Strategy Raises $15 Billion with AI-Designed Preferred Stocks

Strategy, the largest corporate holder of Bitcoin, has used artificial intelligence to design unconventional preferred stocks that allowed it to raise $15 billion for its Bitcoin strategy. The company turned to AI after its existing financing channels, including common-stock sales and convertible bonds, became harder to scale.

Michael Saylor, Strategy's executive chairman, said the experiment began in early 2025 as the company searched for another way to finance Bitcoin purchases. He believed that neither market could support the scale of capital the company wanted to raise next.

Saylor used AI to explore the design of preferred shares and worked with it to build a new structure within existing securities rules. The result was a variable-rate preferred stock, STRC, which raised about $10.5 billion. Strategy later sold another roughly $4 billion through related products.