Key Notes
- The company upsized its offering to 28,011,111 shares of variable-rate perpetual preferred stock settling July 29th.
- Strategy currently holds 607,770 Bitcoin worth $70.4 billion at current market prices of $115,847 per coin.
- The new $STRC offering features a unique variable dividend starting at 9% annually with monthly adjustment rights.
Michael Saylor’s Strategy ( formerly MicroStrategy ) announced pricing for its Stretch Perpetual Preferred Stock ($STRC) offering on July 25, and just a day after the IPO was announced on July 24, the firm will upsize the number of shares sold to 28,011,111 at a rate of $90.
Strategy expects net proceeds from the sale to garner approximately $2.474 billion, after discounts, commissions, and other expenses. According to a press release , the company intends to reinvest these funds into “general corporate purposes, including the acquisition of bitcoin and for working capital.” This ostensibly indicates another massive Bitcoin buy for Saylor and company, perhaps in excess of $2 billion.
Strategy holds approximately 607,770 Bitcoin, according to data from Bitbo retrieved on July 25. At the current Bitcoin BTC $117 961 24h volatility: 1.4% Market cap: $2.35 T Vol. 24h: $42.91 B price of $115,847 per coin (as of the time of this article’s publication), this puts the company’s holdings worth a total of $70.4 billion.
Strategy Expands Preferred Stock Portfolio
The issuance and sale of the $STRC stock is scheduled to settle on July 29, 2025, bringing it into the fold with the firm’s suite of preferred stock offerings. This suite, which offers various perpetual and variable-rate instruments suited to different risk appetites, includes $STRK (“Strike”), an 8% Series A perpetual convertible preferred stock; $STRF (“Strife”), a 10% Series A perpetual cumulative preferred stock; $STRD (“Stride”), a 10% Series A perpetual non-cumulative preferred stock; and now $STRC (“Stretch”), a variable rate Series A perpetual stretch preferred stock.
Michael Saylor just upsized Strategy's Series A “Stretch” preferred offering from $500 M to $2 B 🚀
It's now the biggest single corporate #Bitcoin buy plan of 2025. pic.twitter.com/8MsVcrX4x9
— Swan (@Swan) July 24, 2025
The newest offering, Stretch, appears to be the most complex of the suite due to its variable dividend rate. Unlike the other offerings, which offer annually-fixed dividend rates of 8% or 10%, “Stretch” doesn’t have a fixed-for-life rate. It starts at a 9.00% annual dividend, but gives Strategy the right to adjust this rate monthly subject to “certain restrictions,” according to the press release.
The company says its current intention is to adjust the monthly regular dividend rate per annum in order to keep $STRC at or close to $100 per share.
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