WilmerHale Advises Strategy in $4.2 Billion At-the-Market Preferred Equity Offering

WilmerHale Advises Strategy in $4.2 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 Strategy’s new at-the-market equity offering program, pursuant to which Strategy may issue and sell shares of its 10.00% Series A Perpetual Stride Preferred Stock (Nasdaq: STRD) from time to time having an aggregate offering price of up to $4.2 billion. Strategy intends to use the net proceeds from this program for general corporate purposes, including the acquisition of bitcoin, and for working capital, and may also use the net proceeds for the payment of cash dividends on its 10.00% Series A Perpetual Strife Preferred Stock (Nasdaq: STRF) and 8.00% Series A Perpetual Strike Preferred Stock (Nasdaq: STRK).  Sales under the program will be administered by sales agents under a sales agreement dated July 7, 2025.

The WilmerHale team consisted of Tom Ward, Molly Fox, David Strong, Bill Caporizzo, Jeffries Oliver-Li, Hilary Baker-Jennings, Ben Kelsey, Rachael Joseph, and Connor McRory.

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