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Strategy completed its initial public offering of 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock at $90 per share, raising approximately $2.521 billion in gross proceeds, according to a company statement.
The company, which trades on NASDAQ under multiple ticker symbols including MSTR, received net proceeds of approximately $2.474 billion after underwriting fees and expenses. Strategy used these funds to purchase 21,021 bitcoins at an average price of $117,256 per bitcoin.
Following the purchase, Strategy’s total bitcoin holdings reached approximately 628,791 bitcoins as of July 29, 2025. The company acquired these holdings at an aggregate purchase price of approximately $46.8 billion, with an average purchase price of $73,227 per bitcoin including fees and expenses.
The STRC shares are expected to begin trading on the NASDAQ Global Select Market around July 30, 2025, under the ticker symbol "STRC." The preferred stock will pay monthly dividends with a board-determined rate policy.
Morgan Stanley, Barclays, Moelis & Company, and TD Securities served as joint book-running managers for the offering. The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods, and Maxim Group LLC acted as co-managers.
Strategy describes itself as a Bitcoin treasury company that has adopted Bitcoin as its primary treasury reserve asset. The company also provides enterprise analytics software and uses proceeds from equity and debt financings to accumulate Bitcoin holdings.
The offering was conducted under an effective shelf registration statement filed with the Securities and Exchange Commission.