Company Executes $2.52 Billion Initial Public Offering, Secures 21,021 Bitcoins for Treasury Reserve
In a groundbreaking move, Strategy, a leading company, has successfully completed its $2.52 billion Initial Public Offering (IPO) of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) on July 29, 2025. This offering, marked by its innovative approach to Bitcoin accumulation, has demonstrated the continued institutional appetite for Bitcoin exposure through corporate treasury strategies.
The offering was jointly managed by Morgan Stanley, Barclays, Moelis & Company, TD Securities, The Benchmark Company, Clear Street, and others. The STRC stock was priced at $90 per share for 28,011,111 shares, setting a significant milestone.
Prior to the IPO, Strategy made a massive Bitcoin purchase worth approximately $46.08 billion. The company acquired 628,791 Bitcoins at an average cost of $73,277 per Bitcoin. This acquisition brought Strategy's total Bitcoin holdings to a staggering 628,791 BTC. The scale of Strategy's Bitcoin holdings remains unmatched among public companies adopting similar Bitcoin accumulation models.
Strategy's Bitcoin acquisition in 2025 was not just a single transaction. Immediately after the IPO, the company deployed the proceeds to acquire an additional 21,021 Bitcoin at an average price of $117,256 each. This strategic move reinforces Strategy's position as the largest corporate Bitcoin holder.
The variable liquidation preference of the STRC stock adjusts daily based on trading performance, initially set at $100 per share. The preferred stock also comes with an initial monthly dividend rate of 9% per annum on a stated amount of $100 per share. Strategy has the discretion to adjust the dividend rate monthly, subject to specific restrictions.
Year-to-date in 2025, Strategy has achieved a 25% Bitcoin yield, underscoring the success of its Bitcoin accumulation strategy. The company's approach has influenced other public companies to adopt similar models.
Xiaojian Wang, CEO of GD Culture (GDC), which conducted the Bitcoin acquisition as part of its crypto treasury strategy to build a diversified digital asset reserve, emphasized the strategic importance of this acquisition for their digital asset market position and shareholder value enhancement.
Holder of STRC stock have the right to require repurchase at stated value plus accumulated dividends if certain 'fundamental change' events occur. Strategy can redeem the STRC shares at $101 plus accumulated dividends once the stock lists on major exchanges, provided at least $250 million in aggregate value remains outstanding.
In 2025 alone, Strategy raised $4.8 billion through Bitcoin-backed IPOs, marking a significant year for the company's digital asset strategy. The successful offering of STRC stock is a testament to the growing interest in Bitcoin and its potential as a corporate treasury asset.
