Strategy raised about $15 billion for Bitcoin purchases using a preferred stock designed by ChatGPT, a structure that let the largest corporate Bitcoin holder keep buying without stretching its older financing methods. The new security, STRC, trades near $100 with adjustable dividends and was built to behave like short-duration credit.
Why Saylor turned to AI
Common-stock sales and convertible bonds were becoming harder to scale, so Michael Saylor asked ChatGPT to design something new. The AI came up with a variable-dividend preferred stock that could be sold at scale within securities rules. That mattered because traditional advisers had never seen this structure before.
Inside the new security
Strategy sold about $10.5 billion of STRC, the variable-dividend preferred stock, and roughly $4 billion from other preferred securities. The design keeps the stock near its $100 stated value, with dividend rates that adjust. That makes it behave more like short-duration credit than a typical equity.
Skeptical advisers, AI's green light
Conventional advisers were skeptical because the structure had never been done before. But ChatGPT confirmed it could be done within securities rules, so Strategy moved ahead. The AI's assurance was enough to overcome the doubts.
Strategy's Bitcoin position
Strategy now holds more than 840,000 BTC, making it the largest corporate Bitcoin holder. The AI-designed preferred stock adds a new funding route at a time when other avenues have gotten harder to scale. The next test is how STRC trades over the coming quarters.
