Bitcoin Treasury Giant Expands Holdings to Over 628,000 BTC with Landmark STRC Offering
Strategy, the firm formerly known as MicroStrategy and the largest corporate holder of Bitcoin, has added 21,021 BTC to its treasury following the biggest initial public offering (IPO) in the United States so far in 2025.
The company announced on Tuesday that it raised $2.5 billion through its latest preferred stock offering—STRC, or Variable Rate Series A Perpetual Preferred Stock—using the proceeds to buy Bitcoin at an average purchase price of $117,256 per coin.
The purchase brings Strategy’s total Bitcoin holdings to 628,791 BTC, according to data from BitcoinTreasuries.NET. It is the company’s largest acquisition since March 31 and further cements its position as the most aggressive institutional Bitcoin accumulator globally.
STRC IPO Surpasses Circle’s Public Offering
The $2.5 billion raise makes STRC the largest U.S. IPO of 2025, surpassing the much-anticipated $1 billion offering by Circle Internet Group, the issuer of USDC, which went public in June.
The deal was also significantly upsized from its original $500 million target, with Strategy selling 28 million STRC shares at $90 each.
“This offering underscores our continued commitment to our Bitcoin strategy and our belief in BTC as a long-term treasury reserve asset,” Strategy said in a statement.
Strategy has acquired 21,021 BTC for ~$2.46 billion at ~$117,256 per bitcoin and has achieved BTC Yield of 25.0% YTD 2025. As of 7/29/2025, we hodl 628,791 $BTC acquired for ~$46.08 billion at ~$73,277 per bitcoin. $MSTR $STRK $STRF $STRD $STRC https://t.co/PEQQGfvkYe
— Michael Saylor (@saylor) July 29, 2025
STRC to Debut on Nasdaq
STRC is scheduled to begin trading on the Nasdaq on Wednesday, making it the first U.S.-listed perpetual preferred security from a Bitcoin treasury firm designed to pay monthly board-adjusted dividends. The product is specifically aimed at income-focused investors, providing exposure to Bitcoin-linked returns without direct BTC holdings.
STRC joins a series of similar financial instruments launched by Strategy to fund its Bitcoin purchases. These include:
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STRK (Strike): Convertible preferred shares with an 8% fixed dividend
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STRF (Strife): Non-convertible preferred shares with a 10% cumulative yield
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STRD (Stride): Non-convertible shares offering a 10% non-cumulative dividend
Together, these products reflect Strategy’s broader playbook: using equity, debt, and hybrid securities to increase Bitcoin exposure while offering structured returns to investors.
Strategy’s Influence on Corporate Bitcoin Adoption
Strategy’s model has inspired over 160 publicly traded companies to integrate Bitcoin into their balance sheets, either directly or through derivative exposure. The firm’s capital structure innovations—combined with outspoken advocacy by executive chairman Michael Saylor—have positioned it as a leader in corporate Bitcoin strategy.
Saylor has repeatedly stated that Bitcoin offers superior long-term risk-adjusted returns compared to traditional assets, and Strategy’s repeated capital raises affirm the company’s conviction.
Market Response: MSTR Slightly Up After Hours
Shares in Strategy (MSTR) closed on Tuesday down 2.26%, but rose 0.52% in after-hours trading, reaching $396.70, according to Google Finance.
MSTR is now up 31.55% year-to-date, reflecting modest gains in comparison to 2024, when the company’s stock surged over 358%, driven by a bullish Bitcoin cycle and strong investor demand for crypto-adjacent equities.
The stock movement was largely muted following the STRC announcement, likely as the market had anticipated the firm’s continued Bitcoin accumulation ahead of its earnings report.
Q2 Earnings on Deck
Strategy is set to release its second-quarter earnings report on Thursday, which will offer a closer look at the firm’s financial performance, capital structure, and the impact of its Bitcoin purchases and equity raises through June 30.
Investors and analysts will be watching closely to see how the company balances growth in digital asset reserves with broader shareholder returns and capital efficiency.
Outlook: Strategy Doubles Down on Bitcoin
With this latest move, Strategy has demonstrated that it remains fully committed to its Bitcoin-centric treasury model, regardless of market conditions or volatility. The firm’s bold decision to complete the largest IPO of 2025 to fund digital asset acquisitions signals continued institutionalization of Bitcoin as a treasury reserve.
As market observers have noted, “Strategy isn’t just buying Bitcoin—it’s building an entire capital markets ecosystem around it.”
As STRC begins trading and Q2 earnings are released, Strategy’s approach will likely continue to shape how institutional capital engages with digital assets.
