Michael Saylor's Strategy announced that after raising $2.5 billion through the fourth issuance of preferred stock, it purchased 21,021 bitcoins, making it the largest initial public offering in the U.S. so far in 2025.
Strategy, which holds the largest amount of Bitcoin (BTC) among publicly traded companies, stated on Tuesday that the average price of its latest purchase was $117,256 per coin, bringing its total holdings to 628,791 BTC. According to data from BitcoinTreasuries.NET, this is the company's largest purchase since March 31.
The company, formerly known as MicroStrategy, raised $2.5 billion by selling 28 million shares of variable-rate Series A perpetual preferred stock (STRC) at a price of $90 per share, significantly increasing from the initial target of $500 million.
Strategy marked this as the largest initial public offering in the U.S. by total revenue for 2025. The size of the deal is more than double that of the highly anticipated $1 billion IPO of stablecoin issuer Circle Internet Group, which went public in June.
This is the latest move by Strategy to purchase Bitcoin using financial products. The company has funded its Bitcoin purchases through equity, debt, and convertible bonds, which has influenced at least 160 publicly traded companies to now include cryptocurrency on their balance sheets.
Strategy announced that STRC will begin trading on Nasdaq on Wednesday, making it the first perpetual preferred security listed on a U.S. exchange issued by a Bitcoin treasury company, paying monthly, board-adjusted dividends to income-focused investors.
STRC is the latest in a series of perpetual preferred stock issuances that Strategy has used to finance its Bitcoin purchases.
Other products include Strike (STRK), a convertible share with a fixed 8% dividend; Strife (STRF), which is non-convertible and has a 10% cumulative yield; and Stride (STRD), which pays a 10% non-cumulative dividend.
According to Google Finance data, Strategy (MSTR) shares closed down 2.26% on Tuesday, with little movement in after-hours trading following the company's announcement of its latest Bitcoin purchase, rising 0.52% to $396.7 in after-hours trading.
MSTR has risen 31.55% year-to-date—compared to a 358.55% increase in the company's stock price in 2024, which is a moderate gain.
Strategy's latest purchase comes just two days before its second-quarter earnings report, which will be released on Thursday and will show how the company's capital raising and Bitcoin purchases as of June 30 have impacted its balance sheet.
Related: Cboe files application to list the staking-based Injective ETF launched by Canary Capital
Original article: “Strategy buys 21,000 bitcoins (BTC) through the largest IPO of 2025”
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