The stock is listed on the Nasdaq Global Select Market

Davis Polk advised the sales agents in connection with an SEC-registered at-the-market offering by MicroStrategy Incorporated (d/b/a Strategy) of its shares of Class A common stock for up to an aggregate amount of $21 billion. The Class A common stock is listed on the Nasdaq Global Select Market under the symbol “MSTR.”

Strategy is the world’s first and largest bitcoin treasury company. The company has adopted bitcoin as its primary treasury reserve asset. By using proceeds from equity and debt financings, as well as cash flows from its operations, Strategy strategically accumulates bitcoin and advocates for its use as digital capital. The treasury strategy is designed to provide investors varying degrees of economic exposure to bitcoin by offering a range of securities, including equity and fixed-income instruments.

The Davis Polk corporate team included partners Daniel P. Gibbons and Joseph A. Hall, counsel Christopher H. Van Buren and associates Kimberly Hickey, Yuchen Liu and Alexa Cibellis. The tax team included partner Lucy W. Farr and associates Yueyu Yang, Georgianna Eck and Caleb E. Smith. All members of the Davis Polk team are based in the New York office.

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