TREE NEWS update: Strategy’s perpetual preferred stock Stretch completed its debut offering in July 2025, raising approximately $2.521 billion, with net proceeds used to purchase 21,021 bitcoin, Michael Saylor said. Stretch trades on Nasdaq and carries a monthly dividend rate policy set by the board. Saylor framed digital credit as combining centuries of financial infrastructure including corporate equity, preferred stock, trading markets, tax law and securities regulation.
Strategy’s Stretch Raises $2.52B in Debut Offering, Buys 21,021 Bitcoin
The debut size of Stretch signals that perpetual preferred equity is becoming a viable funding channel for bitcoin accumulation, not just a niche experiment. The structure matters because it shifts the cost of exposure onto a dividend-bearing instrument whose rate policy sits with the board, effectively creating a new class of digital-credit holders with different incentives from common shareholders. Whether that dividend policy stays stable through changing market conditions, and whether other treasuries adopt similar preferred structures, is the open question worth watching.
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