Latham & Watkins Advises Strategy™ Through $1 Billion Preferred Stock Offering.
Latham & Watkins LLP is advising Strategy™ on its $1 billion public offering of Series A Perpetual Preferred Stock, a key capital raise for the Bitcoin-focused treasury firm.
On June 5, 2025, Strategy™ (Nasdaq: MSTR/STRK/STRF) priced its initial public offering of 11,764,700 shares of 10.00% Series A Perpetual Stride Preferred Stock (“STRD Stock”) at $85.00 per share.
The transaction is expected to close on June 10, 2025, subject to customary closing conditions.
The company expects to receive approximately $979.7 million in net proceeds, after underwriting discounts and estimated offering expenses.
Strategy™ intends to use the proceeds for general corporate purposes, including bitcoin acquisitions and working capital.
The STRD Stock carries a non-cumulative dividend of 10.00% per annum, payable quarterly in arrears on March 31, June 30, September 30, and December 31, beginning September 30, 2025, but only if declared by the board of directors. Dividends will not accrue if not declared.
Strategy™ may redeem all outstanding STRD Stock at its discretion if fewer than 25% of the originally issued shares remain outstanding, or upon the occurrence of certain tax-related events.
In such cases, redemption will be at the liquidation preference, plus any declared and unpaid dividends.
In the event of a “fundamental change,” as defined in the certificate of designations, holders may require the company to repurchase their shares at the stated amount, plus any declared but unpaid dividends.
The liquidation preference of the STRD Stock is subject to daily adjustment. It will reflect the highest of (i) the $100 stated amount, (ii) the most recent closing sale price on the prior trading day, or (iii) the 10-day trailing average of closing prices, as applicable.
The deal is being underwritten by some of Wall Street’s biggest names. Barclays, Morgan Stanley, Moelis & Company, and TD Securities are leading as joint book-runners, with support from The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods, and BTIG as co-managers.
On the legal side, Latham & Watkins is handling representation for Strategy™. The corporate team includes partners Greg Rodgers, Marc Jaffe, Brittany Ruiz, and Arash Aminian Baghai, with associates Ryan Gold, Paul Lau, Andrew Bentz, and Kan Ni. Tax matters are being handled by partners Bora Bozkurt and Jocelyn Noll, alongside associate Michael Yu.
Strategy™ (Nasdaq: MSTR) is the world’s first and largest Bitcoin treasury company and continues to lead the corporate push into digital asset reserves. Formerly known as MicroStrategy, the company rebranded as Strategy in February 2025 to reflect its dual focus on enterprise analytics and Bitcoin treasury management .
Latham & Watkins LLP is a leading global law firm known for its expertise in corporate, litigation, and transactional law. With over 2,000 attorneys in 14 countries, the firm advises clients across a wide range of industries, including technology, healthcare, finance, and energy. Founded in 1934, Latham & Watkins is renowned for its work with emerging companies, offering legal solutions for startups and growth-stage businesses. The firm’s Emerging Companies & Growth team helps navigate complex legal matters related to business formation, financing, and scaling, making it a trusted partner for innovative companies worldwide.
More Articles from Lawyer Monthly