Strategy Uses $2.521 Billion STRC Offering to Buy 21,021 BTC
Strategy closed a $2.521 billion offering of its STRC preferred stock and used the proceeds to acquire 21,021 BTC. The company then opened a $4.2 billion at-the-market program for STRC, extending its use of novel capital-market instruments to finance Bitcoin accumulation.
On July 29, 2025, Strategy announced the closing of a $2.521 billion initial public offering of Variable Rate Series A Perpetual Stretch Preferred Stock, trading under the ticker STRC. On the same day, the company said it had acquired 21,021 bitcoin using proceeds from the offering, bringing its reported holdings to 628,791 BTC. Two days later, Strategy established an at-the-market program allowing it to sell up to $4.2 billion of additional STRC shares.
The financing was historically distinctive because STRC was not simply another common-stock issuance or convertible debt sale. It was structured as perpetual preferred equity with a variable dividend rate, adding another layer to Strategy's increasingly complex capital stack built around financing Bitcoin acquisition. Investors were being offered a security whose economics depended on Strategy's access to capital markets and its ability to support distributions while maintaining a very large Bitcoin treasury.
By this stage, Strategy's importance to Bitcoin markets was not limited to the number of coins it held. The company had become a laboratory for converting traditional securities-market demand into corporate Bitcoin buying power. The July STRC transaction demonstrated how far that model had developed: a multibillion-dollar preferred-stock financing could be completed and translated almost immediately into a 21,021-BTC purchase, with a new issuance program ready to support further capital raising.