Strategy (MSTR), the largest public Bitcoin treasury company, has taken a major step toward expanding its holdings without impacting common shareholders. On July 24, Strategy raised $2.52 billion through a record-breaking preferred stock sale, far surpassing its original $500 million target.
Massive Bitcoin Acquisition Incoming
The new variable rate preferred stock, dubbed Stretch (STRC), was priced at $90 per share for 28 million shares. According to TD Cowen, nearly all of the $2.47 billion net proceeds are slated for Bitcoin purchases. Assuming an average BTC price of $120,000, Strategy could acquire over 20,500 additional BTC in this round alone.
TD Cowen analysts project the company could add over 17,000 BTC over time without issuing more common stock.
This approach reflects Strategy’s innovative funding model—leveraging different classes of preferred shares to optimize capital efficiency without common equity dilution.
Preferred Shares: A Multi-Layered Funding Strategy
STRC joins Strategy’s growing portfolio of preferred stock classes:
The company’s broader “42/42” strategy targets $84 billion in capital raised through equity and convertible notes by 2027—all for Bitcoin accumulation.
Strategy currently holds 607,770 BTC, worth approximately $80 billion, with a market cap of $114 billion.
Analysts Remain Bullish
TD Cowen reaffirmed its “buy” rating on MSTR stock with a $680 price target, citing Strategy’s unmatched cost-of-capital advantage and institutional appeal.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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