Strategy, the leading bitcoin corporate treasury company, announced it has purchased 21,021 BTC at an average price of $117,256, using proceeds from its $2.52 billion IPO of Series A Perpetual Stretch Preferred Stock (STRC). The acquisition brings Strategy’s total holdings to 628,791 BTC, valued at roughly $80 billion.
The offering, priced at $90 per share for 28,011,111 shares, is the largest US IPO of 2025 and one of the biggest bitcoin-related equity raises in recent history. Strategy netted $2.474 billion after expenses and used nearly all of it to buy more bitcoin, continuing its aggressive accumulation strategy without diluting common shareholders.
The stock is set to begin trading on the Nasdaq Global Select Market around July 30 under the ticker STRC. The stock features a variable 9% annual dividend, paid monthly, and is designed to trade near its $100 par value. It’s the first U.S. exchange-listed perpetual preferred security from a bitcoin treasury firm with a monthly dividend rate.
It is the largest exchange-listed preferred stock issuance since 2009 and introduces a short-duration, income-generating security designed to appeal to yield-focused investors. Strategy also retains redemption and repurchase rights, along with investor protections such as dividend accrual and tax-related redemption options.
“Morgan Stanley, Barclays, Moelis & Company, and TD Securities acted as joint book-running managers,” stated the press release. “The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods, and Maxim Group LLC served as co-managers.”
Just a week earlier, Strategy disclosed a $740 million bitcoin purchase of 6,220 BTC, pushing its total holdings well above 600,000 BTC. Analysts from TD Cowen project the company could acquire another 17,000 BTC over the next decade under its 42/42 program, which aims to raise $84 billion for bitcoin purchases by 2027.
