Strategy (MSTR) Tuesday morning unveiled its latest twist at raising funds from capital markets to fund additional bitcoin (BTC) purchases, but there are indications the Wall Street spigot is slowing.

The company’s Perpetual Strife Preferred Stock (STRF) offers a fixed 10% annual cash dividend, paid quarterly, according to an SEC filing If dividends are unpaid, they compound at an additional 1% per year (quarterly), up to a maximum of 18%. The first dividend payment is scheduled for June 30, 2025.

Strategy’s initial preferred series (STRK) initially offered only an 8% interest rate. And Strategy’s series of convertible debt offerings came with negligible or even 0% interest rates (different product than preferred, of course).

Unlike common stock, STRF holders do not have voting rights but have priority in liquidation with a $100 per share liquidation preference. Strategy has the right to redeem STRF if fewer than 25% of the original shares remain or if tax events occur, while holders can demand a buyback in case of a fundamental change.

STRF is expected to trade on Nasdaq within 30 days of issuance, offering investors bitcoin exposure with a high-yield structure. Morgan Stanley, Barclays, Citigroup, and Moelis & Company are joint book-running managers for the offering, conducted under an SEC shelf registration.

After buying bitcoin at a galloping pace over the past several months, Strategy’s fundraising and token acquisitions have slowed to a crawl in recent weeks. The company last week did make additional bitcoin purchases, but they were hardly needle-moving — just 130 BTC for $10.7 million to bring total holdings to 499,226 tokens.

MSTR is lower by 5% in early action Tuesday alongside a slide in markets in general and bitcoin’s dip to $81,300 from $84,000 a day ago.

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