Strategy (MSTR), the largest corporate holder of bitcoin BTC$103,848.26, has priced the new preferred stock offering designed to give long-term investors a fixed 10% annual return with no management fees.The firm will sell 11.76 million shares of its 10% Series A Perpetual Stride Preferred Stock (STRD), expecting to bring in an estimated $979.7 million after fees and expenses, according to a press release. The shares, which sit below Strategy’s other preferred offerings STRF and STRK, are set to settle on June 10. Unlike STRF, which has senior status and lower volatility, and STRK, which is convertible and pays 8%, STRD offers the highest yield among Strategy’s capital products while being riskier. It comes with a non-cumulative dividend, meaning missed payments won't accrue, and dividends will only be paid when declared by the board. STRD is designed to appeal to investors seeking high-yield options. The shares are non-callable under normal conditions, with redemption clauses kicking in only under certain tax events or structural shifts in the company, the release reads. Strategy says the proceeds of the offering are going to be used for general corporate purposes, which include the acquisition of additional bitcoin. The firm’s shares are up 1.7% in pre-market trading at $375. Read more: Strategy Expands Capital Stack With Launch of High-Yield STRD Preferred Shares