➣ Key Points:
- Strategy holds over 607,000 BTC—making it the largest corporate Bitcoin stash globally
- Saylor’s outfit raised $2 billion to fund further Bitcoin purchases.
- Critics claim the model resembles a risky, leveraged Bitcoin ETF
Michael Saylor’s firm, Strategy, has dramatically increased its latest fundraising effort to $2 billion, up from the originally planned $500 million. The move comes through the expanded sale of “Series A Perpetual Stretch” preferred shares, signaling renewed investor confidence in the company’s long-standing Bitcoin acquisition strategy.
Each Stretch share is priced at around $90, offering an initial 9% dividend. The dividend rate will reset monthly in an effort to maintain a stable price near its $100 par value. The new offering will sit higher than Strategy’s other preferred shares like “Strike” and “Stride,” but remains below its convertible bonds and older “Strife” shares in the capital stack.
The deal is backed by Morgan Stanley, Barclays, Moelis & Co., and TD Securities, with pricing expected at midday New York time. This aggressive capital raise highlights the firm’s intent to continue leading corporate investment into Bitcoin despite market fluctuations.
Bitcoin Holdings Surge Past 607,000 BTC
The sole purpose of this capital raise is simple: buy more Bitcoin. Strategy has already acquired 607,770 BTC, representing over 3% of the total circulating Bitcoin supply—making it the largest corporate holder of Bitcoin globally. Its July 2025 acquisition of 6,220 BTC for $740 million further reflects its aggressive accumulation.
The company’s share price has seen strong momentum, trading near $412–$413, with a market cap of approximately $115–$116 billion. Strategy’s stock is up more than 140% year-over-year and over 37% year-to-date, significantly outpacing most tech peers and crypto-related stocks.
Public records also show that Strategy now holds around 66% of all Bitcoin owned by public companies, a dominant lead that has earned both admiration and criticism in the crypto community.
Risky Model or Financial Masterstroke?
While Michael Saylor’s vision has turned heads and multiplied shareholder value, experts remain cautious. Strategy’s model is built on repeated equity and debt issuance, using proceeds to buy Bitcoin while its core software business contributes minimal operating cash flow.
Critics, including analysts from the Financial Times, argue the company now resembles a leveraged Bitcoin ETF wrapped in a corporate shell. The reliance on capital markets to fund Bitcoin purchases poses systemic risks. A sharp correction in Bitcoin price or falling investor confidence could make it difficult for Strategy to service its preferred stock dividends or refinance maturing obligations.
Still, supporters argue Michael Saylor’s ability to consistently secure funding—even in volatile markets—demonstrates strategic brilliance. His transformation of a traditional tech firm into a Bitcoin-centric financial vehicle has become a blueprint for high-conviction crypto investing.
“There’s no second-best,” Saylor has famously said about Bitcoin and Strategy’s actions continue to back that belief, regardless of market risks.
Michael Saylor’s Strategy has upped its Bitcoin ante by expanding its preferred stock offering to $2 billion, reinforcing its role as a corporate juggernaut in the crypto space. With over 607,000 BTC in reserves and a capital structure built to feed Bitcoin accumulation, the company’s model walks a fine line between brilliance and risk. As Bitcoin’s next rally unfolds, all eyes remain on Strategy to see whether this bold bet pays off—or implodes under its own weight.
Visit Visionary CIOs for the most recent information.
