Strategy Inc. Adds $739.8M in BTC, Unveils Preferred Stock IPO to Grow $43B Bitcoin Treasury

Institutional Confidence Grows as Strategy Bets Big on Bitcoin

Strategy Inc., chaired by Bitcoin maximalist Michael Saylor, has made another decisive move in its long-running BTC acquisition campaign. On July 20, 2025, the company added 6,220 BTC to its treasury, spending $739.8 million in one of its most aggressive single-week buys to date. The purchase was funded entirely through at-the-market (ATM) equity offerings, consistent with the firm’s capital strategy of converting equity into Bitcoin without relying on debt. This latest move brings Strategy’s total holdings to 607,770 BTC, further securing its position as the world’s largest institutional Bitcoin holder. At current market valuations, as of July 21, the firm’s Bitcoin reserves exceed $43 billion.

The average price paid for the newly acquired BTC was $118,940—well above Strategy’s lifetime average of $71,756 per coin. This premium underscores the company’s conviction in Bitcoin’s long-term trajectory. With BTC hovering above $115,000 after reaching an all-time high of $123,000, Strategy’s BTC portfolio has delivered a year-to-date return of 20.8%, sharply outperforming conventional treasury assets. Market analysts point to a bullish pennant formation in BTC’s technical chart, suggesting continued upward momentum. That pattern adds weight to Strategy’s ongoing thesis that Bitcoin functions as a superior store of value, and strengthens the crypto price index outlook for institutional capital allocators.

From July 14 to July 20, Strategy raised approximately $740.3 million in capital to fund this latest BTC purchase. The firm sold 1,636,373 MSTR common shares, generating $736.4 million, while also issuing a mix of preferred equity instruments: 5,441 STRK shares with an 8.00% yield ($700,000), 2,000 STRF shares with a 10.00% yield ($200,000), and 31,282 STRD shares also at 10.00% yield ($3.0 million). These instruments are part of multibillion-dollar equity issuance programs, with the MSTR and STRK classes each authorized up to $21 billion. The scale and efficiency of these offerings indicate strong investor confidence in Strategy’s BTC-first treasury approach, particularly given that none of the new funds were raised via debt or unfavorable dilution.

Two days after the BTC acquisition, on July 22, Strategy announced a new preferred stock IPO involving the issuance of 5 million shares. Though the targeted raise amount was not disclosed, proceeds are earmarked exclusively for Bitcoin acquisitions. The IPO builds on the company’s ongoing ATM equity sales and marks a further expansion of its capital market activity aimed at increasing Bitcoin exposure. This move provides yet another funding mechanism that supports the company’s transformation into a crypto-native treasury operator. By funneling equity proceeds directly into BTC, Strategy continues to blur the line between technology firm and institutional crypto allocator.

Michael Saylor has remained vocally bullish, posting “Stay humble, stack sats” on July 19, just hours after the $739.8 million buy. The remark is widely interpreted as a reaffirmation of the firm’s long-term, no-sell Bitcoin strategy. Saylor’s messaging and Strategy’s capital behavior continue to set the tone for other institutions considering similar treasury allocations. The crypto price index benefits from such moves, as companies like Strategy bring a sense of permanence and credibility to Bitcoin’s role in corporate finance.

Strategy’s growing portfolio—now valued at more than $43 billion—demonstrates how far its equity-for-Bitcoin model has come since inception. As crypto regulation evolves and ETF infrastructure matures, more public companies could follow this blueprint. The firm’s actions are not just moving the coin market cap needle—they are also influencing how Wall Street views balance sheet management in the age of digital assets. Bitcoin’s continued stability above $115,000, paired with Strategy’s expansion through IPO and equity channels, signals growing institutional confidence and a shifting framework for capital preservation and growth in the digital era.

This article has been refined and enhanced by ChatGPT.