MicroStrategy officially launched its long-awaited convertible preferred stock offering on Monday, opening up to institutional investors and select retail investors.

MicroStrategy intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of bitcoin and for working capital. The perpetual strike preferred stock will have a liquidation preference of $100 per share and will accumulate cumulative dividends at a fixed rate that will be determined at the pricing of the offering.

MicroStrategy (MSTR) announced that it intends to offer, in a public offering, 2,500,000 shares of its “perpetual strike preferred stock.”

MicroStrategy, a business intelligence company, is setting a price range between $80 and $85 for each of its perpetual preferred stocks. This price is lower than the initially marketed liquidation preference of $100 per share,