Michael Saylor Amps Up Bitcoin War Chest With $2.8 Billion Deal

Michael Saylor’s one-of-a-kind capital markets machine just got bigger.

As crypto prices continue to boom, Saylor’s Bitcoin holding company, Strategy, launched a new kind of preferred stock, and then promptly increased the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified.

The security that priced on Thursday, which the company is calling Stretch, promises buyers a hefty 9% annual payout, with no end date attached — unusual in the arcane world of preferred stock offerings.

The deal offered the latest demonstration of Saylor’s Wall Street wizardry ...