Strategy Raises $2.5B via STRC IPO to Buy 21,021 Bitcoin, Cementing BTC Treasury Leadership

July 30, 2025 – Strategy, formerly known as MicroStrategy, has pulled off its largest Bitcoin acquisition yet—and it’s not just the numbers that are staggering. On July 30, the company announced the completion of a $2.521 billion IPO of its Series A Stretch Perpetual Preferred Stock (ticker: STRC), immediately converting the proceeds into 21,021 BTC at an average of $117,256 per coin.

This move cements Strategy’s role as the largest corporate Bitcoin holder, bringing its total stash to over 628,000 BTC, worth nearly $72 billion at current prices.

A New Model for Corporate Finance?

What makes this offering notable isn’t just the size—it’s the structure. The STRC stock was priced at $90 per share with a 9% annual yield, paid monthly. Designed to maintain a stable price near $100, STRC effectively acts as a “Bitcoin-backed T-bill”, giving traditional investors a new path to BTC exposure without holding the asset directly.

The IPO was initially set at $500 million but upsized 5x due to overwhelming demand—28 million shares sold in total.

Saylor’s Bitcoin Refinery

Chairman Michael Saylor calls the preferred stock strategy part of a “Bitcoin capital refinery.” Since 2020, the company has raised billions through tranches of preferred stock (STRD, STRF, STRK, and now STRC), bypassing traditional equity dilution while aggressively stacking sats.

Here’s a timeline of key raises:

Date	Instrument	Amount Raised	Outcome
Jul 2025	STRC	$2.521B	Bought 21,021 BTC
Jun 2025	STRD (upsized)	$1B	Bitcoin acquisition
Mar 2025	STRF	$722.5M	BTC buy
Q4 2024	STRK	~$600M	Added to treasury

Market Reactions and Risks

On X (Twitter), reactions ranged from admiration to caution. Phrases like “BULLISH AF” and “Saylor went nuclear” trended across crypto accounts. Some analysts speculate the move could spark a BTC rally amid growing scarcity and institutional competition.

But it’s not all upside. Critics warn of:

• Over-reliance on Bitcoin performance
• Dividend pressure if BTC crashes
• Increasing financial leverage on Strategy’s balance sheet

Yet, supporters argue the BTC-as-collateral model is more transparent than traditional treasury operations tied to volatile fiat.

A New Playbook for Wall Street?

Strategy’s bold approach is being watched closely by asset managers like BlackRock and Fidelity, who are exploring similar crypto-native capital tools. The STRC success signals strong demand for hybrid instruments—fixed-income with crypto upside.

With BTC trading just below $120,000, Strategy’s latest buy puts more pressure on the supply side. Combined with ETF inflows and institutional interest, this move could fuel the next leg up in the bull market.

Trivia

Strategy (formerly MicroStrategy) now holds more Bitcoin than the reserves of entire countries—including the governments of El Salvador, the U.S. (seized BTC), and Germany—combined.