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Highlights
- Strategy bought 21,021 BTC following the completion of its STRC IPO.
- The STRC IPO is the largest in this year so far.
- The Bitcoin purchase is also the company's largest this year.
- The company now holds 628,791 BTC, which it acquired for $46.08 billion.
Strategy, previously known as Strategy, has announced its largest Bitcoin purchase this year, following the completion of its STRC IPO. The IPO also stands as the largest this year, underscoring the massive demand among institutional investors looking to gain exposure to BTC in any way.
Strategy Acquires 21,021 Bitcoin For $2.46 Billion
In a press release, the company announced that it utilized net proceeds from its STRC IPO to acquire 21,021 BTC for $2.46 billion and at an average price of $117,256 per Bitcoin. This brings its total holdings to 628,791 BTC, which it acquired for $46.8 billion and at an average purchase price of $73,227 per Bitcoin.
Strategy has also achieved a BTC yield of 25.0% year-to-date (YTD). This development comes just a day after the company revealed that it didn’t buy any Bitcoin last week between July 21 and 27.
This purchase marks the company’s largest this year, ahead of the $1.92 billion and $1.34 billion purchases it made in March and May, respectively. It also further solidifies its position as the largest public Bitcoin treasury.
As CoinGape reported, the company had announced from the get-go that it would use the net proceeds from the STRC IPO to acquire more Bitcoin for its treasury. Strategy revealed that the gross proceeds from the offering were approximately $2.521 billion.
However, the net proceeds amounted to approximately $2.474 billion, after deducting the underwriting discounts and commissions and the company’s estimated offering expenses.
STRC’s Offering Is The Largest IPO This Year
Strategy also noted that the STRC IPO is the largest U.S. initial public offering this year based on gross proceeds and the largest crypto-related offering in recent years. Additionally, it is the largest U.S. exchange-listed perpetual preferred stock offering since 2009. STRC is likely to begin trading on the Nasdaq on or around July 30 under the ticker ‘STRC.’
It is worth noting that the company already launched three other Bitcoin-backed stock offerings earlier this year. It raised $584 million, $723 million, and $1 billion from the STRK, STRF, and STRD offerings, respectively.
Strategy revealed that once STRC lists on the Nasdaq, it will become the first U.S. exchange-listed perpetual preferred security that a Bitcoin Treasury will issue to pay monthly dividends.
The company also believes that the stock will be the first U.S.-exchange-listed preferred security to incorporate a board-determined monthly dividend rate policy. Lastly, it stated that the STRC represents the first short-duration, income-oriented instruments within its series of preferred offerings.
The MicroStrategy stock is trading flat in after-hours trading despite this announcement. TradingView data shows that the MSTR stock dropped over 2% today during trading hours, falling below the psychological $400 level in the process.
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