TLDR
- Strategy acquired 21,021 BTC at $117,256 per BTC after its STRC IPO.
The company now holds 628,791 BTC bought for $46.8 billion total.
The STRC IPO raised $2.521B, the largest U.S. IPO in 2025.
STRC is the first U.S.-listed perpetual preferred stock by a BTC firm.
Michael Saylor’s Strategy, formerly MicroStrategy, has completed the largest U.S. initial public offering of 2025. The firm has used the proceeds to buy 21,021 Bitcoin, continuing its aggressive treasury expansion. The STRC IPO marks another step in Strategy’s broader plan to deepen its Bitcoin reserves through public market instruments.
STRC IPO Closes at $2.521 Billion in Gross Proceeds
According to the company’s official filing, Strategy raised gross proceeds of approximately $2.521 billion through the sale of 28,011,111 shares. These were issued as Series A Perpetual Stretch Preferred Stock, priced at $90 per share. The net proceeds after underwriting discounts and estimated offering costs came in at $2.474 billion.
Strategy initially marketed the offering as a $500 million raise. However, growing institutional demand led to a fivefold increase. The STRC shares will begin trading on the Nasdaq Global Select Market under the ticker STRC on or around July 30, 2025.
This offering also becomes the largest U.S. exchange-listed perpetual preferred stock sale since 2009. It is notable for its structure, offering a 9% dividend rate and a monthly board-determined payout.
Largest Bitcoin Acquisition This Year
With the net proceeds from the IPO, Strategy purchased 21,021 BTC at an average price of $117,256 per coin. This transaction amounts to $2.46 billion, making it the company’s largest Bitcoin purchase in 2025. The firm had earlier acquired $1.92 billion worth of BTC in March and $1.34 billion in May.
Following this latest acquisition, Strategy now holds 628,791 BTC. The total value of these holdings is $46.8 billion, acquired at an average cost of $73,227 per BTC. These figures include all previous purchases and associated fees.
The company confirmed that it did not make any Bitcoin purchases between July 21 and July 27. This latest move marks a return to its buying pattern, funded by equity issuance.
Series of BTC-Backed Stock Offerings Continue
The STRC stock is Strategy’s fourth preferred share issuance this year. Prior to this, the company launched STRK, STRF, and STRD offerings, raising $584 million, $723 million, and $1 billion respectively. These instruments are designed to attract different investor classes while expanding the company’s Bitcoin treasury.
Strategy has now raised over $5.3 billion through these offerings in 2025 alone. Most of these issuances are part of broader multi-billion-dollar authorizations, with some classes capped at $21 billion.
STRC stands out among these instruments. According to the company, it is the first U.S.-listed preferred security to offer a perpetual structure with Bitcoin backing and monthly dividend policies. The design targets income-focused investors seeking exposure to digital assets without direct crypto ownership.
MSTR Stock Dips Despite Announcement
Despite the large-scale Bitcoin acquisition and strong investor interest in the IPO, Strategy’s stock (MSTR) did not gain in after-hours trading. According to TradingView, MSTR fell more than 2% during regular trading hours, dropping below the $400 level.
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