Strategic counsel provided by WilmerHale in a $4.2 billion equity offering of adjustable-rate preferred shares
MicroStrategy Taps WilmerHale and Davis Polk for $4.2 Billion Equity Offering Program
MicroStrategy Incorporated, the world's first and largest Bitcoin Treasury Company, has established an at-the-market equity offering program with a potential aggregate offering price of up to $4.2 billion. The legal teams for this program have been announced, with WilmerHale representing MicroStrategy and Davis Polk advising the underwriters.
WilmerHale, a leading global law firm, will be advising MicroStrategy on the sales agreements and general corporate purposes related to the offering. The team from WilmerHale includes Tom Ward, Molly Fox, David Strong, Bill Caporizzo, Jeffries Oliver-Li, Hilary Baker-Jennings, Ben Kelsey, Rachael Joseph, Connor McRory, and Emma Schlager.
On the other hand, Davis Polk & Wardwell LLP will be advising the representative of the underwriters in connection with the SEC-registered IPO of 28,011,111 shares of the Variable Rate Series A Perpetual Stretch Preferred Stock (Nasdaq: STRC). The Davis Polk team includes partners Daniel P. Gibbons and Joseph A. Hall, counsel Christopher H. Van Buren, and associates Carlos Escandón Alcocer, Yuchen Liu, Eric Spiniello. Zachary J. Zweihorn provided financial institutions advice, while the tax team involved partner Lucy W. Farr and associates Yueyu Yang and Georgianna Eck, all based in their New York office.
Latham & Watkins, another prominent law firm, has also been involved in the IPO pricing and structuring, although the detailed lawyer list was not provided in the search results.
The funds from this program may be used for the acquisition of bitcoin, general corporate purposes, working capital, the payment of cash dividends on its shares of preferred stock, other than STRC, then outstanding, or for any other lawful corporate purpose. Sales under the program will be administered by sales agents under a sales agreement dated July 31, 2025.
The legal teams for MicroStrategy's equity offering program consist of 10 lawyers: Tom Ward, Molly Fox, David Strong, Bill Caporizzo, Jeffries Oliver-Li, Hilary Baker-Jennings, Ben Kelsey, Rachael Joseph, Connor McRory, and Emma Schlager. These individuals are all experienced lawyers with a strong background in corporate and securities law.
This equity offering program is a significant step for MicroStrategy, allowing the company to continue its strategic investments in bitcoin and other corporate initiatives. For more information, please refer to the official announcements from WilmerHale and Davis Polk.
- The legal team from WilmerHale will be guiding MicroStrategy on sales agreements and general corporate matters related to the $4.2 billion equity offering program, with Tom Ward, Molly Fox, and several others contributing to the effort.
- This equity offering program, overseen by Davis Polk, involves the sale of Variable Rate Series A Perpetual Stretch Preferred Stock, with the funds potentially being used for business purposes such as bitcoin acquisition, corporate initiatives, or working capital.
