Strategy, the company formerly known as MicroStrategy and led by Michael Saylor, has further cemented its dominance as the largest corporate holder of Bitcoin. The firm announced on Tuesday that it had purchased 21,021 Bitcoin. This significant acquisition brings the company's total holdings to 628,791 BTC.
Funding for this latest acquisition came from a preferred stock offering that raised $2.5 billion. The offering, which was initially targeted at $500 million, was upsized significantly due to strong demand. This deal marks the largest U.S. initial public offering (IPO) of 2025 so far in terms of gross proceeds. It was more than double the size of the much-anticipated $1 billion IPO for stablecoin issuer Circle Internet Group, which went public in June.
The average purchase price for the latest batch of Bitcoin was $117,256 per coin. With this addition, Strategy's total investment in Bitcoin now stands at approximately $46.08 billion, with an average cost of $73,277 per BTC. This purchase is the firm's largest since March 31.
The company's strategy involves using various financial instruments, including equity, debt, and convertible notes, to fund its Bitcoin acquisitions. This approach has influenced other companies, with at least 160 publicly traded companies now including cryptocurrency on their balance sheets. The new preferred stock offering, designated STRC, is set to begin trading on Nasdaq and will be the first U.S. exchange-listed perpetual preferred security from a Bitcoin treasury company to pay monthly dividends.
Despite the major purchase announcement, shares in Strategy (MSTR) closed trading on Tuesday down 2.26% and saw little movement in after-hours trading. The company is scheduled to release its second-quarter earnings report on Thursday, which will reveal the impact of its capital raises and Bitcoin purchases on its balance sheet.