MicroStrategy — now operating under the name “Strategy” (Nasdaq: MSTR/STRK) — has priced a new preferred stock offering that will raise $711.2 million, with most of the proceeds headed straight into Bitcoin.

The company announced the pricing of its 10.00% Series A Perpetual Strife Preferred Stock on March 21, with 8.5 million shares offered at $85 each. The offering is scheduled to close on March 25, subject to standard conditions.

According to Strategy, “the net proceeds to it from the offering will be approximately $711.2 million,” after fees. The firm said it plans to use the cash “for general corporate purposes, including the acquisition of bitcoin and for working capital.”

The preferred shares come with a 10% annual dividend, paid in cash every quarter. If Strategy misses a dividend payment, it will owe extra “compounded dividends” that increase by 1% every quarter until they’re paid — up to a maximum of 18% per year.

The company added that it can redeem all of the preferred stock if less than 25% of the original amount remains outstanding or if certain tax events occur. If a “fundamental change” happens — such as a change of control — holders have the right to demand a repurchase.

This is the second major capital raise by Strategy in recent weeks. On March 17, the company disclosed it had purchased 130 BTC for $10.7 million using funds raised by selling 123,000 shares of its 8.00% preferred stock — avoiding common stock dilution.

Strategy, formerly MicroStrategy, has become widely known for aggressively converting its balance sheet into Bitcoin since 2020.

“We strategically accumulate Bitcoin and advocate for its role as digital capital,” the company said in the announcement. Its hybrid model now combines a Bitcoin treasury strategy with AI-powered enterprise analytics tools.

The new preferred shares trade under the ticker “STRF.”