MicroStrategy Deploys $2.52 Billion IPO Windfall to Buy 21,021 Bitcoin

MicroStrategy has closed the $2.52 billion initial public offering of its bitcoin-focused subsidiary, Strategy (ticker STRC), and allocated almost all of the $2.47 billion in net proceeds to buy 21,021 additional bitcoins at an average price of $117,256 apiece.

The purchase lifts the software company’s stockpile to 628,791 bitcoins, acquired at an average cost of about $73,277 each, reinforcing MicroStrategy’s status as the largest corporate holder of the cryptocurrency.

STRC shares are scheduled to begin trading on Nasdaq on 30 July at $90, making the deal the biggest U.S. IPO so far this year. MicroStrategy plans to report quarterly earnings later this week.

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