Strategy buys nearly $2.5B worth of Bitcoin to make up 62% of total BTC in treasuries

Strategy closed a $2.521 billion initial public offering of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and immediately used the proceeds to expand its Bitcoin (BTC) reserve. 

The company said it purchased 21,021 BTC at an average $117,256 apiece, lifting holdings to about 628,791 BTC as of July 29. The aggregate cost basis now stands near $46.8 billion, about $73,227 per BTC.

According to Bitcoin Treasuries data, Strategy now accounts for 62.3% of the total Bitcoin held by publicly listed companies.

STRC is priced at $90 per share for 28,011,111 shares and is expected to begin trading on the Nasdaq Global Select Market around July 30. 

Strategy’s net proceeds from the offering amounted to roughly $2.474 billion after underwriting and expenses and helped fund the firm’s latest Bitcoin acquisition. 

STRC launches tomorrow

Strategy framed the STRC deal as a financing milestone, being the largest US initial public offering (IPO) of 2025 to date by gross proceeds and the most extensive exchange‑listed perpetual preferred offering since 2009. 

Once listed, STRC will be the first US exchange-listed perpetual preferred security issued by a Bitcoin Treasury Company to pay monthly dividends and the first to adopt a board-determined monthly dividend-rate policy, the company believes. 

The security also introduces a short‑duration, income‑oriented instrument to Strategy’s preferred‑stock lineup, aimed at attracting income‑focused investors. 

Underwriters included Morgan Stanley, Barclays, Moelis & Company, and TD Securities as joint bookrunners, with The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods, and Maxim Group as co‑managers. 

The offering was sold via an effective shelf registration with a final prospectus supplement available via the SEC. The transaction advances Strategy’s balance‑sheet model of raising capital in public markets and converting it into additional Bitcoin reserves.

A new offering

Stretch is the fourth offering from Strategy this year. The firm announced Strike (STRK) on March 9, offering a fixed 8% dividend, with the company setting up a $21 billion at-the-market (ATM) program.

On March 17, Strategy announced a second offering with a fixed 10% dividend, called Strife (STRF). The company established a $2.1 billion ATM program for ongoing issuance.

The last one before the STRC offering is Stride (STRD), an IPO priced at $85 for 11,764,700 shares. A $4.2 billion ATM program later supplemented the offering and fixed a 10% coupon.

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