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Strategy Executes Largest US IPO in 2025 to Expand Bitcoin Holdings
Michael Saylor’s company, Strategy (previously known as MicroStrategy), recently concluded the largest U.S. initial public offering (IPO) of 2025, raising approximately US$2.47 billion through the issuance of perpetual preferred stock. This capital has been earmarked for acquiring an additional 21,021 Bitcoin at an average price of US$117,256 each.
This latest purchase brings Strategy’s total Bitcoin holdings to a staggering 628,791 BTC, valued at around US$46.8 billion. The company’s average cost basis for these coins stands at US$73,227. This acquisition not only solidifies Strategy’s position as the most significant corporate holder of Bitcoin but also demonstrates a continued commitment to integrating Bitcoin into its financial strategy.
Expansion of Bitcoin Treasuries
In a related development, Japanese firm Metaplanet has made headlines by boosting its Bitcoin treasury through the purchase of 780 BTC, raising its total to 17,132 BTC. This move positions Metaplanet as the sixth-largest public company holder of Bitcoin and the largest non-U.S. entity in this space. In a competitive landscape, the German Bitcoin Group SE, holding 12,387 BTC, is the only other non-U.S. company in the top ten, trailing closely behind Tesla.
Historic STRC Offering
Strategy’s IPO is notable not only for its size but also for its innovative structure. The STRC offering is the first of its kind to feature a perpetual preferred security listed on a U.S. exchange by a Bitcoin Treasury company. It also introduces monthly dividends, paving the way for more income-focused investments in Bitcoin for a broader demographic of investors.
Despite the positive response to the IPO, Strategy’s share price has declined recently, down 6.8% over the past week, settling around US$394.66.
SEC’s Shift in Regulation
Amid these developments, the U.S. Securities and Exchange Commission (SEC) has shifted its stance towards cryptocurrencies under the new leadership of Paul Atkins. The SEC recently approved in-kind redemptions for cryptocurrency exchange-traded products (ETPs), signalling a significant departure from the previous administration’s anti-crypto approach.
Since the approval of spot Bitcoin ETFs in early 2024, these products have accumulated an impressive 1.29 million BTC, representing 6.18% of the total Bitcoin supply. The move towards a more favourable regulatory environment appears to be benefiting the cryptocurrency market as Bitcoin continues to trade around US$118,166, just 4% below its all-time high, and showing a 9% increase over the last month.
In summary, Strategy’s significant investment in Bitcoin, along with the positive regulatory changes from the SEC, underscores a shifting landscape in the financial market. This paves the way for more companies and investors to engage with cryptocurrencies, further embedding Bitcoin into the fabric of corporate financial strategies.
