TLDR
- Strategy filed a $4.2B STRC offering to expand its Bitcoin holdings.
- The company now holds 628,791 BTC, acquired for $46.8B at $73,227 average per coin.
- Strategy reported $10.02B Q2 net income, up from a $102.6M loss in Q2 2024.
- A 9% annual dividend was declared on STRC stock, with $0.80 monthly payouts starting August 31.
Strategy has filed with the SEC to offer up to $4.2 billion in STRC preferred stock. The company plans to use the proceeds to increase its Bitcoin holdings. This filing follows a recent $2.5 billion STRC IPO, most of which was used to acquire over 21,000 BTC. Consequently, as of July 29, Strategy holds 628,791 BTC, maintaining its position as the largest Bitcoin-holding public company.
Strategy Launches $4.2 Billion STRC Stock Sale to Expand Bitcoin Holdings
Strategy filed a prospectus supplement on July 31, 2025, to offer its Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC. The shares are in addition listed on Nasdaq and last traded at $94.50. The sale will be conducted under an at-the-market (ATM) program, where shares are issued over time based on market demand and trading volume.
The company has as a result entered into a sales agreement with TD Securities, Barclays Capital, The Benchmark Company, Clear Street, and Morgan Stanley. These agents may sell shares through public or negotiated transactions. Strategy stated, “Sales will be made in a disciplined manner over an extended period.”
BREAKING: Michael Saylor's STRATEGY files $4.2B STRC offering, plans to buy more Bitcoin with proceeds. 🔥 pic.twitter.com/t78YXr5RXP
— Bitcoin Archive (@BTC_Archive) July 31, 2025
Under the agreement, the initial liquidation preference of STRC shares is $100 per share, with an annual dividend rate of 9.00%, paid monthly. The first dividend of $0.80 per share was declared on July 31, payable on August 31.
Proceeds Directed Toward Bitcoin and Corporate Use
The company disclosed that proceeds from the STRC stock sale will be used for general corporate purposes, including acquiring Bitcoin and supporting working capital. Strategy also indicated that part of the funds may be used to pay dividends on other preferred stock classes, excluding STRC.
No fixed amount has been designated for Bitcoin purchases, but recent actions show that the company remains committed to increasing its Bitcoin reserves. On July 29, Strategy confirmed it had acquired 21,021 BTC using $2.46 billion from a previous STRC IPO.
This brings the company’s total Bitcoin holdings to 628,791 BTC, bought for $46.8 billion at an average price of $73,227 per coin. Strategy as a result remains the largest public holder of Bitcoin, with its holdings now valued well above acquisition cost.
Record Q2 Performance Backed by Bitcoin Gains
Strategy reported second-quarter operating income of $14.03 billion, up over 7,100% from the prior year. Net income reached $10.02 billion, or $32.60 per diluted share, compared to a net loss of $102.6 million in Q2 2024. This, as a result, was mainly due to $14 billion in unrealized gains on its Bitcoin holdings.
The company adopted fair value accounting in 2025, allowing it to reflect market changes in its financial results. Moreover, as of June 30, Strategy held 597,325 BTC, acquired at a cost of $42.4 billion. At that date, the market value of the holdings was $64.4 billion.
Consequently, for the full year, Strategy projected $34 billion in operating income and $24 billion in net income, assuming a year-end Bitcoin price of $150,000. It also increased its BTC Yield target to 30% and dollar gain target to $20 billion.
All offerings will be made under the existing shelf registration, which became effective in January 2025. The company emphasized that the offering is not available in any jurisdiction where it is not legally registered or qualified.
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