Strategy Completes $2.52B IPO, Acquires 21,021 BTC for Treasury

Strategy has completed a $2.52 billion initial public offering of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and immediately deployed the proceeds to acquire 21,021 Bitcoin at an average price of $117,256 each.

The offering, which was priced at $90 per share for 28,011,111 shares, significantly exceeded the company's initial $500 million target, reflecting strong institutional demand for Bitcoin exposure through traditional equity markets. The STRC stock settled on July 29, 2025, making it one of the largest U.S. equity offerings in recent periods.

Strategy's Bitcoin acquisition brings its total holdings to 628,791 BTC, purchased for approximately $46.08 billion at an average cost of $73,277 per Bitcoin. Year-to-date in 2025, the company has achieved a 25% Bitcoin yield, which measures BTC accumulation per share over time, benefiting from the cryptocurrency's price appreciation.

The massive purchase reinforces Strategy's position as the largest corporate Bitcoin holder, with the company raising $4.8 billion through Bitcoin-backed IPOs during 2025 alone.

STRC Structure and Terms

The preferred stock carries an initial monthly dividend rate of 9% per annum on a stated amount of $100 per share. Strategy retains discretion to adjust the dividend rate monthly, subject to specific restrictions designed to maintain the stock's trading price near its $100 stated value.

The STRC stock features a variable liquidation preference that adjusts daily based on trading performance, initially set at $100 per share. Strategy can redeem the shares at $101 plus accumulated dividends once the stock lists on major exchanges, provided at least $250 million in aggregate value remains outstanding.

Holders have the right to require repurchase at stated value plus accumulated dividends if certain "fundamental change" events occur, providing downside protection for investors.

Market Response and Strategic Implications

The successful offering demonstrates continued institutional appetite for Bitcoin exposure through corporate treasury strategies. Strategy's approach has influenced other public companies to adopt similar Bitcoin accumulation models, though the scale of its holdings remains unmatched.

Morgan Stanley, Barclays, Moelis & Company, and TD Securities served as joint bookrunning managers for the offering, with additional co-managers including The Benchmark Company, Clear Street, and others.