Strategy, formerly known as MicroStrategy, has announced a significant move in its ongoing Bitcoin acquisition strategy with the launch of a 2.5 million share Initial Public Offering (IPO) of its Series A Perpetual Stride Preferred Stock (STRD Stock). This latest financial maneuver is designed to raise substantial capital primarily earmarked for expanding the company’s already impressive Bitcoin holdings .
The Offering Details
The newly announced STRD Stock will provide investors with a 10% dividend rate, paid quarterly in arrears, with the first payment scheduled for September 30, 2025. These dividends are non-cumulative and will only be distributed if declared by Strategy’s board of directors .
Several major financial institutions are overseeing this offering, including:
• Barclays
• Morgan Stanley
• Moelis & Company
• TD Securities
Additional co-managers include The Benchmark Company, AmeriVet Securities, Bancroft Capital, BTIG, and Keefe, Bruyette & Woods. The IPO is being conducted under an effective shelf registration statement filed with the Securities and Exchange Commission (SEC).
Strategy’s Bitcoin Accumulation History
This IPO represents the latest chapter in Strategy’s aggressive Bitcoin acquisition plan. Earlier this year, in February 2025, the company purchased 7,633 BTC for $742.4 million, bringing its total holdings to an impressive 478,740 BTC, valued at over $46 billion .
Since rebranding from MicroStrategy to Strategy, the company has continued to strengthen its position as the largest corporate Bitcoin holder. In the first month of 2025 alone, Strategy acquired 32,340 BTC, representing a 7% increase in its overall holdings .
The “21/21” Vision
Strategy remains committed to its ambitious “21/21 plan,” which involves issuing and selling $21 billion in equity and $21 billion in fixed-income securities over the next three years to fund additional Bitcoin acquisitions . This plan aims to add a total of $42 billion worth of Bitcoin to its balance sheet by 2027 .
Since beginning its Bitcoin acquisition strategy in 2020, Strategy has spent approximately $31.1 billion, acquiring BTC at an average price of $65,033 per coin . Despite reporting $670 million in Q4 impairment losses, shareholders have approved significant increases in stock offerings to continue this strategy .
Corporate Treasury Strategy
Strategy’s approach represents a bold corporate treasury management strategy that has influenced market sentiment around Bitcoin. The company strategically accumulates Bitcoin through proceeds from equity and debt financings, as well as operational cash flows .
This treasury strategy is designed to offer investors varying degrees of economic exposure to Bitcoin through a range of securities, including equity and fixed-income instruments. Beyond its Bitcoin holdings, Strategy continues to provide AI-powered enterprise analytics software, advancing its vision of “Intelligence Everywhere”.