MicroStrategy (Nasdaq: MSTR) filed an 8-K announcing a $2.52 billion capital raise. On 24 July 2025 the company signed an underwriting agreement with Morgan Stanley to issue 28,011,111 shares of new Variable-Rate Series A Perpetual Stretch Preferred Stock (ticker to be STRC) at $90 per share. Settlement is expected 29 July 2025, subject to customary conditions.
Estimated net proceeds: $2.474 billion after underwriting fees and expenses. Management states the cash will be used for “general corporate purposes, including the acquisition of bitcoin and working capital.”
The agreement contains standard reps & warranties, indemnities and termination clauses and is being executed from an automatic shelf registration (Form S-3ASR #333-284510). A press release detailing pricing accompanies the filing (Ex. 99.1).