Michael Saylor’s Strategy Offers $250 Million in Preferred Stock

Strategy is planning to list a new type of perpetual preferred stock, as the company led by Michael Saylor seeks to raise more funds to buy Bitcoin.

The firm, formally known as MicroStrategy Inc., is offering 2.5 million shares of 10% so-called Perpetual Stride preferred stock, according to a statement Monday. The offering consists of $250 million worth of shares at a price of $100 each, according to a person familiar with the matter.

Holders of the preferred stock will be entitled to non-cumulative dividends in cash at a rate equivalent to 10% per year, when declared by the company’s ...