Saylor Raises $15 Billion with AI-Designed Preferred Stock
Strategy's chairman Michael Saylor has used ChatGPT to design a preferred stock product that raised $15 billion over the past year. This new fundraising structure did not previously exist, and Saylor used it to secure funds for buying Bitcoin.
Saylor held conversations with ChatGPT to create a preferred stock structure that would keep the market price of Strategy's shares around $100 by adjusting the monthly dividend rate. He said ChatGPT concluded it was a legal and reasonable structure that no one had tried, despite initial opposition from bankers and lawyers.
The company has sold Bitcoin three times to fund preferred stock dividend payments, securing about $104.7 million in the latest sale. Strategy currently holds 842,138 BTC at an average purchase price of $75,419, but large valuation losses have occurred due to falling Bitcoin prices.