MicroStrategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital. The perpetual strike preferred stock will have a liquidation preference of $100 per share and will accumulate cumulative dividends at a fixed rate that will be determined at the pricing of the offering.

MicroStrategy officially launched its long-awaited convertible preferred stock offering on Monday, opening up to institutional investors and select retail investors.

MicroStrategy (MSTR) announced that it intends to offer, in a public offering, 2,500,000 shares of its “perpetual strike preferred stock.”

MicroStrategy, a business intelligence company, is setting a price range between $80 and $85 for each of its perpetual preferred stocks. This price is lower than the initially marketed liquidation preference of $100 per share,