Strategy, a publicly traded company, has announced the successful closing of its initial public offering (IPO) of 28 million shares of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) at a public offering price of $90 per share.
The offering generated gross proceeds of approximately $2.52 billion, making it the largest US IPO of 2025.
After underwriting discounts, commissions, and estimated expenses, Strategy expects net proceeds of around $2.47 billion. The company used the funds to acquire 21,021 BTC at an average purchase price of approximately $117,256 per bitcoin. As of July 29, Strategy holds 628,791 BTC.
The new financial product is expected to begin trading on the Nasdaq on or around July 30 under the ticker symbol “STRC.” Once listed, STRC will be the first perpetual preferred security issued by a Bitcoin Treasury Company to trade on a US exchange, and the first to incorporate a board-determined monthly dividend rate policy.
It will also be the first short-duration, income-oriented instrument within Strategy’s lineup of preferred offerings.
The company said the deal also represents the largest exchange-listed perpetual preferred stock issuance in the US since 2009.
Morgan Stanley, Barclays, Moelis & Company, and TD Securities acted as joint book-running managers for the offering, while The Benchmark Company, Clear Street, AmeriVet Securities, Bancroft Capital, Keefe, Bruyette & Woods, and Maxim Group LLC served as co-managers.
Interestingly, Strategy’s IPO more than doubled the $1.1 billion raised by Circle in its June debut.
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