Strategy (MSTR), the world\u2019s largest corporate Bitcoin holder, has raised<\/a> $2.52 billion through the IPO of its new preferred stock, Stretch (STRC), pricing 28 million shares at $90 each, surpassing the initial $500 million target. This marks the biggest equity IPO of 2025 so far, according<\/a> to TD Cowen, which also noted that the structure allows Strategy to continue accumulating Bitcoin without diluting existing common shareholders.<\/p>\n Strategy now holds 607,770 BTC, worth about $80 billion, with a market cap of $114 billion. At the time of writing, MSTR shares trade around $406.5. Nearly all of the $2.47 billion in net proceeds will be used to buy more Bitcoin. At an assumed average price of $120,000 per BTC, Strategy could add over 20,500 BTC to its treasury.\u00a0<\/p>\n \u201cBy offering a wide assortment of bitcoin\u2011backed securities designed to appeal to discreet classes of investors, Strategy acts as a funnel for institutional capital flows into Bitcoin<\/a>,\u201d TD Cowen\u2019s Lance Vitanza and Jonnathan Navarrete wrote in a note to clients. \u201cIt\u2019s a sound business model that has attracted many new entrants\u2026 no one is likely to match let alone beat Strategy\u2019s cost\u2011of\u2011capital advantage.\u201d<\/p>\n The STRC stock offers a variable annual dividend starting at 9%, payable monthly in cash, and is designed to maintain a trading price near its $100 par value. The company retains redemption rights once listed and offers protections like repurchase options and dividend accrual for shareholders.<\/p>\n Strategy continues positioning itself as the institutional gateway to Bitcoin. TD Cowen analysts noted the firm\u2019s cost-of-capital advantage and projected it could add another 17,000 BTC over the next decade without diluting common shareholders.<\/p>\n This move aligns with Strategy\u2019s aggressive Bitcoin accumulation plan, which includes its 42\/42 program targeting $84 billion<\/a> in capital raised for BTC purchases through 2027. It follows last week\u2019s $740 million Bitcoin buy of 6,220 BTC.<\/p>\n<\/div>\n<\/div>\n![\"Strategy](\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/07\/AD_4nXeCLVEgA8T3aZq0ubGQsyZvUMXhwxa0xlkRwSoCjx_2ieSnfmtFW55jKn-cNre0FxvPw8rajwHwRw-V7hOqWupKzDHqtsjI0dltSGquMatayN01TdgJ9oi-G-COT1Uo8E8p_8c.png\" "\\"TD")
<\/figure>\n