Strategy Incorporated, known by its Nasdaq ticker MSTR, experienced a notable day on July 29, 2025, when its shares dipped 2.26% to close at $394.66 amid the market's anticipation of its new stock debut. However, the company saw a slight rebound in after-hours trading, with shares rising 0.34% to $396.00, reflecting investor confidence following a landmark financial event.
The highlight of the day was Strategy Incorporated's successful completion of its initial public offering (IPO) of Series A Perpetual Stretch Preferred Stock, dubbed STRC. Priced at $90 per share, the offering raised approximately $2.521 billion in gross proceeds, marking the largest U.S. IPO of 2025 to date. This groundbreaking issuance is particularly significant as it represents the first U.S.-listed perpetual preferred stock issued by a Bitcoin treasury company, designed to pay monthly dividends based on a board-determined rate policy. This structure aims to attract a new class of yield-seeking investors interested in income-oriented assets tied to the rapidly evolving cryptocurrency sector.
STRC is slated to begin trading on the Nasdaq Global Select Market on or around July 30, 2025, under the ticker symbol "STRC." The offering was led by major financial institutions including Morgan Stanley, Barclays, Moelis & Company, and TD Securities, with additional co-managers such as The Benchmark Company, Clear Street, and Maxim Group. The offering was conducted under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC), ensuring regulatory compliance and transparency for investors.
With the net proceeds estimated at around $2.474 billion after underwriting discounts and expenses, Strategy Incorporated promptly utilized the funds to acquire 21,021 bitcoins. These were purchased at an average price of approximately $117,256 per bitcoin, a move that significantly bolstered the company's digital asset reserves. As of July 29, 2025, Strategy's total Bitcoin holdings now stand at approximately 628,791 bitcoins, acquired at an aggregate cost of about $46.8 billion and an average cost basis of roughly $73,227 per bitcoin, inclusive of fees and expenses.
This acquisition underscores Strategy Incorporated's steadfast commitment to Bitcoin as its primary treasury reserve asset. The company's aggressive accumulation strategy distinguishes it from many traditional publicly traded firms, which typically maintain fiat-based reserves. Instead, Strategy leverages digital assets as a core component of its financial strategy, advocating for Bitcoin's role as digital capital and integrating it into its broader treasury and investment framework.
Michael Saylor, a prominent figure associated with Strategy Incorporated, highlighted the company's achievements on social media, noting, "Strategy has acquired 21,021 BTC for ~$2.46 billion at ~$117,256 per bitcoin and has achieved BTC Yield of 25.0% YTD 2025. As of 7/29/2025, we hodl 628,791 $BTC acquired for ~$46.08 billion at ~$73,277 per bitcoin." This statement reflects not only the scale of the company's Bitcoin holdings but also its impressive year-to-date yield performance, signaling effective management and favorable market conditions.
STRC's introduction to the market is a strategic move to diversify Strategy's capital structure while deepening its crypto-native identity. The preferred stock offering represents the first short-duration, income-oriented instrument within the company's series of preferred securities, extending access to income-focused investors who might have been hesitant to engage with purely equity-based or debt instruments tied to cryptocurrency.
Market reactions to these developments were mixed but generally positive. The initial dip in MSTR shares on July 29 can be attributed to the market digesting the implications of the new offering and the substantial Bitcoin acquisition. However, the after-hours recovery suggests that investors ultimately viewed the moves as strengthening the company's financial positioning. By combining hybrid financing through STRC with a growing Bitcoin reserve, Strategy Incorporated is carving out a unique niche in public markets, blending traditional financial instruments with cutting-edge digital asset exposure.
Beyond its Bitcoin treasury activities, Strategy Incorporated also operates as a provider of AI-powered enterprise analytics software, advancing its vision of "Intelligence Everywhere." The company leverages its expertise in analytics and technology to explore innovations in Bitcoin applications, aiming to integrate its digital asset growth strategy with broader technological advancements. This dual focus positions Strategy as a leader in both the digital asset and enterprise analytics sectors, offering investors a distinctive opportunity for long-term value creation.
Industry analysts view the STRC offering as a milestone for both Strategy Incorporated and the broader crypto investment landscape. Being the largest U.S. exchange-listed perpetual preferred stock offering since 2009, it signals growing institutional acceptance and maturation of cryptocurrency-related financial products. The board-determined monthly dividend rate policy embedded in STRC is particularly noteworthy, as it introduces a flexible income component that can adapt to market conditions, appealing to a wide spectrum of investors.
As Strategy Incorporated prepares for STRC's Nasdaq debut, the company remains focused on navigating the volatile macroeconomic environment with a hybrid approach to financing and asset management. Its commitment to Bitcoin accumulation, combined with innovative capital market instruments, aims to create a durable financial foundation that can withstand market fluctuations while capturing growth opportunities in the digital asset space.
In sum, July 29, 2025, marked a pivotal moment for Strategy Incorporated, with the successful STRC IPO and significant Bitcoin acquisition underscoring its pioneering role as the world's first and largest Bitcoin Treasury Company. These moves not only expand the company's financial toolkit but also reinforce its vision of integrating digital assets into mainstream corporate finance, setting a precedent for others to follow in the evolving landscape of cryptocurrency investment.
