Law Firm WilmerHale Provides Counsel on Strategy for $4.2 Billion Variable Rate Preferred Equity Offering Through At-the-Market Method
MicroStrategy Taps WilmerHale for $4.2 Billion Preferred Stock Offering
MicroStrategy Incorporated, the world's first and largest Bitcoin Treasury Company, has enlisted the services of the renowned law firm WilmerHale for its at-the-market equity offering program. This program allows MicroStrategy to issue and sell shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (Nasdaq: STRC).
The WilmerHale team, consisting of legal professionals Tom Ward, Molly Fox, David Strong, Bill Caporizzo, Jeffries Oliver-Li, Hilary Baker-Jennings, Ben Kelsey, Rachael Joseph, Connor McRory, and Emma Schlager, will provide legal services related to the program. Their expertise in legal matters related to equity offerings and preferred stock may be crucial for the successful implementation of the offering.
Under the program, MicroStrategy can sell shares of its 10.00% Series A Perpetual Stretch Preferred Stock from time to time, with an aggregate offering price of up to $4.2 billion. The funds raised will be used for various purposes, including the acquisition of bitcoin, working capital, and general corporate purposes.
The sales under the program will be administered by sales agents under a sales agreement dated July 31, 2025. The WilmerHale team's roles may include drafting legal documents, providing legal advice, and ensuring regulatory compliance for the at-the-market equity offering program.
The WilmerHale team's involvement in the at-the-market equity offering program demonstrates the complexity and importance of the program for MicroStrategy. By facilitating ongoing capital raising for bitcoin acquisition and corporate liquidity, the team is playing a vital role in MicroStrategy's strategic initiatives.
In summary, WilmerHale is acting as lead legal advisor for MicroStrategy’s $4.2 billion at-the-market equity offering of Series A Perpetual Stretch Preferred Stock, managing the legal structuring, documentation, and regulatory compliance to enable the company to raise capital for its strategic objectives.
[1] - WilmerHale press release, available at: https://www.wilmerhale.com/en/news/articles/2025/07/wilmerhale-represents-microstrategy-incorporated-in-42-billion-at-the-market-equity-offering-program [3] - MicroStrategy SEC filing, available at: https://www.sec.gov/Archives/edgar/data/1326830/000119312521210790/d888326dex11.htm
WilmerHale's legal team is providing crucial services for MicroStrategy's $4.2 billion at-the-market equity offering, managing legal structuring, documentation, and regulatory compliance. This offering is a significant part of MicroStrategy's business strategy, facilitating ongoing capital raising for bitcoin acquisition and corporate liquidity.
The funds raised from this equity offering will be allocated towards various finance-related activities, including the acquisition of bitcoin, working capital, and general corporate purposes. Through strategic investing, MicroStrategy aims to achieve its objectives.
