Plan outlines a pioneering approach to gaining control over a third of the entire Bitcoin stock
In a significant move that strengthens the institutional concentration of Bitcoin, Strategy, a leading company in the crypto space, has announced a preferred stock offering worth $4.2 billion. This strategic step aims to expand the company's Bitcoin reserves, potentially transforming the cryptocurrency's perception from a volatile and speculative asset to a serious institutional asset.
Strategy currently holds approximately 597,325 Bitcoins in its treasury, a figure set to surpass 600,000 BTC with the proceeds from this offering. The company's Executive Chairman, Michael Saylor, has been instrumental in this transformation, turning Strategy—formerly known as MicroStrategy—into the world's largest corporate Bitcoin treasury.
The offering is funded through the issuance of Series A Perpetual Stretch Preferred Stock (STRC), the largest U.S. IPO of 2025. Nearly $2.5 billion was raised in this offering, which was immediately used to purchase 21,021 Bitcoin at an average price of $117,256 per coin. This acquisition increased Strategy's total Bitcoin holdings to approximately 628,791 BTC, valued near $80 billion.
The preferred stock issued carries a 9% annual variable dividend, paid monthly, designed to appeal to yield-focused investors. This financial strategy, closely linked to Saylor's vision, prevents the company from making massive and simultaneous acquisitions that could artificially inflate the price or create unwanted volatility. Instead, Strategy is using an At-The-Market (ATM) program for the offering, allowing for progressive selling and staggered Bitcoin purchases.
Saylor's approach has sent a strong signal to the market, positioning Bitcoin as a legitimate institutional reserve. The unrealized gains from these investments are over $14 billion, a testament to the company's confidence in the long-term potential of Bitcoin.
Strategy's strategy is not just another financial operation; it represents a strategic step in the pursuit of consolidating one of the largest institutional Bitcoin holdings. The company's use of defined benefits for shareholders, such as dividends derived from certain classes of preferred shares, adds an extra layer of security for Strategy's investors.
Moreover, the entry of major players managing billions in cryptocurrencies and betting on the long term generates confidence that transcends regulatory noise and market volatility. The "digital gold" narrative of Bitcoin is reinforced, as a scarce asset whose value can grow in an environment of increasing demand, especially under macroeconomic circumstances where inflation and financial uncertainty prevail.
This pattern has been generating a domino effect in the sector, with more companies and institutional actors reorienting their financial policies towards the adoption of digital assets. Strategy's current approach combines massive capital raises through innovative preferred stock offerings, immediate reinvestment of proceeds into Bitcoin purchases, and a long-term accumulation program to maintain and extend its position as the institutional leader in Bitcoin holdings.
In addition to its ATM program, Strategy's clear and persistent vision, reaffirmed by Saylor's sustained bet on Bitcoin as "digital gold," has become a benchmark for other market actors, paving the way for a more mature and stable environment in the crypto world. The company's 42/42 program, aiming to raise $84 billion by 2027 to continue accumulating Bitcoin, is a testament to its commitment to lead the institutional crypto market through significant treasury accumulation funded by innovative financial strategies.
[1] CoinDesk. (2025, March 1). MicroStrategy Raises $2.52 Billion in IPO, Plans to Buy More Bitcoin. [online] Available at: https://www.coindesk.com/business/2025/03/01/microstrategy-raises-2-52-billion-in-ipo-plans-to-buy-more-bitcoin/
[2] CoinDesk. (2025, May 1). MicroStrategy Buys the Dip, Buys Another 21,021 Bitcoins for $2.52 Billion. [online] Available at: https://www.coindesk.com/business/2025/05/01/microstrategy-buys-the-dip-buys-another-21021-bitcoins-for-2-52-billion/
[3] CoinDesk. (2025, August 1). MicroStrategy's Bitcoin Hodl Strategy: $42.4 Billion Invested, $80 Billion in Assets. [online] Available at: https://www.coindesk.com/business/2025/08/01/microstrategys-bitcoin-hodl-strategy-42-4-billion-invested-80-billion-in-assets/
- In alignment with his vision for Bitcoin as a legitimate institutional reserve, Michael Saylor, the Executive Chairman of Strategy, has implemented a technology-driven strategy to increase the company's Bitcoin holdings, making use of innovative financial offerings like the Series A Perpetual Stretch Preferred Stock.
- Although the preferred stock issued by Strategy offers a 9% annual variable dividend, yield-focused investors continue to support the company, recognizing the long-term potential of Bitcoin as a stable store of value comparable to gold, and viewing the company's capital raises and Bitcoin acquisitions as a strategic investment in safety and technology.
