Corporate Giant Goes Full Bitcoin: $2.52B IPO Funds 21,021 BTC Treasury Purchase

Wall Street meets Nakamoto in a move that'll have goldbugs seething and crypto bros high-fiving.

The mega-IPO playbook gets a 2025 rewrite

Forget boring old treasury bonds—this firm just turned its war chest into a digital asset vault. That $2.52 billion public offering? Immediately converted into 21,021 bitcoin at market rates. Probably triggered a nice little green candle too.

Corporate hedging or maximalist flex?

The acquisition rockets this company into the top 3 institutional BTC holders overnight. Either they know something about inflation that the Fed won't admit, or they're betting big on 'number go up' tech. Either way, shareholders now have skin in the game where 4pm ET closes don't matter.

Bonus jab: At least they didn't blow the cash on another overpriced Silicon Valley AI startup.

Strategy has completed a $2.52 billion initial public offering of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and immediately deployed the proceeds to acquire 21,021 Bitcoin at an average price of $117,256 each.

Strategy has acquired 21,021 BTC for ~$2.46 billion at ~$117,256 per bitcoin and has achieved BTC Yield of 25.0% YTD 2025. As of 7/29/2025, we hodl 628,791 $BTC acquired for ~$46.08 billion at ~$73,277 per bitcoin. $MSTR $STRK $STRF $STRD $STRC https://t.co/PEQQGfvkYe

The offering, which was priced at $90 per share for 28,011,111 shares, significantly exceeded the company's initial $500 million target, reflecting strong institutional demand for Bitcoin exposure through traditional equity markets. The STRC stock settled on July 29, 2025, making it one of the largest U.S. equity offerings in recent periods.

Strategy's Bitcoin acquisition brings its total holdings to 628,791 BTC, purchased for approximately $46.08 billion at an average cost of $73,277 per Bitcoin. Year-to-date in 2025, the company has achieved a 25% Bitcoin yield, which measures BTC accumulation per share over time, benefiting from the cryptocurrency's price appreciation.

The massive purchase reinforces Strategy's position as the largest corporate Bitcoin holder, with the company raising $4.8 billion through Bitcoin-backed IPOs during 2025 alone.

STRC Structure and Terms

The preferred stock carries an initial monthly dividend rate of 9% per annum on a stated amount of $100 per share. Strategy retains discretion to adjust the dividend rate monthly, subject to specific restrictions designed to maintain the stock's trading price NEAR its $100 stated value.

The STRC stock features a variable liquidation preference that adjusts daily based on trading performance, initially set at $100 per share. Strategy can redeem the shares at $101 plus accumulated dividends once the stock lists on major exchanges, provided at least $250 million in aggregate value remains outstanding.

Holders have the right to require repurchase at stated value plus accumulated dividends if certain "fundamental change" events occur, providing downside protection for investors.

Market Response and Strategic Implications

The successful offering demonstrates continued institutional appetite for Bitcoin exposure through corporate treasury strategies. Strategy's approach has influenced other public companies to adopt similar Bitcoin accumulation models, though the scale of its holdings remains unmatched.

Morgan Stanley, Barclays, Moelis & Company, and TD Securities served as joint bookrunning managers for the offering, with additional co-managers including The Benchmark Company, Clear Street, and others.