Strategy said it made no bitcoin purchases in the week ended July 27, leaving its aggregate holdings unchanged at 607,770 BTC. The company’s total aggregate purchase price stands at $43.61 billion, reflecting an average purchase price of $71,756 per bitcoin, inclusive of fees and expenses, according to a Form 8‑K filed with the U.S. Securities and Exchange Commission on Monday.
The Bitcoin treasury company also reported no sales under any of its active at‑the‑market programs during July 21–27, leaving sizable capacity available of $17.04 billion on the common‑stock ATM, $20.45 billion on the STRK (8.00% Series A Perpetual Strike), $1.88 billion on the STRF (10.00% Series A Perpetual Strife), and $4.18 billion on the STRD (10.00% Series A Perpetual Stride) facilities.
Largest US IPO in 2025
Strategy’s second pause of its weekly BTC accumulation in July comes days after Strategy priced and upsized its Variable‑Rate Series A Perpetual Stretch preferred stock offering at $90 per share, tabling 28,011,111 shares for sale to raise over $2.5 billion. The deal is expected to settle on July 29, and the net proceeds will fund additional bitcoin purchases and general corporate purposes, a press release from last week stated.
Saylor’s BTC treasury company also touted its STRC public sale as the largest U.S. IPO of 2025, aiming to surpass raises boasted by firms like CoreWeave and Circle.
Strategy’s STRC to raise $2.5 billion in the largest U.S. IPO this year. Image: Strategy
Equity-to-BTC flywheel
The company continues to raise cash from capital markets to fuel additional BTC acquisitions, a playbook some critics have scrutinized as a risky bubble primed to burst at some point.
Experts from TD Cowen argue that logic is flawed, contending that Strategy’s net asset value premium is justified, as management has repeatedly converted that premium into more BTC, creating an equity-to-bitcoin flywheel. The bank stated that the approach has significantly increased BTC per share over the past 18 months and could continue as long as access to capital remains open.
Strategy is the largest publicly listed holder of Bitcoin, standing as a bellwether for the BTC treasury trend and the broader corporate crypto reserve bandwagon.
Approximately 160 public companies have disclosed Bitcoin balance sheets, including names like MARA and Metaplanet. Together, the complex holds over 752,990 BTC, or just under 4% of the asset’s 21 million supply, The Block’s data dashboard shows.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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