Microstrategy expects to raise $563 mln from preferred stock offering; shares slip
** Bitcoin buyer MicroStrategy shares edge down 1.1% to $337.05 ** Co prices its perpetual strike preferred stock offering at $80 per share** MSTR estimates net proceeds at around $563.4 million ** Co says preferred stock to pay dividends of 8% per year, with initial conversion price of $1,000 per share of class A common stock ** Co to use net proceeds for acquiring bitcoin, among other general purposes ** MSTR, which has steadily increased its bitcoin holdings over the past few years, is seen by some investors as a way to gain exposure to the world's largest cryptocurrency ** MSTR more than doubled its bitcoin holdings in 2024 through combination of debt and equity deals ** As of Jan. 27, co held 471,107 bitcoin bought at an average cost of $64,511 per bitcoin, as per filing ** Including today's moves, MSTR on track for monthly gain of 16%, versus ~12% rise in bitcoin and 3.3% gain for the Nasdaq 100