Strategy, formerly MicroStrategy, has increased its offering of perpetual Stride preferred stock, or STRD, to $1 billion from $250 million alongside the product’s pricing, according to a company blog post published on Friday.

Strategy said the product, which will pay investors a 10% non-cumulative dividend, will be offered to the public at $85 per share. In terms of the offering’s proceeds, Strategy will walk away with $979 million to add to its Bitcoin stockpile, the company added.

STRD represents the third form of preferred stock established by Strategy so far this year, accompanying the company’s STRF and STRK products. Each offering has unique features and benefits, between redemption features and the ability for dividends to accrue. Strategy originally planned to offer STRD to investors at $100 per share. 

STRD, unlike Strategy’s STRF offering, which also pays an 10% quarterly dividend, does not allow for the accrual of missed dividend payments. And unlike Strategy’s STRK offering, STRD does not allow an investor to convert the preferred stock into common shares at a later date. STRD is non-callable for life, meaning the preferred stock has no associated maturity date.

“It’s our high-yield credit instrument,” Strategy co-founder and Executive Chairman Michael Saylor said in a video that he shared to X this week. “Compared to STRK or STRF, it should be a higher-yielding preferred instrument.”

During a presentation, Saylor shared a graphic stating that STRD, which is listed on the Nasdaq, has “limited” sensitivity to Bitcoin’s price. In terms of seniority, STRD investors rank behind STRF and STRK’s holders, yet they come before common shareholders.

“STRD represents the fourth gear in our Bitcoin engine,” he added. “The point of our engine is to generate BTC torque via surgical management of our [at-the-money offering programs].”

The firm currently holds 580,995 Bitcoin, or $60.9 billion worth as of this writing. Bitcoin is currently priced at $104,638, basically flat over the past 24 hours and rebounding from a brief dip below the $101,000 mark Thursday afternoon.

Strategy’s stock price rose as high as $377.80 during pre-market trading on Friday but began sliding after the opening bell, according to Yahoo Finance. Now they’re up even higher, trading hands around $378.26, a 2.6% increase.

Edited by James Rubin