Key Takeaways
- Strategy raised $2.521 billion in the largest U.S. IPO of 2025.
- Proceeds funded the purchase of 21,021 additional bitcoins at an average price of $117,256 each.
- Strategy now holds approximately 628,791 bitcoins, acquired at an average price of $73,227 per coin.
Strategy, the world’s largest Bitcoin Treasury Company, announced the completion of its initial public offering for 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), raising approximately $2.521 billion.
The STRC shares were priced at $90 each, making this the largest U.S. IPO of 2025 and the largest U.S. exchange-listed perpetual preferred stock offering since 2009.
Proceeds used for bitcoin acquisition
Net proceeds of $2.474 billion were used by Strategy to acquire 21,021 additional bitcoins at an average price of $117,256 per coin.
As of July 29, 2025, Strategy’s total bitcoin holdings reached approximately 628,791 BTC, with an average purchase price of $73,227 per bitcoin, amounting to an aggregate $46.8 billion spent.
For detailed data on Strategy’s (MicroStrategy) historical and current bitcoin holdings, see the MicroStrategy bitcoin holdings tracker.
Milestones and market significance
The STRC offering marks several industry milestones: it is the first U.S. exchange-listed perpetual preferred security issued by a Bitcoin Treasury Company to pay monthly dividends, and the first to incorporate a board-determined monthly dividend rate policy.
The instrument is designed to appeal to income-focused investors seeking exposure to bitcoin.
Offering details and listing
STRC is expected to begin trading on the Nasdaq Global Select Market on or around July 30, 2025, under the ticker symbol STRC.
The offering was managed by Morgan Stanley, Barclays, Moelis & Company, and TD Securities, among others.
The final prospectus is available on the SEC website.
