Strategy, a Bitcoin Treasury Company, announced the successful closing of its initial public offering of 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock (“STRC”), at a public offering price of $90 per share. This offering, which is expected to begin trading on the Nasdaq Global Select Market around July 30, 2025, under the ticker symbol “STRC,” marks the largest U.S. initial public offering in 2025 by gross proceeds and one of the largest crypto-related offerings in recent years.
The gross proceeds from the offering totaled approximately $2.521 billion. After deducting underwriting discounts and commissions, and estimated offering expenses, the net proceeds to Strategy were approximately $2.474 billion. These net proceeds were utilized by Strategy for the acquisition of 21,021 bitcoins, purchased at an average price of approximately $117,256 per bitcoin. As of July 29, 2025, Strategy’s aggregate bitcoin holdings reached approximately 628,791 bitcoins, acquired at an aggregate purchase price of approximately $46.8 billion, with an average purchase price of approximately $73,227 per bitcoin, inclusive of fees and expenses.
This STRC transaction is notable for several market milestones. With approximately $2.521 billion in gross proceeds, it stands as the largest U.S. IPO completed in 2025 to date based on gross proceeds and the largest U.S. exchange-listed perpetual preferred stock offering since 2009. Upon its Nasdaq listing, STRC will be the first U.S. exchange-listed perpetual preferred security issued by a Bitcoin Treasury Company to pay monthly dividends and is believed to be the first to incorporate a board-determined monthly dividend rate policy. STRC also introduces a short-duration, income-oriented instrument within Strategy’s existing series of preferred offerings, broadening access to a new segment of income-focused investors.
Morgan Stanley, Barclays, Moelis & Company, and TD Securities acted as joint book-running managers for the offering. Co-managers included The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods, and Maxim Group LLC. The offering was conducted pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (SEC), with details available through a prospectus supplement and accompanying prospectus on the SEC’s website.
Strategy, publicly traded as MicroStrategy Incorporated d/b/a Strategy (Nasdaq: MSTR/STRK/STRF/STRD), positions itself as the world’s first and largest Bitcoin Treasury Company. The company has adopted Bitcoin as its primary treasury reserve asset, accumulating it using proceeds from equity and debt financings, alongside operational cash flows. This treasury strategy aims to offer investors varying levels of economic exposure to Bitcoin through a range of securities. In addition to its Bitcoin strategy, Strategy provides AI-powered enterprise analytics software, aligning with its vision of “Intelligence Everywhere,” and explores innovations in Bitcoin applications by integrating its analytics expertise with its digital asset growth commitment.
