WilmerHale Advises Strategy in $2.1 Billion At-the-Market Preferred Equity Offering

WilmerHale Advises Strategy in $2.1 Billion At-the-Market Preferred Equity Offering

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WilmerHale represented MicroStrategy Incorporated d/b/a Strategy, the world’s first and largest Bitcoin Treasury Company, in connection with the company’s new at-the-market equity offering program, pursuant to which Strategy may issue and sell shares of its 10.00% Perpetual Strife Preferred Stock (Nasdaq: STRF) from time to time having an aggregate offering price of up to $2.1 billion. Strategy intends to use the net proceeds from this program for general corporate purposes, including the acquisition of bitcoin, and for working capital. This offering follows Strategy’s $722.5 million initial public offering of STRF, which closed on March 25, 2025. Sales under the program will be administered by sales agents under a sales agreement dated May 22, 2025.

The WilmerHale team consisted of Tom Ward, Molly Fox, Jeffries Oliver-Li, Frank Wang, Nick Andreacchi, Connor McRory, Arpi Youssoufian and Heidi Treiber.

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