Saylor’s Strategy buys another 21,021 bitcoins after raising $2.5 billion in ‘Stretch’ preferred stock offering

The Block

2025-07-30 04:46:39

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Strategy, the Michael Saylor-led Bitcoin treasury company, announced Tuesday it has acquired another 21,021 bitcoins at an average purchase price of approximately $117,256 per coin. This brings its total stockpile to 628,791 BTC, worth nearly $74 billion at current prices, as of July 29.

The purchases were funded by the closing of Strategy’s fourth preferred stock called Stretch. It sold over 28 million shares of this Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) at a public offering price of $90 per share, raising approximately $2.521 billion in gross proceeds.

"The STRC transaction marks several significant milestones for both Strategy and the market," the company wrote. "With approximately $2.521 billion of gross proceeds, this is the largest U.S. IPO completed in 2025 to date based on gross proceeds and the largest U.S. exchange-listed perpetual preferred stock offering in the U.S. since 2009."

Strategy (ticker MSTR) is the first company to begin offering equity and debt to fund crypto purchases in a trend that’s now referred to as a "digital asset treasury," or DAT. It began buying bitcoin in August 2020, with an initial investment of $250 million using its balance sheet cash.

In the years since, Strategy has announced a “42/42” plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027. Its latest STRC offering was conducted through a shelf registration statement with the U.S. Securities and Exchange Commission, which is a common way DATs have begun raising capital.

The Stretch offering was upsized from an initial $500 million to net proceeds of $2.47 billion.

STRC joins other previously issued perpetual preferred share plans that offer fixed dividend payments. Strike (STRK) is convertible with Strategy’s common stock at an 8% fixed dividend, while Strife (STRF) is non-convertible and offers a 10% fixed cumulative dividend. Stride (STRD) offers a fixed 10% non-cumulative annual dividend and is non-convertible.

On Monday, TD Cowen said Strategy could add over 17,000 bitcoins to its treasury over a 10‑year horizon "without any corresponding common equity dilution," even after factoring in the issuances needed to fund cash dividends associated with these variable rate preferred offerings.

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