MicroStrategy plans to raise up to $2 billion by issuing preference shares to advance its "21/21" program of selling $42 billion worth of stocks and fixed income securities. By moving to a perpetual preference share strategy, MicroStrategy can appeal to institutional investors such as insurance companies, pension funds and banks, said Mark Palmer, equity analyst at Benchmark. These entities typically favor assets with fixed dividends and relatively low volatility. Unlike bonds, perpetual preference shares have no maturity date or mandatory redemption schedule, but will pay fixed dividends indefinitely as long as the distribution company remains in operation. Benchmark reiterated its "buy" rating on MicroStrategy shares and maintained its $650 price target.