Michael Saylor's Strategy Buys 21021 Bitcoin in 'Largest US IPO' of 2025

Michael Saylor’s Bitcoin-focused firm, Strategy, announced on Tuesday, July 30, that it has purchased 21,021 BTC at an average price of $117,256 per coin. This new addition brings the company’s total holdings to 628,791 BTC, which is worth nearly $74 billion at current prices.

The acquisition was funded by the successful sale of 28 million shares of its Variable Rate Series A Perpetual Preferred Stock (STRC). The offering raised $2.521 billion in gross proceeds, making it the ‘largest U.S. initial public offering (IPO) in 2025’ by that measure.

Strategy’s Funding Mechanism

To finance its Bitcoin acquisition, Strategy leaned on its latest fundraising product: Stretch (STRC). The firm initially aimed to raise $500 million, but due to strong demand, the offering was upsized more than fivefold.

Key details:

• Offering size: 28 million shares at $90 each
• Total gross proceeds: $2.521 billion
• Type: Variable Rate Series A Perpetual Preferred Stock
• Ticker: STRC
• Exchange: Nasdaq
• Dividends: Monthly floating rate, initially at 9%, targeting income-focused retail investors

Unlike Strategy’s earlier preferred offerings, STRC is designed for retail investors looking for regular income. It differs from previous structures such as:

• STRK (Strike): Convertible, 8% fixed dividend
• STRF (Strife): Non-convertible, 10% cumulative fixed yield
• STRD (Stride): Non-convertible, 10% non-cumulative dividend

STRC is the first perpetual preferred security by a Bitcoin treasury company to trade on a U.S. exchange with monthly board-adjusted dividends. It will begin trading on Wednesday.

Strategy’s DAT Model and Treasury Growth

Strategy, formerly known as MicroStrategy, pioneered the Digital Asset Treasury (DAT) model in 2020, starting with a $250 million purchase of Bitcoin using corporate cash. Since then, the firm has used various financial instruments to fund continued BTC purchases.

The company’s approach involves:

• Equity offerings
• Convertible notes
• Debt issuance
• Preferred stock offerings (like STRC)

This hybrid capital strategy has influenced over 160 public companies to adopt Bitcoin on their balance sheets, showing a shift in how firms manage treasury assets.

The Largest Bitcoin Treasury in the World

With this latest acquisition, Strategy now holds 628,791 BTC, making it the largest corporate Bitcoin treasury globally.

Bitcoin holdings snapshot:

• BTC held: 628,791
• Average purchase price (latest batch): $117,256
• Total value (as of July 29): ~$74 billion
• Cumulative acquisition strategy since 2020

The company’s Bitcoin purchases are part of a broader plan dubbed the “42/42 plan”, which aims to raise $84 billion through equity and debt for Bitcoin accumulation by 2027.

STRC vs. Other 2025 IPOs

STRC’s $2.521 billion raise surpassed notable IPOs this year, including Circle Internet Group’s much-anticipated $1 billion listing in June. According to the company, this marks the largest perpetual preferred stock offering on a U.S. exchange since 2009.

Strategy’s approach continues to blur the lines between traditional capital markets and Bitcoin-centric financial planning. It offers investors structured exposure to BTC-linked strategies through regulated securities.

Shares of Strategy (MSTR) closed down 2.26% on Tuesday but slightly recovered 0.52% in after-hours trading, reaching $396.70, per Google Finance.

Year-to-date, MSTR shares are up 31.55%—a slower pace compared to their 358.55% gain in 2024. The recent acquisition arrives two days before Strategy’s scheduled Q2 earnings report, which is expected to detail how the capital raises and BTC purchases have influenced the company’s financials.

Focused Execution Over Speculation

Strategy’s recent actions reinforce its long-standing position: Bitcoin is its primary treasury asset. Rather than speculate on future prices or trends, the company’s execution relies on structured capital deployment and compliance with regulatory filings.

The STRC offering was conducted through a shelf registration statement with the U.S. Securities and Exchange Commission (SEC)—a common and transparent process among DATs.

H2: Frequently Asked Questions (FAQ)

1. What is Strategy’s total Bitcoin holding after the latest purchase?

   As of July 29, Strategy holds 628,791 Bitcoin (BTC), valued at around $74 billion based on current market prices.

2. How did Strategy fund its latest Bitcoin purchase?

   The firm raised $2.521 billion by selling 28 million shares of STRC preferred stock at $90 each, marking the largest IPO in the U.S. in 2025 so far.

3. What is STRC and how does it differ from previous offerings?

   STRC is a Variable Rate Series A Perpetual Preferred Stock designed for income-focused retail investors. It offers monthly floating dividends, initially set at 9%, and will begin trading on Nasdaq.

Resources:

1. Strategy Announcement: https://www.businesswire.com/news/home/20250729660091/en/Strategy-Announces-Closing-of-%242.521-Billion-STRC-Stock-Initial-Public-Offering

2. Strategy (MSTR) Price Action: https://finance.yahoo.com/quote/MSTR/

3. Strategy (MSTR) Metrics: https://www.strategy.com/