity.

Software intelligence company Microstrategy (Nasdaq: MSTR), now operating under the brand Strategy, has launched its third tranche of bitcoin-collateralized preferred equity. The new issue, with the ticker symbol STRD, is now trading on the Nasdaq exchange.

Strategy's third preferred offering has seen strong institutional demand leading to an upsized deal, issuing 11.76 million shares at $85, exceeding the original target of $250 million. After deducting underwriting and issuance costs, the firm secured approximately $980 million in net proceeds.

Announcing the development on X (formerly Twitter) on June 11, Executive Chairman Michael Saylor said: "STRD begins trading on Nasdaq today. It's the third in our series of bitcoin-collateralized preferred stocks—designed for fixed income, secured by BTC, and issued by Strategy."

Diversifying its capital structure, the company now manages three preferred equity instruments—STRK, STRF, and STRD—each commensurately structured to fund further bitcoin additions. STRK features an 8% cumulative dividend and a conversion option into common shares. STRF provides a 10% cumulative yield, remains non-convertible, and holds the highest liquidation priority within the preferred suite. In contrast, STRD distributes a 10% yield on a non-cumulative basis, is generally non-callable, and carries the highest risk profile, rendering it suitable for investors seeking yield in exchange for subordinate terms.

The company plans to use the proceeds to expand its cryptocurrency holdings, which have already reached 582,000 BTC, rendering it the largest publicly held bitcoin treasury. This latest capital raise attests to Strategy's persistent endeavor to amplify its digital asset portfolio through financial structuring that caters to diverse investor risk preferences.

Forecasting future valuation paths, Saylor anticipates bitcoin to reach $1 million in the near term and $13 million by 2045. He attributes this outlook to limited supply, burgeoning institutional inflows through exchange-traded fund (ETF) channels, and the escalating adoption of bitcoin by corporate treasuries. Recently, he said he is even more bullish on the $13 million projection. Referring to bitcoin as "digital gold," Saylor maintains that strengthening regulatory clarity and the protocol's inherent resilience preclude the possibility of an extended market decline, often termed a "crypto winter."