en.bitcoinsistemi.com
Bitcoin treasury firm Strategy, led by Michael Saylor, made a remarkable move in the crypto markets with its share sale on July 24.
The company priced 28 million shares of its new variable-rate preferred stock, called “Stretch” (STRC), at $90 per share, generating total gross proceeds of $2.52 billion.
This sale was the largest initial public offering (IPO) in 2025, exceeding the initial target of $500 million.
According to investment bank TD Cowen, the $2.47 billion in net proceeds from this capital raise will be largely used for new BTC purchases. Assuming an average price of $120,000 per Bitcoin, Strategy plans to add more than 20,500 BTC to its treasury.
“Strategy acts as a conduit for institutional capital flows into Bitcoin by offering BTC-backed securities that appeal to different investor classes,” TD Cowen analysts Lance Vitanza and Jonnathan Navarrete wrote in a note to investors. The analysts noted that the company's cost of capital advantage is unrivaled in the industry and that this business model has attracted many new companies.
The same note also stated that the company could purchase more than 17,000 more bitcoins over the next 10 years without diluting common stock. This projection was made assuming some share issuances would be required to fund cash dividends associated with floating-rate STRC shares.
STRC shares will pay annual cumulative dividends at a variable rate based on a par value of $100 per share. STRC is included in the portfolio along with other types of Strategy preferred stock. Strike (STRK) is convertible with an 8% fixed dividend, while Strife (STRF) is non-convertible with a 10% fixed cumulative dividend. Stride (STRD) pays a fixed, periodic dividend of 10% and is also non-convertible.
These moves are considered part of the steps taken within the scope of the company’s “42/42” strategy, in which it aims to acquire BTC by raising a total capital of $84 billion by 2027.
*This is not investment advice.