Strategy raises $2.5B in historic IPO, buys 21.012 Bitcoin
Strategy, the Bitcoin-focused treasury company formerly known as MicroStrategy, has completed a record‑setting variable‑rate preferred stock offering (ticker: STRC), raising approximately $2.521 billion in gross proceed, the largest U.S. IPO of 2025 to date. Priced at $90 per share, the offering sold over 28 million shares, initially aimed at $500 million, underscoring massive institutional demand.
After underwriting fees, Strategy netted roughly $2.474 billion, which it immediately deployed to purchase 21,021 Bitcoin at an average price of $117,256 per BTC, its largest such acquisition since late March.
This brings Strategy’s total holdings to 628,791 BTC, valued at about $46.8 billion, with an overall average cost basis of approximately $73,227 per coin (including all fees).
STRC is slated to begin trading on the Nasdaq Global Select Market around July 30, 2025 under the ticker symbol STRC. It represents the first U.S.-listed perpetual preferred stock issued by a Bitcoin treasury company offering monthly, board-determined dividends, designed to appeal to income-focused investors who seek indirect exposure to BTC without direct ownership.
The STRC raise is part of Strategy’s evolving capital toolbox, which includes previous preferred stock series like STRK, STRF, and STRD — each with different conversion features and yield profiles — reinforcing its reputation as a pioneer in hybrid financial instruments tailored for Bitcoin accumulation.
Following the IPO news, Strategy’s common stock (MSTR) fell 2.26% at close but posted a modest 0.5% after-hours gain, settling near $396–$397 per share. Analysts have generally updated price targets upward, citing strong conviction in Strategy’s treasury model and expected profitability improvements in Q2 and beyond.
The transaction has sparked broader discussions about the sustainability and scalability of corporate Bitcoin treasury strategies. While Strategy remains uniquely positioned to execute on such scale, critics question how many firms can sustainably replicate similar capital raises and Bitcoin purchases given market, regulatory, and liquidity constraints.
Nonetheless, the deal signals a growing trend: capital markets and Bitcoin are increasingly intertwined, and income-oriented investors are gaining new entry points via regulated equity offerings.
In summary, Strategy’s STRC IPO marks a watershed for crypto‑linked finance: a bold demonstration of how traditional equity instruments can fund large‑scale Bitcoin acquisition, expand institutional access, and reshape the treasury models of tomorrow.
Source: Cointelegraph
BTCS files for $2 billion share sale to purchase more Ethereum
BTCS Inc., a U.S.-listed blockchain technology company primarily focused on Ethereum, has disclosed plans to raise up to $2 billion via common stock offerings to fund digital asset acquisitions, working capital, and general corporate purposes.
The fundraising effort was filed under an S‑3 registration statement, which also allows for the resale of over 5 million shares tied to earlier convertible notes and warrant, from which the company expects to raise approximately $12 million if warrants are exercised.
As of late July 2025, BTCS holds about 70,000 ETH (worth roughly $265 million) and continues to pursue its strategy of building an Ethereum-focused treasury through staking, block construction, and capital allocations.
Its move parallels Bitcoin‑focused companies like Strategy (formerly MicroStrategy), which has used equity raises to finance large-scale purchases, but BTCS’s concentration on Ethereum and its staking-based yield approach differentiates it from the broader trend.
The planned use of proceeds reflects BTCS’s ambition to scale its crypto holdings meaningfully. The firm intends to continue accumulating Ethereum while deploying funds more broadly toward its core business operations. According to FXStreet, the capital raise is designed to expand its crypto portfolio and support ongoing growth in staking and Ethereum-centric activities.
This strategic filing marks a significant institutional signal: as public companies increasingly treat digital assets like ETH and BTC as long‑term treasury holdings, BTCS positions itself as one of the few focusing intensively on Ethereum. While macro‑market volatility and regulatory scrutiny remain risks, BTCS aims to capitalize on the growing institutional demand for ETH exposure and the evolving narrative around crypto‑asset reserve accumulation.
In comparison, Strategy has recently completed a separate $2.52 billion preferred stock IPO, using proceeds to acquire roughly 21,000 BTC and further cementing its status as the largest corporate Bitcoin holder.
The BTCS move underscores the broader parallel trend: with capital markets now directly funding large-scale crypto accumulation, companies are carving out differentiated theses, Bitcoin vs. Ethereum, staking vs. price-hold, for institutional and yield-oriented investors.
In conclusion, BTCS’s $2 billion equity registration signals a bold push to deepen its Ethereum treasury and scale its role in decentralized finance. By blending traditional capital raising with a crypto-focused accumulation and operational roadmap, the company reinforces the growing convergence between public markets and digital‑asset strategies.
Source: The Block
Crypto treasury stocks surge to $165 billion as companies embrace crypto holding strategies
The cumulative market capitalization of public companies holding cryptocurrency has surged to approximately $160–165 billion, up sharply from around $90 billion, driven by a wave of crypto treasury strategies adopted by U.S. and global firms. These companies, spanning industries from tech to hospitality, are raising capital via equity or debt issuances specifically to purchase digital assets, primarily Bitcoin, but increasingly altcoins like Ethereum, Solana, and Toncoin.
Inspired by Strategy (formerly MicroStrategy) and its aggressive Bitcoin accumulation, which fueled a monumental rise in stock value, more than 60–80 companies now hold crypto as part of their treasuries, collectively owning several percent of total Bitcoin supply. Major players include Trump Media & Technology Group, GameStop, SoftBank’s joint venture with Tether and Cantor Fitzgerald, and Japanese firm MetaPlanet, among others.
This boom has lifted overall valuations: crypto-holding equities now trade at steep premiums relative to the underlying crypto assets, with reported multiples ranging from 3–4× and even higher due to “promotes” or compensation structures favoring insiders. Critics warn that many early investors benefit disproportionately from hype-driven capital raises, while later investors bear the dilution cost — paying up to $1.20 or more for $1 of actual crypto value.
Market skeptics like Jim Chanos liken the current frenzy to the SPAC bubble of 2021, citing flash rallies in penny‑stock treasury firms followed by steep declines; for instance, some formerly high-flying names are now down over 60% from their peak as investor sentiment cools. Analysts also caution on sustainability: many treasury firms lack traditional business models or revenue streams, raising red flags about long-term value creation and resilience during crypto downturns.
From a macro perspective, this institutional thrust aligns with a broader trend: public companies are choosing crypto as an inflation hedge, as a tool to diversify beyond traditional cash and bonds, and as a means to attract crypto-sensitive investors. However, overlapping market euphoria, speculative valuations, and regulatory uncertainty have prompted warnings over systemic risk and bubble formation.
In summary, the rise of crypto‑treasury firms represents one of the most striking developments in 2025’s capital markets. Driven by aggressive fundraising and leveraged crypto acquisitions, the phenomenon has propelled the sector’s valuation past $160 billion. While this wave may signal growing institutional crypto adoption, it also brings structural risks, speculative excess, and governance issues — reminding investors of past manias and the need for careful scrutiny.
Source: The Block