$2.46 billion plus BTC! MicroStrategy's preferred stock financing peaked at the biggest IPO of the year
Source: Web3 Practitioner
Original title: Raising 2.46 billion dollars to increase Bitcoin positions! MicroStrategy's STRC preferred stock IPO reached the highest of the year
Microstrategy (MicroStrategy) After completing the $2,521 billion STRC perpetual preferred stock financing, a new round of Bitcoin holdings growth plan was launched — 21,021 units were purchasedBitcoinThe average cost was $117,256, involving approximately $2.46 billion. This move raised its total Bitcoin holdings to 628,791, accounting for about 3% of the total global Bitcoin circulation, further consolidating its position as “the dominant Bitcoin holdings of US listed companies.”
Michael Saylor, founder of MicroStrategy (Michael Saylor) The news was disclosed on the X platform in the early morning of the 30th. Up to now, the market value of the company's Bitcoin holdings is estimated to be close to 80 billion US dollars, which has achieved significant surpluses compared to the cumulative cost of increasing holdings (46.8 billion US dollars), reflecting the phased returns of its long-term Bitcoin strategy.
Judging from the logic of capital operation, STRC preferred stock fund-raising forms a closed loop with Bitcoin holdings: funds obtained through innovative financing instruments continue to flow to core strategic assets, which not only strengthens the weight of crypto assets in the balance sheet, but also injects new momentum into its “digital asset reserve” narrative. This operation not only highlights MicroStrategy's firm commitment to crypto assets, but also reflects the deep penetration of traditional listed companies into the blockchain field in terms of asset allocation.
MicroStrategy (MicroStrategy) recently announced that it has completed its initial public offering (IPO) for STRC perpetual preferred stock, which has raised US$2,521 billion. This amount not only topped the US capital market financing list in 2025, but also set a new global perpetual preferred stock issuance record since 2009, demonstrating the market's strong confidence in its crypto asset allocation strategy.
This time, STRC issued 28,011,111 shares at a price of $90 per share. The design highlights the ingenuity of capital operation: as a perpetual tool with a floating interest rate, no maturity date and no dilution of common shares, it not only injects liquidity into the company, but also preserves the flexibility of the capital structure. The joint underwriting groups formed by Morgan Stanley, Barclays, Moelis & Company, and TD Securities are all first-tier Wall Street institutions, and their participation itself is a heavyweight endorsement of the MicroStrategy business model.
STRC's dividend mechanism further reflects its innovative nature: an annualized target dividend rate of 9%, paid monthly, and the interest rate is linked to a 1-month SOFR (overnight secured financing rate); the board of directors has the power to fine-tune the dividend rate of 0.25% each month to achieve a stable target share price of $100. Furthermore, the deferred interest clause gives the company the right to suspend dividend payments when cash flow is tight, providing a buffer for financial soundness.
For investors, STRC has established a “double protection” mechanism: the priority dividend priority over common stocks guarantees income stability, and its value is deeply tied to MicroStrategy's Bitcoin holdings, which also indirectly opens a channel for investors to share the dividends of crypto asset appreciation. This design blurs the boundaries between traditional fixed income instruments and alternative assets, enabling conservative funds to participate in crypto-themed investments through a compliant path.
It is worth noting that in contrast to MicroStrategy's continued increase in holdings, the Bitcoin price has recently been in a high fluctuation range: it broke through $119,000 on the 29th, then fell slightly during the US stock trading session, falling slightly by 0.48% within 24 hours. This fluctuation not only reflects the market's cautious sentiment towards high-ranking assets, but also adds a realistic explanation to MicroStrategy's “bucking the trend” strategy.
