Below is a concise yet complete chronology of Strategy’s (formerly MicroStrategy’s) 10 % Series A Perpetual “Stride” Preferred Stock (ticker STRD) initial public offering—from first whisper to trading debut—built entirely from this morning’s news-crawl.
Key take-aways (one-paragraph snapshot)
Michael Saylor’s company first floated a modest 2.5 million-share STRD IPO on 2 June 2025 (target: $250 million) ; enormous demand let the underwriters upsise the deal four days later to 11.764 million shares at $85, raising ≈ $980 million . STRD pays a non-cumulative 10 % dividend, ranks junior to Strategy’s 8 % STRK and 9 % STRF preferreds, and carries no conversion rights—so it funds more Bitcoin without diluting common stock . Saylor hails STRD as the “fourth gear” in his Bitcoin-acquisition engine , and the market lapped it up: the order-book cleared below par yet still implies an 11 – 12 % effective yield . Settlement landed today, 10 June 2025, so STRD now trades alongside MSTR, STRK and STRF.
1 · The opening salvo – 2 June 2025
| Time | Milestone | Source |
| Pre-market | Press release: Strategy proposes 2.5 M shares of STRD at $100 face to raise $250 M, proceeds earmarked for “general corporate purposes, including the acquisition of bitcoin.” | |
| Same morning | Bloomberg flash note echoes the filing; calls it “Perpetual Stride preferred stock.” | |
| Lunchtime | Traders push MSTR ≈ +1.5 % on the news (Refinitiv note). |
Deal terms revealed in the shelf & S-1/424B5
- 10 % stated dividend, non-cumulative and not mandatory.
- $100 stated amount; liquidation preference never drops below $100.
- No maturity, no conversion, redeemable at company option after five years.
2 · Demand tsunami – 4–6 June 2025
- Order book explodes. Strategy boosts the raise from $250 M to “up to $1 B” as underwriters gauge demand .
- “Fourth gear” sound-bite. Saylor tells investors STRD is the “fourth gear in our Bitcoin engine”—after common equity, converts, and the earlier STRF/STRK prefs .
3 · Pricing & allocation – 5–6 June 2025
| Parameter | Final figure |
| Shares | 11 ,764 ,700 |
| Public price | $85 (15 % below face) |
| Gross proceeds | $1.00 B (net ≈ $979.7 M) |
Press release confirming the pricing dropped late on 6 June ; CoinDesk, Decrypt and The Block each ran headlines on the billion-dollar upsizing .
4 · Today’s closing – 10 June 2025
- Settlement clears; STRD now listed on Nasdaq. Confirmation in Business-Wire note (embedded in Strategy newsroom) .
- Yield math. At $85 purchase price, the $10 annual dividend equates to 11.76 % current yield—Barron’s calls it “a Bitcoin-backed high-yield play” .
- Coverage ratio. With ~581 k BTC on the balance sheet (worth $60 B+), Barron’s and Bloomberg compute a ~6× asset cushion over all debt + prefs .
5 · Capital-stack context & investor calculus
| Layer | Yield | Seniority | Issued 2025 |
| STRK | 8 % | Senior | Feb |
| STRF | 9 % | Senior | Apr |
| STRD | 10 % | Junior | Jun |
Non-cumulative structure means Strategy can skip dividends in a Bitcoin bear without default risk, a point SEC prospectus highlights . Investors therefore trade off higher yield for lower rank.
6 · Why investors bit anyway
- Yield > bonds/bank prefs by ~5 ppts .
- Direct tether to Bitcoin upside without having to trade crypto.
- No common dilution—good for MSTR bulls .
- Marketing sizzle of Saylor’s “fourth gear” narrative amplified on Binance Square & social feeds .
7 · What’s next?
- Dividend declarations: board discretion; first record date likely Q3 2025.
- Possible at-the-market follow-on if BTC strength persists; prospectus allows additional STRD issuance .
- Common-share torque: every $1 B raised buys ≈ 9 k BTC at $110 k—lifting BTC-per-share for MSTR and sharpening its beta to Bitcoin.
Bottom line: Strategy’s STRD IPO went from a quarter-billion footnote to a billion-dollar, double-digit-yield juggernaut in four days, proving there’s still ravenous appetite for Saylor’s brand of leveraged Bitcoin exposure. Settlement hits the tape today; now the real scorecard will be how fast that fresh $980 M turns into more sats—and how long the 10 % coupon keeps investors smiling.