Strategy expands preferred stock offering to $2B amid Bitcoin-fueled rally
Saylor’s Bitcoin strategy powers equity raise as firm remains top corporate BTC holder
Business intelligence firm Strategy has expanded its preferred stock offering from $500 million to $2 billion as it intensifies efforts to raise capital for more Bitcoin acquisitions. The move comes as the company’s Bitcoin-centric approach continues to drive investor enthusiasm.
According to Bloomberg, the Series A Perpetual Stretch preferred shares were priced at $90 each as of noon ET on Thursday, with a 9% initial dividend. The offering includes 5 million shares and is being underwritten by top-tier financial institutions, including Morgan Stanley, Barclays, TD Securities, and Moelis & Co.
This aggressive capital raise aligns with Strategy’s long-standing Bitcoin treasury strategy. Since initiating its pivot in 2020 under Executive Chairman Michael Saylor, the company has accumulated 607,770 BTC-cementing its position as the largest corporate Bitcoin holder.
Shares of Strategy (MSTR) were flat on Thursday, hovering around $413. Still, the stock has soared 37% year-to-date and 146% over the past 12 months, pushing its market cap to $116 billion. In comparison, both the S&P 500 and the IT sector have posted gains of around 17% during the same period.
The rally in MSTR closely tracks Bitcoin’s own price surge, fueled by institutional demand via spot ETFs, regulatory momentum, and increased adoption of BTC in corporate treasuries.
Bitcoin treasury strategies take center stage
Strategy’s dominance in Bitcoin holdings has sparked broader adoption among corporations seeking long-term value in BTC. The top 100 public firms now collectively hold 917,599 BTC, with Strategy alone accounting for roughly 66% of that figure.
Quantum Solutions, a Tokyo-listed AI company, recently announced plans to purchase 3,000 BTC over the next year, joining the growing cohort of firms embracing Bitcoin as a treasury asset.
Bitcoin miners have also been accumulating BTC at a faster pace in 2025. MARA Holdings now ranks as the second-largest corporate Bitcoin holder with 50,000 BTC. Other miners such as Riot Platforms, CleanSpark, and Hut 8 are also among the top 11 corporate BTC holders.
