Bitcoin treasury firm Strategy (MSTR) has raised $2.52 billion through its latest offering of variable rate preferred shares—marking the largest equity IPO of 2025 so far. The offering, dubbed STRC (Stretch), significantly exceeded its $500 million target and is expected to fund the purchase of more than 20,500 BTC at current market prices.
According to TD Cowen analysts, Strategy could acquire over 17,000 BTC over the next decade without diluting existing common equity, thanks to its capital-efficient approach. The analysts praised the company’s ability to tailor bitcoin-backed securities to diverse investor classes, giving it a strong edge in attracting institutional capital.
STRC joins other preferred instruments like STRK, STRF, and STRD in Strategy’s portfolio. These share classes vary in convertibility and dividend structures but serve the same end: expanding the firm’s Bitcoin holdings while minimizing shareholder dilution.
The raise aligns with Strategy’s ambitious “42/42” capital plan, aimed at accumulating $84 billion in equity and convertible notes for BTC acquisitions by 2027. The company currently holds 607,770 BTC—valued at around $80 billion—and maintains a market cap of $114 billion.
