Strategy has just added to its Bitcoin buying spree with a multi-billion dollar purchase, its largest buy since November of last year.
The $2.46 billion purchase was funded using proceeds from the firm’s initial public offering (IPO) of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). This IPO, involving 28,011,111 shares, is the largest in the US in 2025 so far. Strategy said in the press release:
Once listed on Nasdaq, STRC will be the first U.S. exchange-listed perpetual preferred security issued by a Bitcoin Treasury Company to pay monthly dividends and, we believe, the first U.S. exchange-listed perpetual preferred security to incorporate a board determined monthly dividend rate policy.
Following the latest acquisition, the company’s BTC reserve has grown to 628,791 BTC, with an average cost basis of $73,277 per token or a total investment of $46.08 billion.
As is visible in the above graph, the latest acquisition is Strategy’s largest since November 24th, around eight months ago. Back then, the firm made a massive purchase that was more than double the new one at $5.43 billion. Earlier in the same month, Michael Saylor’s company completed a purchase that was also notably larger than the current one, this time worth almost $4.59 billion.
At the current exchange rate, Strategy’s Bitcoin holdings are valued at about $74.04 billion, which reflects a profit of a whopping $27.96 billion or around 60.6%. Thus, the firm’s reserve is in a comfortable state at the moment.
From the graph, it’s visible that the ratio has witnessed a significant negative change of 11% over the past month, implying that a rotation of capital has occurred from the diamond hands to the STHs. “This pattern has preceded prior ATHs and highlights a structurally consistent shift in investor positioning,” noted Glassnode.
At the time of writing, Bitcoin is floating around $117,800, down 1% over the last 24 hours.
