Strategy MSTR on Friday announced it has increased its initial public offering from $500 million to $2.521 billion to fund Bitcoin BTC/USD purchases.
What Happened: The offering, priced on July 24, involves 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) at $90 per share, with net proceeds estimated at $2.474 billion after expenses.
The STRC stock, set to settle on July 29, carries a 9% initial annual dividend, payable monthly starting August 31.
Strategy plans to use the proceeds primarily for acquiring Bitcoin and for working capital.
The company, which holds 607,770 BTC valued at approximately $72.4 billion, is the world’s largest publicly traded Bitcoin treasury company.
Strategy’s move aligns with its aggressive Bitcoin accumulation strategy, pioneered by Executive Chairman Michael Saylor since 2020.
The firm’s stock has risen over 2,860% since adopting Bitcoin as its primary treasury asset, reflecting strong investor confidence despite concerns about valuation premiums.
Why It Matters: Other companies have followed Strategy’s lead in adopting Bitcoin as a treasury asset.
Trump Media DJT raised $2.5 billion in 2025 to invest in Bitcoin, aiming to diversify its revenue.
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GameStop GME acquired 4,710 BTC for $497 million, while Paris Saint-Germain and K33 also established Bitcoin treasuries.
Globally, 140 publicly traded companies now hold Bitcoin.
Other Firms With Bitcoin Treasuries
Disclosure: 82% of retail CFD accounts lose money
Strategy remains the dominant player, but it is not alone.
Other publicly traded companies that have adopted Bitcoin as part of their treasury strategy include:
- Tesla Inc. TSLA: Held approximately 10,500 BTC at one point, initially purchasing $1.5 billion worth in 2021.
- Block Inc. SQ: Formerly Square, the payments company has repeatedly invested in Bitcoin since 2020.
- Marathon Digital Holdings MARA and Hut 8 Mining HUT: Both firms hold substantial BTC reserves as part of their operational and balance sheet strategies.
- Coinbase Global Inc. COIN: Holds Bitcoin both as an operational necessity and a balance sheet reserve.
What’s Next: The corporate Bitcoin adoption trend was accelerated after U.S. accounting rules changed in 2024, allowing for fair value accounting of crypto assets, reducing the reporting friction associated with volatility on financial statements.
The STRC offering, managed by Morgan Stanley MS, Barclays BCS, Moelis & Company MC, and TD Securities, allows Strategy to adjust dividends based on market conditions, with restrictions on reductions.
The stock can be redeemed at $101 per share after listing on major exchanges, ensuring flexibility for the company.
Strategy’s capital-raising efforts, including prior $4.2 billion STRD offerings, support its “42/42” plan to raise $84 billion by 2027 for Bitcoin acquisitions.
The firm’s Bitcoin holdings, representing 3% of the total 21 million BTC supply, underscore its dominant position in the corporate crypto space.
Analysts remain divided on Strategy’s strategy.
Some, like Canaccord Genuity, see a rational approach, while others question the sustainability of its premium valuation if Bitcoin prices fall.
Saylor, however, asserts the company’s capital structure can withstand significant market downturns.
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