In an X (formerly Twitter) post on Sunday, Strategy (MSTR) announced that the recent IPO of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) has set the record as the largest IPO in 2025.
In the image attached to the post, Strategy showed that STRC’s $2.5 billion IPO, which was upsized by a factor of five, was $0.75 billion larger than the second largest IPO and over twice the size of the Circle (CRCL) IPO.
Notably, Strategy’s STRD IPO came in eighth on the ranking of IPOs in 2025. STRD raised $1 billion in early June. Shortly after the STRD IPO, Strategy announced a $4.2 billion ATM offering on STRD.
Strategy aims to be the premier issuer of bitcoin-backed credit instruments, having launched four series of perpetual preferred shares in 2025.
