Strategy buys 21K Bitcoin with 2025’s biggest public offering

Michael Saylor’s Strategy says it bought 21,021 Bitcoin after raising $2.5 billion from its fourth preferred stock — STRC — making it the largest US initial public offering in 2025 so far.

Strategy, which has the largest Bitcoin (BTC) holdings among public companies, said on Tuesday that its latest buy was at an average purchase price of $117,256 per coin, bringing its total stash to 628,791 BTC. The purchase was the firm’s largest since March 31, BitcoinTreasuries.NET data shows.

The company formerly known as MicroStrategy raised $2.5 billion by selling 28 million shares of Variable Rate Series A Perpetual Preferred Stock (STRC) for $90 each, which was upsized from an initial goal of $500 million.

Strategy marked it as the largest IPO in the US in 2025 in terms of gross proceeds. The deal was more than twice as large as the much-anticipated $1 billion IPO for stablecoin issuer Circle Internet Group, which went public in June.

It’s Strategy’s latest use of its plan to use financial products to buy Bitcoin. The firm has used equity, debt and convertible notes to fund its Bitcoin purchases, which has influenced at least 160 publicly traded companies to now include cryptocurrency on their balance sheets.

STRC is Nasdaq-bound

Strategy said STRC is set to start trading on the Nasdaq on Wednesday, positioning it as the first US exchange-listed perpetual preferred security issued by a Bitcoin treasury company to pay monthly, board-adjusted dividends aimed at income-focused investors.

STRC is the latest in Strategy’s series of perpetual preferred offerings used to finance its Bitcoin buys. 

Others include Strike (STRK), a convertible share with an 8% fixed dividend; Strife (STRF), non-convertible with a 10% cumulative yield; and Stride (STRD), which pays a 10% non-cumulative dividend.

MSTR flat after the bell

Shares in Strategy (MSTR) closed trading on Tuesday down 2.26% and saw little movement after the bell following the firm’s announcement of its latest Bitcoin purchase, rising 0.52% after-hours to $396.7, Google Finance data shows.

MSTR is now up 31.55% so far this year — a modest increase from 2024 when the company’s shares rose 358.55%.

Strategy’s latest purchase comes two days ahead of its second-quarter earnings report on Thursday, which will show how the firm’s capital raises and Bitcoin purchases up until June 30 impacted its balance sheet.