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Editor’s note: The story has been updated to correct the amount being raised.
Strategy Inc. CEO Phong Le said on Wednesday that financial tools popularized by the firm were employed in Google parent Alphabet Inc.’s proposed capital raise.
CEO Sees Strategy’s Win In Google’s Raise
In an X post, Le pointed out that Google’s proposed $80 billion equity capital raise, now upsized to $84.75 billion, includes $15 billion convertible preferred stock and a $40 billion at-the-market offering, instruments that Strategy has used before.
The fundraising initiative, by far the largest and most notable capital raise in Alphabet’s public history, is explicitly designed to expand its AI infrastructure and global compute capabilities.
“Financing tools popularized by MSTR to acquire Bitcoin are now being used by a Mag 7 company to build AI,” Le said. “AI and Bitcoin are the digital rails of the future.”
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Le attached a graphic that traces the preferred capital’s trajectory, its mid-20th century decline, and “re-emergence” in digital asset and compute financing in the 21st century.
$GOOG’s proposed $80B capital raise includes a $15B convertible preferred and a $40B ATM. Financing tools popularized by $MSTR to acquire Bitcoin are now being used by a Mag 7 company to build AI. AI and Bitcoin are the digital rails of the future. pic.twitter.com/y3G497hu5w
— Phong Le (@phongle) June 3, 2026
Is Strategy Taking Undue Credit?
Convertible preferred stock is a hybrid security that offers fixed dividend payments while giving investors the option to convert their shares into a predetermined number of common shares. An at-the-market offering, meanwhile, enables publicly traded companies to raise capital by incrementally selling new shares directly into the secondary trading market.
Strategy offers a convertible perpetual preferred stock that pays 8% annual dividends, with each share of STRK convertible into 0.1 shares of MSTR.
Strategy and its Chair, Michael Saylor, have positioned their preferred stock offerings as ‘Digital Credit’ — a high-yield, lower-volatility income instrument. The company uses the proceeds from these issuances to purchase additional Bitcoin.
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However, the comparison with Google didn’t sit well with critics. Some X users pointed out that convertible preferreds are an old and widely used financial tool employed by many companies
Notably, Microsoft Corp. issued $1 billion in convertible preferred shares in 1996, which were later converted into common shares in 1999.
Preferreds have been in the market for decades, and it’s been used widely by main companies. The novelty is to use them in a Ponzi style game, with no incoming cashflows, and calling it an innovation.
— 0xMadness (@ztipme) June 3, 2026
MSTR Stock Sinks
Meanwhile, Strategy is dealing with its own challenges. The stock has dropped sharply since the company reported the sale of its Bitcoin holdings.
The company is now facing unrealized losses, as Bitcoin’s price has fallen below the average acquisition cost of its BTC holdings
Photo Courtesy: Markus Mainka on Shutterstock.com
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