Strategy Discloses $2.46 Billion Bitcoin Purchase Funded by STRC

Strategy disclosed a $2.46 billion bitcoin purchase

Strategy disclosed on August 4, 2025 that it had acquired 21,021 bitcoin for $2.46 billion during the period from July 28 through August 3. The company’s Form 8-K put the average purchase price at $117,256 per bitcoin, including fees and expenses, and said the acquisition was financed with proceeds from its Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC, offering.

The disclosure raised Strategy’s reported holdings to 628,791 bitcoin as of August 3. It reported an aggregate purchase cost of $46.08 billion and an average cost of $73,277 per bitcoin, both inclusive of fees and expenses. Those are issuer-reported accounting figures, not an independent reserve attestation or an on-chain proof tied to disclosed addresses.

The timing matters. Strategy completed the STRC offering on July 29, raising approximately $2.521 billion gross and about $2.47 billion net after underwriting discounts, commissions and estimated expenses. The August 4 filing therefore documented how nearly all of that net capital was deployed: the stated $2.46 billion bitcoin purchase equaled about 99.6% of the reported $2.47 billion net proceeds, a Coinburn calculation from the rounded filing figures.

Why the financing structure mattered

Strategy was no longer relying only on common shares or convertible debt to expand its bitcoin treasury. STRC added a variable-rate perpetual preferred security to a capital stack that already included common stock and three other listed preferred series. The filing showed no at-the-market sales from any of those programs between July 28 and August 3; it attributed the bitcoin purchase specifically to the separately underwritten STRC offering completed on July 29.

That distinction made the event more than another treasury purchase. It demonstrated a direct pipeline from public securities markets into a concentrated corporate bitcoin position. Preferred shareholders received a claim defined by the security’s dividend and liquidation terms, while Strategy retained the bitcoin price exposure. The structure could broaden the pool of capital funding bitcoin purchases, but it also layered dividend obligations and financing complexity around an asset whose market price could move continuously.

Using CoinMarketCap’s August 4 historical snapshot of 19,902,018 bitcoin in circulating supply, Strategy’s 628,791 reported bitcoin represented approximately 3.16% of circulating supply. That is Coinburn’s calculation, not a figure stated by Strategy. It is also limited by the company-reported holding total and CoinMarketCap’s aggregated supply estimate rather than independently verified custody records.

Market context, with limits

CoinMarketCap’s historical snapshot listed bitcoin at $115,071.88 on August 4, with a $2.290 trillion market capitalization, $35.783 billion of 24-hour volume and a 0.75% 24-hour gain. This was an aggregated crypto-market snapshot, not an official exchange close: bitcoin trades continuously, venue prices differ, and the page does not expose a single closing-auction methodology.

Against that snapshot, Strategy’s $117,256 average acquisition price was about 1.90% higher, another Coinburn calculation. That comparison does not establish a trading loss on August 4 because the purchases occurred across seven calendar dates and the snapshot is only one market observation. Nor does the same-day 0.75% move show that Strategy’s disclosure caused the market change.

What the record establishes

The August 4 Form 8-K is direct primary evidence for the purchase window, financing source, holdings and cost figures. Contemporaneous reporting described the acquisition as Strategy’s third-largest bitcoin purchase by dollar value, but the filing is controlling where secondary numbers diverge.

The verified conclusion is narrow: on August 4, Strategy publicly documented a large, preferred-stock-funded addition to its bitcoin treasury. The record did not prove custody, disclose execution venues or wallets, establish that the financing model was durable, or predict bitcoin’s subsequent price. Those questions required later filings and independent evidence.