MicroStrategy Incorporated entered into an underwriting agreement with Morgan Stanley & Co. LLC, as the lead manager, to issue 8.5 million shares of its 10.00% Series A Perpetual Strife Preferred Stock at a public offering price of $85.00 per share. The offering is expected to close on March 25, 2025, pending customary conditions.

MicroStrategy expects to receive approximately $711.2 million in net proceeds from the offering after deducting underwriting discounts, commissions, and estimated expenses. The company plans to use the proceeds for general corporate purposes, including acquiring bitcoin and funding working capital.

The offering is being made under an effective shelf registration on Form S-3ASR. The underwriting agreement includes customary terms, such as representations, warranties, indemnities, and conditions.