Strategy doubles down on Bitcoin's playbook with $2.1 billion offering following its new all-time high

• Strategy announced it has entered into a sales agreement to issue and sell up to 10% of its STRF stock in a $2.1 billion offering.
• The company intends to use proceeds from the sale to expand its Bitcoin holdings beyond its current balance of 576,230 BTC.
• Bitcoin trades near $111,400, slightly below its all-time high of $111,800 following the announcement.

Bitcoin (BTC) is trading near $111,400 on Thursday after Strategy (formerly MicroStrategy) revealed its plans to offer and sell up to $2.1 billion worth of its Series A perpetual Strife preferred stock (STRF) to increase its Bitcoin holdings.

Strategy to sell $2.1 billion STRF preferred stock to expand Bitcoin holdings

Business intelligence firm Strategy revealed its intention to offer shares of up to 10% of its perpetual strife preferred stock for sale. The offering, which comes at $0.001 per share, will see the company raise $2.1 billion to upsize its Bitcoin holding and fund company operations.

"The perpetual strife preferred stock, subject to the terms and conditions of the sales agreement, may be sold by agents by any method that is deemed an 'at the market offering,'" Strategy stated in its press release.

Strategy has expanded its Bitcoin holdings aggressively in the past weeks, revealing on Monday that it acquired an additional 7,390 BTC for $764.9 million, at an average price of $103,498 per Bitcoin.

The company currently holds 576,230 BTC — 2.74% of Bitcoin's total supply — acquired at an average price of $40 billion. Based on current market prices, the position is valued at approximately $64 billion, representing an unrealized profit of around $24 billion.

The company's Bitcoin strategy continues to serve as a template for other firms looking to add Bitcoin to their treasuries. Likewise, its stock is commonly viewed by governments and entities as a proxy for gaining exposure to Bitcoin's price.

Bitcoin’s surge over the past month was partly fueled by consistent buying pressure from Strategy and companies leveraging its playbook. The top crypto hit an all-time high of $111,800 on Wednesday night after rising nearly 50% from a low of $74,500 on April 7.

Bitcoin trades near $111,400, up 1.7% in the past 24 hours and slightly down from its new all-time high of $111,800 at publication time.