Strategy, the software-turned-Bitcoin-treasury company formerly known as MicroStrategy, has closed a $2.52 billion initial public offering of its Series A Variable-Rate Perpetual Stretch Preferred Stock (ticker STRC). The sale, priced at $90 a share, is the largest U.S. IPO of 2025 and generated roughly $2.47 billion in net proceeds after fees. The company immediately deployed nearly the entire amount to buy 21,021 Bitcoin at an average price of $117,256 each, spending about $2.46 billion. The purchase lifts Strategy’s stash to 628,791 BTC, acquired at an aggregate cost basis of about $46.8 billion, or $73,227 per coin. At prevailing market prices the holdings are worth roughly $74 billion. STRC is scheduled to begin trading on Nasdaq on July 30 and will pay a floating monthly dividend that starts around 9%, making it the first U.S. exchange-listed perpetual preferred security issued by a Bitcoin treasury firm. Underwriters included Morgan Stanley, Barclays, Moelis & Co. and TD Securities. Executive Chairman Michael Saylor said the transaction underscores Strategy’s model of raising capital in public markets and converting it into additional Bitcoin. With the latest purchase, the company controls an estimated 62% of the Bitcoin held by publicly listed firms, further entrenching its position as the world’s largest corporate holder of the cryptocurrency.