Bitcoin giant Strategy has purchased 21,021 BTC for $2.47 billion, following the largest U.S. IPO of 2025. The company raised the funds by selling 28 million shares of its new preferred stock, STRC, at $90 each. The offering, upsized from an initial $500 million goal, more than doubled the size of Circle’s $1 billion IPO in June.

This latest purchase brings Strategy’s total Bitcoin holdings to 628,791 BTC, acquired at an average price of $117,256 per coin. It’s the firm’s largest buy since March, according to BitcoinTreasuries.NET. Strategy, formerly MicroStrategy, has consistently used equity, debt, and convertible notes to expand its Bitcoin treasury, inspiring over 160 public companies to add crypto to their balance sheets.

STRC is set to begin trading on Nasdaq Wednesday, becoming the first U.S.-listed perpetual preferred stock issued by a Bitcoin treasury firm. Strategy’s offerings, including STRK, STRF, and STRD, aim to attract income-focused investors while fueling further Bitcoin accumulation.