Strategy Plans $21B Raise for BTC Purchases Amid Market Dip

Strategy Plans $21B Raise for BTC Purchases Amid Market Dip

Strategy, formerly MicroStrategy, is seeking to raise up to $21 billion through the sale of 8% Series A perpetual strike preferred stock (STRK), according to an SEC filing on Monday. The company plans to sell STRK shares via at-the-market sales, negotiated transactions, or block trades, with proceeds earmarked for Bitcoin acquisitions amid the recent drop below $80,000.

The stock offers a fixed 8% annual dividend and a liquidation preference of $100 per share, with no maturity date, making it distinct from traditional bonds. "This sale is in addition to the company's previously announced '21/21 plan' targeting $42 billion in total capital raises," Strategy stated.

The firm currently holds 499,096 BTC, valued at over $41 billion, with an average purchase price of $66,357 per coin. However, Strategy disclosed in its latest 8-K filing that it did not sell any class A common stock under its equity program last week to acquire additional BTC.

STRK shareholders have the option to convert their shares into common stock, but redemptions may be triggered by specific conditions, including major company events. Michael Saylor's Strategy also reserves the right to buy back outstanding STRK shares if their total value drops below 25% of the original issued amount or if certain tax events occur.

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SEC’s Acting Chair Moves to Reverse Crypto Trading Rule

Acting SEC Chair Mark Uyeda is working to remove crypto-specific language from a proposed rule that would expand the definition of regulated exchanges. The rule, originally introduced under former Chair Gary Gensler, sought to require crypto trading platforms to register with the SEC. Uyeda argued that linking Treasury market regulation with crypto oversight was a mistake.

The proposal had drawn significant public criticism, leading Uyeda to request staff recommendations on abandoning the crypto section. The SEC’s new leadership, appointed by President Trump, has signaled a shift in policy toward digital assets. While the broader rule is still under review, the decision to exclude crypto regulations could impact how the industry is governed.

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Thailand Approves USDT and USDC for Crypto Trading

Thailand’s Securities and Exchange Commission has approved USDT and USDC for trading on regulated crypto exchanges, marking a major step in stablecoin adoption. The decision allows fiat-backed tokens to be traded in Thailand starting March 16, expanding options for digital asset investors. Tether CEO Paolo Ardoino welcomed the move, calling it a boost for Thailand’s crypto ecosystem.

Thai regulators are embracing stablecoins amid global demand, particularly for cross-border payments and remittances. The country has positioned itself as a regional digital asset hub, with the Bank of Thailand supporting blockchain innovation. Officials are also exploring crypto-friendly policies, including the "Phuket sandbox" project, which would allow tourists to make purchases using digital assets.

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Ethereum’s Pectra Upgrade Faces Attack on Sepolia Testnet

Ethereum’s Pectra upgrade on the Sepolia testnet encountered unexpected issues on March 5, delaying its rollout. Developer Marius van der Wijden reported that an unknown attacker exploited a flaw by sending zero-token transfers, causing empty blocks to be mined. The attack forced developers to deploy an emergency fix to restore normal operations.

The vulnerability stemmed from a deposit contract misconfiguration, which had already caused earlier testing delays. Developers suspect the attacker monitored private chats, making it harder to resolve the issue. As a result, devs have decided to postpone the full deployment of Ethereum Pectra, pending additional security testing and network stability improvements.

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Data of the Day

The total value locked (TVL) in DeFi has dropped $45 billion since December, wiping out all gains made after Donald Trump’s election. TVL peaked at $138 billion in mid-December but has since fallen to $92.6 billion, according to analyst Miles Deutscher. Ethereum has lost $30.6 billion in TVL, while Solana’s memecoin-driven growth has sharply declined.

Ethereum’s TVL decline mirrors its price struggles, as ETH has failed to reach a new all-time high, despite Bitcoin soaring past $109,000 in January. The downturn has raised concerns about DeFi’s long-term stability, especially as investors shift toward Bitcoin and traditional stablecoins. Analysts warn that if the trend continues, DeFi protocols could face further liquidity challenges.

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More Breaking News

• Binance introduced a community voting system for token listings, allowing users to vote on adding or delisting projects after due diligence.
• European lawmakers have remained silent on Trump's strategic Bitcoin reserve order, while the ECB focuses on launching a digital euro by October 2025.
• Coinbase is set to launch 24/7 Bitcoin and Ethereum futures for US traders, addressing gaps in traditional market hours and offshore competition.
• Elon Musk confirmed a massive cyberattack against X, suggesting a coordinated effort involving a large group or possibly a nation-state.
• Balancer V3 is expanding to Avalanche after receiving unanimous governance approval, aiming to enhance real-world asset liquidity on the network.
• Crypto ETPs saw their fourth straight week of outflows, totaling $876M, bringing year-to-date inflows down to $2.6B, according to CoinShares.
• CZ urged Elon Musk’s X to ban all bots, stating he only wants to interact with humans and calling for API posting restrictions.
• Robinhood agreed to pay $30M in fines and restitution for failing to address compliance issues, including money laundering and account security violations.

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