Strategy to keep STRC Fund Pegged to $100

Strategy, the world’s largest corporate Bitcoin holder, is launching a new kind of stock offering, aiming to raise more funds to invest in the world’s first cryptocurrency.

Michael Saylor’s Strategy announced plans to conduct an initial public offering of 5 million shares of Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock (STRC).

Strategy will use the net proceeds for “general corporate purposes, including the acquisition of Bitcoin and for working capital,” it announced on Monday.

Unlike previous offerings, the STRC…