According to filings with the SEC, Strategy plans to issue Series A variable-rate perpetual preferred shares with a total amount of up to $21 billion.

This financing initiative is aimed at providing the company with long-term capital support, while addressing potential future market interest rate fluctuations through a variable rate structure. Perpetual preferred shares, as a hybrid security, possess both equity and debt characteristics, and typically do not have a maturity date, offering the issuer stable long-term funding. The specific terms of this issuance, including the initial rate, rate adjustment mechanisms, and details of dividend payments, will be further clarified in the subsequent prospectus. Market analysts have pointed out that such a large-scale preferred share issuance plan reflects the company's demand for funds for business expansion or strategic investment, and may also impact its existing capital structure and shareholder equity.