U.Today - Bitcoin evangelist and founder of Strategy (formerly MicroStrategy) Michael Saylor has taken to social media to make the announcement that his company is launching a new stock offering to raise money for further Bitcoin purchases, Strife (STRF).

Saylor revealed that this offering was made for both institutional and select noninstitutional investors. He also shared a direct link to the press release sharing details of that stock offering.

Strategy launches STRF to continue accumulating Bitcoin

Strategy has registered a new public offering under the Securities Act of 1933. It consists of 5,000,000 shares of Strategy’s Series A Perpetual Strife Preferred Stock going by the STRF ticker name.

The document stresses that the company plans to utilize the proceeds from this offering to cover its general operational expenses, which include further acquisition of Bitcoin to add more BTC to Strategy’s current crypto stash.

The company will pay cumulative dividends on STRF stocks at a fixed rate of 10.00% annually. It will be paid out on a quarterly basis on March 31, June 30, Sept. 30 and Dec. 31 every year, starting on June 30 this year.

Strategy has been accumulating Bitcoin for almost five years already, starting in August 2020. Over the past few years, it has raised billions of U.S. dollars via various stock offerings to investors to buy additional Bitcoin.

Strategy plans to buy $21 billion of Bitcoin

Earlier this week, after a few weeks’ pause, Michael Saylor announced that the company had purchased 130 BTC worth roughly $10.7 million. Now, the company holds 499,226 BTC valued at around $33.1 billion.

This latest Bitcoin purchase was funded by the sale of 123,000 shares of its perpetual preferred stock, which helped raise roughly $10 million. This was part of the recently announced program to accumulate a mammoth $21 billion worth of Bitcoin over the next years.

Saylor accused of "hijacking" Bitcoin

Earlier, prominent VC investor and entrepreneur Jason Calacanis tweeted the following about the Strategy founder and his long-term Bitcoin plan: “Bitcoin has been hijacked and folks like @Saylor will break the game.”

The billionaire investor believes that Saylor’s active Bitcoin accumulation is damaging BTC rather than benefiting it, since it gradually increases Bitcoin centralization, as it is getting concentrated in the hands of just a few entities.

Earlier this month, Calacanis tweeted that Saylor’s aggressive Bitcoin accumulation techniques are damaging the Bitcoin ecosystem and the BTC brand itself.

This article was originally published on U.Today