According to the latest filings by the U.S. Securities and Exchange Commission (SEC), the business intelligence and bitcoin technology company Strategy plans to issue up to $21 billion in variable rate Series A perpetual extendible preferred shares.

This financial instrument adopts a floating interest rate mechanism, with its dividend rate dynamically adjusted according to the market benchmark rate, granting the issuer the right to extend the maturity date under specific conditions. The issuance of such perpetual securities is typically intended to optimize a company's capital structure and provide long-term funding support for strategic investment or debt restructuring. Market analysis suggests that this move may reflect an urgent need by Strategy for flexible financing channels, while also offering investors an innovative tool to participate in the company’s development. Details of this issuance are still subject to final approval by regulatory authorities, and the actual scale may be adjusted based on market feedback.