Strategy (MSTR), the first and largest Bitcoin Treasury Company, closed its IPO of 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock ("STRC") at $90 per share.
The $2.521 billion offering marks the largest U.S. IPO of 2025 and one of the biggest crypto-related offerings in recent years. STRC is set to begin trading on the Nasdaq Global Select Market under the ticker "STRC" around July 30, 2025.
Strategy netted $2.474 billion from the offering, which it used to acquire 21,021 bitcoins at an average price of $117,256 per coin. As of July 29, the company holds approximately 628,791 bitcoins worth $46.8 billion in total, acquired at an average price of $73,227 per coin.
The STRC listing is notable for being the first U.S. exchange-listed perpetual preferred security by a Bitcoin Treasury Company to offer monthly dividends based on a board-set rate. It also introduces a short-duration, income-focused instrument designed for yield-oriented investors. Joint bookrunners included Morgan Stanley, Barclays, Moelis & Company, and TD Securities, with several others serving as co-managers.
Tuesday, MSTR closed at $394.66, down 2.26%, and rose slightly after hours to $395.50, up 0.21% on the NasdaqGS.
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