BUZZ-Microstrategy expects to raise $563 mln from preferred stock offering; shares slip

Bitcoin buyer MicroStrategy MSTR.O shares edge down 1.1% to $337.05

Co prices its perpetual strike preferred stock offering at $80 per share

MSTR estimates net proceeds at around $563.4 million

Co says preferred stock to pay dividends of 8% per year, with initial conversion price of $1,000 per share of class A common stock

Co to use net proceeds for acquiring bitcoin, among other general purposes

MSTR, which has steadily increased its bitcoin holdings over the past few years, is seen by some investors as a way to gain exposure to the world's largest cryptocurrency BTC=

MSTR more than doubled its bitcoin holdings in 2024 through combination of debt and equity deals

As of Jan. 27, co held 471,107 bitcoin bought at an average cost of $64,511 per bitcoin, as per filing

Including today's moves, MSTR on track for monthly gain of 16%, versus ~12% rise in bitcoin and 3.3% gain for the Nasdaq 100 .NDX