Michael Saylor’s Strategy Raises $715M to Strengthen Its Bitcoin Treasury

Bitcoin

Strategy Inc., known as the pioneer of Bitcoin-based corporate reserves, has completed a major funding milestone with the successful pricing of its Series A Perpetual Stream Preferred Stock.

Key Takeaways

Strategy raises new capital through a large preferred stock offering.
The firm expands its Bitcoin holdings while climbing U.S. treasury rankings.
Market volatility tests investor confidence around the $100K BTC level.

The $715 million raise marks one of the largest equity-linked financings in the company’s history, reinforcing its status as the world’s leading Bitcoin treasury.

The preferred shares, listed under the STRE ticker, were priced at €80 each, with settlement expected on November 13. The proceeds, according to the firm, will primarily be directed toward additional Bitcoin acquisitions and operational liquidity.

Investors Pile In as Offering Grows Beyond Expectations

What began as a $405 million target quickly expanded after heavy institutional demand. Chairman and CEO Michael Saylor confirmed that the offering size was increased to $715 million following multiple rounds of oversubscription. The deal was managed by an elite banking syndicate led by Barclays, Morgan Stanley International, Moelis & Company, SG Americas Securities, TD Securities, Canaccord Genuity, and StoneX Financial.

After expenses, Strategy expects to net roughly €608.8 million ($702.2 million). The Euro-based structure makes it the first preferred stock issuance of its kind aimed at investors across both Europe and the global institutional market.

A New Breed of Dividend Stock

The STRE shares feature a 10% annual dividend, distributed quarterly beginning December 31, 2025. If any payment is postponed, the unpaid balance compounds each quarter, climbing by 1% until a maximum annual rate of 18% is reached. To guarantee continuity, the company said it may liquidate portions of its STRK, STRD, or MSTR holdings to fund missed payments within 60 days.

Bitcoin Reserves Surge Past 641,000 BTC

While investors were busy snapping up shares, Strategy quietly boosted its Bitcoin position once again. A recent disclosure revealed the purchase of 397 additional BTC, valued at around $45.6 million, bringing total holdings to a staggering 641,205 coins. The firm’s cumulative Bitcoin cost basis now sits near $47.49 billion.

Saylor said the company’s Bitcoin yield in 2025 has already reached 26.1%, reflecting both active treasury management and the asset’s strong recovery earlier in the year.

Strategy Climbs U.S. Treasury Rankings

With its Bitcoin reserves now worth about $64.2 billion, Strategy has overtaken NVIDIA to enter the top 10 largest U.S. corporate treasuries. Only a handful of giants, including Berkshire Hathaway, Apple, Google, Microsoft, Amazon, Ford, Meta, and General Motors, sit ahead in reserve value.

Unlike those firms, however, Strategy holds no significant cash position — its entire reserve is built on Bitcoin. This unique approach has cemented the company as the face of the corporate Bitcoin standard.

Volatile Market Puts Strategy’s Conviction to the Test

Despite the record balance sheet, recent volatility has cut unrealized gains from $15 billion to $11.7 billion as Bitcoin repeatedly dips near the $100,000 mark. The correction has tempered institutional enthusiasm across the sector, with some investors turning cautious.

At the time of writing, Bitcoin trades around $101,479 after two failed attempts to break $104,000 this week. The 7% weekly decline has reignited debate about short-term risk, but Strategy’s long-term stance remains unchanged: Bitcoin, not fiat, remains its reserve of choice.

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