MicroStrategy Launches $722.5 Million Series A Perpetual Preferred Stock

Deal News | Mar 25, 2025 | Wilmer Cutler Pickering Hale and Dorr LLP

MicroStrategy Incorporated, known as the world's first and largest Bitcoin Treasury Company, conducted a substantial financial transaction with the issuance of $722.5 million of 10.00% Series A Perpetual Preferred Stock. This issuance marks the first of MicroStrategy's most senior class of equity security and showcases the company's robust position in the financial market. The transaction was managed with the assistance of Wilmer Cutler Pickering Hale and Dorr LLP, who expertly represented MicroStrategy in connection with this offering. The shares were priced at $85 each, and the proceeds are intended for general corporate purposes, including the acquisition of additional bitcoin and to supplement working capital. This strategy underlines MicroStrategy's ongoing commitment to leveraging bitcoin for its treasury strategy. The offering was priced on March 20 and successfully closed on March 25, 2025.

Sectors

Financial Services
Cryptocurrency
Corporate Finance

Geography

United States – MicroStrategy and WilmerHale are based in the U.S., indicating that the transaction and advising services are taking place within the U.S. context.

Industry

Financial Services – MicroStrategy's initiative to issue preferred stock for capital generation pertains directly to the financial services sector, showcasing investment and treasury management strategies.
Cryptocurrency – As MicroStrategy intends to use part of the proceeds for acquiring bitcoin, the transaction is closely tied to the cryptocurrency industry.
Corporate Finance – The structuring and advising on the stock offering fall under corporate finance, as they involve capital raising and financial planning.

Financials

$722.5 million – The total amount raised through the Series A Perpetual Preferred Stock offering.
$85.00 – The public offering price per share of the Series A Preferred Stock.

Participants

Name	Role	Type	Description
MicroStrategy Incorporated	Target Company	Company	A U.S.-based company noted for its significant investments in Bitcoin, often referred to as the world's first and largest Bitcoin Treasury Company.
Wilmer Cutler Pickering Hale and Dorr LLP	Legal Advisor	Company	A leading law firm that provided legal advice to MicroStrategy for the stock offering.