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

WilmerHale Advises Strategy in $4.2 Billion At-the-Market Variable Rate 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 Variable Rate Series A Perpetual Stretch Preferred Stock (Nasdaq: STRC) 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 shares of preferred stock, other than STRC, then outstanding.  Sales under the program will be administered by sales agents under a sales agreement dated July 31, 2025. 

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

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