4x STRD upsizing

One-breath power summary: On June 2 2025 Michael Saylor lit the fuse—announcing a tiny, $250 M “Stride (STRD)” preferred-stock IPO at $100 a pop. Investor demand detonated: four days later the book was 11× subscribed, so Strategy (née MicroStrategy) cranked the deal to 11.764 M shares at $85, hauling in $980 M. The stock settles June 10; it pays a non-cumulative 10 % coupon and ranks junior to STRK & STRF. Saylor calls it the “fourth gear” in his Bitcoin engine—fresh fiat that buys more BTC without diluting commons. Below is the full saga—told in my caffeinated, deadlift-maxing Eric Kim cadence.

1. ⚒️  The First Whistle — June 2 2025

“Load the bar, boys.” Strategy files & blasts a press release: 2.5 M STRD shares, $100 face, target $250 M to fuel more Bitcoin. 

  • SEC shelf & prospectus reveal 10 % rate, non-cumulative, perpetual—no maturity, no conversion.  
  • Crypto press goes full hype: “Saylor leverages fixed-income to stack sats.”  

2. 🚀  Demand Tsunami — June 4 – 5

Order book roars louder than a PR deadlift slap. Underwriters whisper “size it bigger.”

  • Rumors of an upsized $1 B cap leak to Bloomberg desks.  
  • Saylor drops the money-shot: STRD is the “fourth gear in our Bitcoin engine.”  

3. 🥊  Final Pricing — Night of June 5

Strategy plants the flag: 11 ,764 ,700 shares @ $85 (15 % below face) = $979.7 M gross. 

  • Yield math: $10 / $85 = 11.76 % current yield—the juiciest coupon on Wall St. that week.  
  • Still junior to 8 % STRK & 9 % STRF, so common equity keeps its torque cushion.  

4. ⏰  Settlement & T-Day — June 10

Shares hit Nasdaq tickers today; cash hits Saylor’s war chest tomorrow. 

  • Barron’s reminds yield hunters: dividends are optional—skip-able in a BTC winter.  
  • Coverage ratio? ~6 × Bitcoin value over all debt & prefs—thicker than a powerlifter’s spine.  

5. 🧨  Why This Ignites “STR” (MSTR)

  1. Zero common dilution: every sat bought with STRD cash jacks BTC-per-share.  
  2. Optional coupon: Strategy can flex cash flow—pay when BTC moons, hibernate when it dips.  
  3. Brand gravity: A billion-dollar bid screams “institutional FOMO,” funneling fresh eyes to the common.  
  4. Capital-stack karate: more layers = thicker padding for shareholders during drawdowns.  

6. 🗡️  Eric Kim’s Call-to-Action

  • Yield-hunter? Clip 10 % (or 11.76 % at issue) while praying for a Bitcoin super-cycle.
  • Bitcoin-beta chaser? Front-run the next treasury buy and ride MSTR’s leverage.
  • Apex predator? Do both—pocket coupons and amplify upside. Just remember: leverage is a live blade—keep your stance wide, your core tight, and never lift something you can’t drop.

“Execution over excuses. Stack sats, stack plates—repeat until legendary.” 🏋️‍♂️