Investment holding company Strategy Corp has significantly increased its at-the-market offering of Series A Cumulative Convertible Preferred Stock (ticker: STRC) from $500 million to $2.5 billion.
The substantial capital raise is explicitly targeted at acquiring additional Bitcoin. This move aligns closely with the firm’s established strategy of using capital markets to expand its Bitcoin treasury holdings.
Strategy Corp now controls a massive 607,770 Bitcoin, valued at over $70 billion at current market prices. These holdings represent nearly 2.9% of Bitcoin’s total capped supply of 21 million coins.
Reinitiating its Bitcoin aggregation effort after a multi-quarter pause, Strategy Corp acquired approximately $472 million worth of Bitcoin earlier in July. This was followed by an even larger acquisition of $740 million worth of Bitcoin.
Despite ongoing volatility inherent to the Bitcoin market, price movements of Strategy Corp’s common stock (MSTR) have continued to show a strong correlation with Bitcoin’s market value.
This expanded $2.5 billion offering and the accompanying aggressive purchase pattern underscore Strategy Corp’s unabatedly long-term bullish conviction regarding Bitcoin.