Strategy’s $2.52B IPO Blitz Secures 21,021 BTC in Bold 2025 Power Move
Wall Street meets crypto maximalism as Strategy deploys IPO war chest straight into Bitcoin's cold storage.
The $2.52 billion raise—one of the year's most aggressive allocations to hard assets—bypasses traditional treasury management playbooks. Forget bonds or stock buybacks; this is corporate hedging 2.0.
21,021 BTC now sits on their balance sheet at an average $119,900 per coin (because of course they bought the top). The CFO probably high-fived a laser-eyed Bitcoin mascot during the announcement.
Meanwhile, legacy finance analysts scramble to update their 'digital gold' PowerPoint slides—right after finishing their third martini lunch.
Strategy expands holdings to 628,791 BTC
The move increased its aggregate Bitcoin holdings to about 628,791 coins as of July 29, 2025, representing an overall investment of around $46.8 billion and an average cost basis of $73,227 per bitcoin, fees included.
This transaction set several benchmarks. At $2.521 billion in gross proceeds, it is 2025’s leading U.S. IPO by proceeds and the most sizeable perpetual preferred stock issue in the U.S. since 2009.
Once trading begins, STRC will become the first exchange‑listed perpetual preferred security from a bitcoin Treasury Company to distribute monthly dividends under a board‑determined rate policy. It also marks Strategy’s inaugural short‑duration, income‑oriented offering, broadening options for investors seeking steady income streams.
Joint bookrunners on the deal were Morgan Stanley, Barclays, Moelis & Company, and TD Securities. Co‑managers included The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods, and Maxim Group LLC.
Strategy’s STRC offers bond-like stability
STRC acts like a short‑term bond while helping the company buy more Bitcoin.
Each share pays a monthly dividend that adds up to about 9% per year, although the board can tweak that rate by a quarter‑percent up or down each month.
To keep the share price NEAR $100, the company sells new shares at $101 when demand is strong, pauses or pulls shares if prices dip below $99, and adjusts the dividend rate as needed.
If the market worsens, shares can be sold back at $100; if it improves, the company can repurchase STRC to balance its finances, without issuing any extra common stock. Investors like the steady income and stability of STRC, especially compared with the dilution risk of a typical stock offering. Even with Bitcoin’s ups and downs, Strategy’s common shares stay above $406, and its other preferred shares trade around $111, $112, and $0.87.
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