Michael Saylor’s Bitcoin powerhouse, Strategy (formerly MicroStrategy), has officially closed the largest U.S. IPO of 2025, raising $2.521 billion through the public sale of its newly launched Stretch Preferred Stock (STRC) to acquire 21,021 Bitcoin (BTC) at an average price of $117,256 per coin.
The historic capital raise was achieved through the sale of 28,011,111 shares of Variable-Rate Series A Perpetual Stretch Preferred Stock at $90 per share, resulting in net proceeds of approximately $2.474 billion after deducting fees.
According to Strategy’s official announcement, STRC is expected to begin trading on the Nasdaq Global Select Market on or about July 30, 2025, under the ticker STRC.
Strategy STRC Offering: From $500M Pitch to $2.5B BTC Juggernaut
Initially marketed as a $500 million raise just last week, Strategy’s offering quickly ballooned amid institutional interest. The STRC Series A shares carry a 9% dividend and represent the first U.S. exchange-listed perpetual preferred security issued by a Bitcoin treasury company with a board-determined monthly dividend rate policy.
This is also the largest U.S. exchange-listed perpetual preferred stock offering since 2009 and the largest U.S. IPO of 2025, based on gross proceeds.
Following this purchase, Strategy now holds 628,791 BTC, acquired at a total cost of $46.8 billion with an average purchase price of $73,227 per BTC, including fees. The firm has consistently led corporate BTC adoption, often issuing new debt or equity to fund continued accumulation.
This latest haul, powered by the Stretch offering, reaffirms Saylor’s long-term conviction in Bitcoin as “digital property,” while also introducing a new financial instrument designed to attract income-focused investors to the crypto ecosystem.
Between July 14 and July 20, Strategy raised $740.3 million across four classes of securities, including common stock and various preferred shares. These offerings fall under large multibillion-dollar issuance programs, some authorized for as much as $21 billion per class, showing Saylor’s continued ability to systematically convert equity into long-term Bitcoin reserves at an institutional scale.
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