Strategy has pulled off the largest US IPO of 2025, raising $2.52 billion through its innovative preferred stock offering to fuel another massive Bitcoin buying binge.
The corporate Bitcoin evangelist used nearly every dollar from the landmark deal to purchase 21,021 BTC at an average price of $117,256, pushing its total cryptocurrency treasury to a staggering 628,791 Bitcoin worth approximately $80 billion.
The offering of Series A Perpetual Preferred Stock (STRC) priced at $90 per share for 28,011,111 shares represents a quantum leap in how traditional finance is packaging Bitcoin exposure for mainstream investors.
Unlike the company’s previous debt-heavy funding strategies, this preferred stock structure offers something entirely new: a monthly dividend-paying security that provides indirect Bitcoin exposure without the operational complexities of direct cryptocurrency ownership.
Executive Chairman Michael Saylor’s latest financial engineering masterpiece targets yield-hungry institutional investors who have been locked out of direct Bitcoin investment due to regulatory constraints.
STRC shares, which began trading on the Nasdaq Global Select Market under ticker STRC, feature a variable 9% annual dividend paid monthly and are designed to trade near their $100 par value—creating what analysts describe as a “Bitcoin bond” for traditional portfolios.
Bitcoin Treasury Innovation
The success of Strategy’s preferred stock launch reflects growing institutional demand for structured Bitcoin exposure that fits within traditional investment frameworks. Unlike direct Bitcoin purchases, these dividend-paying securities allow pension funds, insurance companies, and other conservative institutional investors to gain cryptocurrency exposure while maintaining compliance with their investment mandates.
The preferred stock structure offers institutional investors exposure to Bitcoin’s upside potential while providing the familiar income stream characteristics they require for portfolio allocation decisions.
The STRC offering dwarfs Strategy’s previous $800 million convertible note raise from June 2024 and follows the successful March launch of their MSTX offering, backed by a $2.1 billion at-the-market program.
This rapid succession of innovative financing vehicles demonstrates Saylor’s evolving strategy to create multiple pathways for capital deployment into Bitcoin without diluting existing common shareholders.
Treasury Scaling Challenges
While Strategy’s success has inspired numerous imitators, industry analysts question whether the corporate Bitcoin treasury model can be easily replicated by other companies. The strategy requires what Yoon calls three critical components: “enough Bitcoin to be credible, access to Wall Street financing tools, and a stock price that trades above the value of your Bitcoin holdings.”
Strategy’s first-mover advantage and massive scale—now holding over 1.5% of Bitcoin’s total supply—creates significant barriers for competitors attempting to follow the same playbook. The company’s established relationships with major Wall Street investment banks, including Morgan Stanley, Barclays, and TD Securities as joint book-running managers for the latest offering, provide financing access that newer entrants struggle to match.
The success of this latest capital raise continues Strategy’s aggressive 42/42 program, which aims to raise $84 billion for Bitcoin purchases by 2027.
