The company said it purchased 21,021 BTC at an average $117,256 apiece, lifting holdings to about 628,791 BTC as of July 29. The aggregate cost basis now stands near $46.8 billion, about $73,227 per BTC.
STRC is priced at $90 per share for 28,011,111 shares and is expected to begin trading on the Nasdaq Global Select Market around July 30.
Strategy’s net proceeds from the offering amounted to roughly $2.474 billion after underwriting and expenses and helped fund the firm’s latest Bitcoin acquisition.
Strategy framed the STRC deal as a financing milestone, being the largest US initial public offering (IPO) of 2025 to date by gross proceeds and the most extensive exchange‑listed perpetual preferred offering since 2009.
Once listed, STRC will be the first US exchange-listed perpetual preferred security issued by a Bitcoin Treasury Company to pay monthly dividends and the first to adopt a board-determined monthly dividend-rate policy, the company believes.
The security also introduces a short‑duration, income‑oriented instrument to Strategy’s preferred‑stock lineup, aimed at attracting income‑focused investors.
Underwriters included Morgan Stanley, Barclays, Moelis & Company, and TD Securities as joint bookrunners, with The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods, and Maxim Group as co‑managers.
The offering was sold via an effective shelf registration with a final prospectus supplement available via the SEC. The transaction advances Strategy’s balance‑sheet model of raising capital in public markets and converting it into additional Bitcoin reserves.
