Strategy Eyes $2.1B Stock Sale Amid Bitcoin Buying Buzz
Aggressive capital raise fuels speculation of another major Bitcoin acquisition.
Michael Saylor’s Strategy is once again drawing attention with plans to raise up to $2.1 billion through a preferred stock offering, sparking widespread speculation about a potential new Bitcoin accumulation wave.
The move, detailed in a May 22 SEC filing, outlines an at-the-market offering agreement with TD Securities, Barclays Capital, and The Benchmark Company for the issuance of 10% Series A Perpetual Preferred Stock, trading under the ticker STRF on Nasdaq. The stock closed at $100.65 on May 21.
Another Bitcoin Megabuy on the Horizon?
Although the filing does not explicitly allocate the proceeds to Bitcoin purchases, Strategy’s track record suggests crypto could be the endgame. The firm has repeatedly used similar equity-based fundraising models to finance substantial Bitcoin buys—an approach that has become its signature.
Under the terms of the offering, Strategy can sell STRF shares at prevailing market prices, through negotiated transactions, or via block trades. There is no escrow requirement, giving the company full discretion on the timing and size of sales. The offering agents are entitled to receive up to 2% in gross proceeds as commission.
The stock carries a 10% annual dividend, paid quarterly in cash if declared by the board. The new issuance joins the existing 8.5 million shares of STRF already in circulation, with identical terms: a $100 liquidation preference, voting rights, and a host of shareholder protections.
These include the right for investors to redeem their shares at par plus accrued dividends in the event of a “fundamental change”, such as a merger, delisting, or significant business restructuring. Strategy also reserves the right to redeem shares if outstanding STRF stock falls below 25% of the total ever issued or if certain tax events occur.
Strategy’s Bitcoin Bet: Bigger Than Ever
The stock offering comes just days after Strategy made headlines with another sizable Bitcoin buy. Between May 12–18, the company acquired 7,390 BTC at an average price of $103,498 per coin, spending a total of $764.9 million.
As of May 18, Strategy holds 576,230 BTC on its balance sheet—purchased at an average cost of $69,726 per coin, totaling roughly $40.18 billion in accumulated Bitcoin. The firm’s bold accumulation strategy has already delivered a 16.3% return in 2025, as Bitcoin recently surged past $104,000.
These figures not only underscore Strategy’s deep conviction in Bitcoin but also place it among the most heavily Bitcoin-exposed entities in the world. The company’s approach has transformed it from a niche tech firm into a de facto institutional Bitcoin fund.
“Strategy holds more of the best asset and most pristine collateral on the planet than any other company, by multiples,” said Jeff Walton, an analyst at Strategy.
Walton added that Strategy could eventually become “the top publicly traded company in the world,” largely due to its unmatched Bitcoin holdings and aggressive expansion tactics.
Investor Appetite and Market Impact
The STRF offering is structured to appeal to income-focused investors, thanks to its high-yield dividend and layered investor protections. The preferred stock has proven popular in past rounds, helping Strategy finance Bitcoin buys without diluting common shareholders.
Notably, preferred shares like STRF do not carry the same risks as equity linked directly to volatile cryptocurrency prices, though investors should be aware of indirect exposure to Bitcoin’s price performance, given Strategy’s operational strategy.
The offering’s flexibility also allows Strategy to respond dynamically to market opportunities. By not locking funds into escrow and executing sales gradually, the company can time Bitcoin purchases to coincide with favorable price movements, potentially maximizing the impact of each dollar raised.
Strategic Positioning in a Bullish Market
With Bitcoin hovering near all-time highs and institutional adoption on the rise, Strategy’s continued capital deployment could position it as one of the largest single holders of Bitcoin globally—rivaling major ETFs and sovereign assets.
The firm’s approach—leveraging traditional financial instruments like preferred stock to amass a crypto treasury—is increasingly seen as a model for hybrid corporate-crypto strategy. This hybridization, coupled with Michael Saylor’s vocal Bitcoin evangelism, continues to blur the lines between traditional equity finance and digital asset accumulation.
If the current offering is fully subscribed and used to purchase Bitcoin, Strategy’s holdings could potentially surpass 600,000 BTC, further entrenching its role as a dominant institutional force in the crypto space.
Conclusion: Bitcoin Titan Doubles Down
Strategy’s latest fundraising plan reinforces its commitment to long-term Bitcoin exposure, using financial engineering to align investor returns with the company’s crypto-centric vision. While the official filing remains silent on how the funds will be used, the market has seen this playbook before—and the signs point once again toward Bitcoin.
As institutional capital continues to flow into digital assets, Strategy’s bold bet on Bitcoin is not just about price speculation. It’s a deliberate effort to reshape the nature of corporate treasury management and redefine what it means to be a 21st-century technology company.
Whether or not this raise leads to another billion-dollar Bitcoin purchase, one thing is clear: Strategy isn’t done yet.
