Strategy launches $4.2B STRD preferred stock ATM program; amends STRK liquidation preference

Strategy Inc

New 10.00% Series A Perpetual Stride Preferred Stock (STRD) ATM up to $4.2B; proceeds for bitcoin acquisitions and working capital.
STRK Certificate of Amendment adjusts liquidation preference to track trading price with $100 floor, effective July 7, 2025.
STRF ATM program expanded: Morgan Stanley added as sales agent via amendment on July 7, 2025.
STRK preferred now has floating liquidation preference tied to recent trading prices; deferred dividends may trigger deemed distributions for tax purposes.
STRD Stock dividends at 10.00% per annum on stated amount, payable quarterly; optional redemption provisions included.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Strategy Inc: Filed Certificate of Amendment to STRK Certificate of Designations to adjust the liquidation preference of the 8.00% Series A Perpetual Strike Preferred Stock to approximate trading price with a $100 floor (effective 2025-07-07).

Change: charter amendment
Effective: 2025-07-07

Exact text from the filing

On July 7, 2025, MicroStrategy Incorporated ® d/b/a Strategy TM (“Strategy” or the “Company”) filed a Certificate of Amendment (the “STRK Certificate of Amendment”) with the Secretary of State of the State of Delaware to the STRK Certificate of Designations (the “STRK Certificate of Designations”), which was originally filed on February 5, 2025, and which established the terms of its 8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per share (the “STRK Stock”).

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Source: SEC EDGAR

accession 0001193125-25-155918

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