Strategy Makes Record Bitcoin Buy After $2.5B IPO

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In what is currently the largest U.S. initial public offering (IPO) of 2025, technology firm Strategy has acquired over 21,000 Bitcoin following a $2.5 billion capital raise through preferred stock sales.

The company, formerly known as MicroStrategy, announced on Tuesday that it had purchased 21,021 Bitcoin at an average price of $117,256 per coin. This latest acquisition brings Strategy’s total Bitcoin holdings to 628,791 BTC  the highest among all publicly traded companies globally.

The Bitcoin purchase was funded by the issuance of 28 million shares of its Variable Rate Series A Perpetual Preferred Stock, known as STRC. Initially targeting $500 million, the offering was expanded due to strong investor interest and ultimately raised $2.5 billion. Each share was sold at $90, and the company confirmed this deal represents the biggest IPO in the U.S. so far this year.

Strategy’s stock offering outpaced the $1 billion IPO from stablecoin issuer Circle Internet Group, which went public in June.

This move continues Strategy’s broader financial strategy of leveraging capital markets to build its cryptocurrency reserves. Over recent years, the firm has used a mix of equity, debt, and convertible notes to fund its Bitcoin acquisitions. Its aggressive approach has influenced over 160 public companies to begin holding cryptocurrency as part of their corporate treasuries.

STRC is scheduled to begin trading on the Nasdaq exchange this Wednesday. It marks the first perpetual preferred stock issued by a Bitcoin-holding public company to be listed on a U.S. exchange. The security is designed to appeal to income-focused investors, offering board-adjusted monthly dividends.

STRC joins a growing list of financial instruments launched by Strategy in support of its Bitcoin strategy. Previous offerings include:

• STRK (Strike): A convertible share with an 8% fixed dividend
  
• STRF (Strife): A non-convertible option offering a 10% cumulative yield
  
• STRD (Stride): A 10% non-cumulative dividend share
  

Strategy’s actions continue to draw significant attention from financial markets and digital asset observers. With the largest Bitcoin reserve among all public firms and an aggressive funding model, the company has positioned itself as a central player in corporate cryptocurrency adoption.