{"id":45918,"date":"2025-07-28T13:46:29","date_gmt":"2025-07-28T18:46:29","guid":{"rendered":"https:\/\/bitcoinmagazine.com\/?p=45918"},"modified":"2025-07-28T14:56:31","modified_gmt":"2025-07-28T19:56:31","slug":"td-cowen-can-strategy-will-purchase-17000-bitcoin-without-equity-dilution","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/news\/td-cowen-can-strategy-will-purchase-17000-bitcoin-without-equity-dilution","title":{"rendered":"TD Cowen Says Strategy Can Purchase 17,000 Bitcoin Without Equity Dilution"},"content":{"rendered":"
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Strategy (MSTR), the world\u2019s largest corporate Bitcoin holder, has raised<\/a> $2.52 billion through the IPO of its new preferred stock, Stretch (STRC), pricing 28 million shares at $90 each, surpassing the initial $500 million target. This marks the biggest equity IPO of 2025 so far, according<\/a> to TD Cowen, which also noted that the structure allows Strategy to continue accumulating Bitcoin without diluting existing common shareholders.<\/p>\n\n\n\n

\"Strategy<\/figure>\n\n\n\n

Strategy now holds 607,770 BTC, worth about $80 billion, with a market cap of $114 billion. At the time of writing, MSTR shares trade around $406.5. Nearly all of the $2.47 billion in net proceeds will be used to buy more Bitcoin. At an assumed average price of $120,000 per BTC, Strategy could add over 20,500 BTC to its treasury. <\/p>\n\n\n\n

“By offering a wide assortment of bitcoin\u2011backed securities designed to appeal to discreet classes of investors, Strategy acts as a funnel for institutional capital flows into Bitcoin<\/a>,” TD Cowen’s Lance Vitanza and Jonnathan Navarrete wrote in a note to clients. “It’s a sound business model that has attracted many new entrants\u2026 no one is likely to match let alone beat Strategy’s cost\u2011of\u2011capital advantage.”<\/p>\n\n\n\n

The STRC stock offers a variable annual dividend starting at 9%, payable monthly in cash, and is designed to maintain a trading price near its $100 par value. The company retains redemption rights once listed and offers protections like repurchase options and dividend accrual for shareholders.<\/p>\n\n\n\n

Strategy continues positioning itself as the institutional gateway to Bitcoin. TD Cowen analysts noted the firm\u2019s cost-of-capital advantage and projected it could add another 17,000 BTC over the next decade without diluting common shareholders.<\/p>\n\n\n\n

This move aligns with Strategy\u2019s aggressive Bitcoin accumulation plan, which includes its 42\/42 program targeting $84 billion<\/a> in capital raised for BTC purchases through 2027. It follows last week\u2019s $740 million Bitcoin buy of 6,220 BTC.<\/p>\n","protected":false},"excerpt":{"rendered":"

Strategy (MSTR) raised $2.52 billion through its STRC preferred stock IPO and plans to invest nearly all proceeds into Bitcoin. <\/p>\n","protected":false},"author":3788,"featured_media":42695,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4378],"tags":[76,5974,4284,5440,1412],"class_list":{"0":"post-45918","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-bitcoin","9":"tag-equity-dilution","10":"tag-mstr","11":"tag-strategy","12":"tag-td-cowen"},"author_data":{"id":3788,"name":"Oscar Zarraga Perez","nicename":"oscarperez","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/05\/cropped-Oscar-Zarraga-Perez-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2025\/05\/Strategys-Bitcoin-Surge-Why-MSTR-Could-Outperform-BTC-in-2025.webp","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/45918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3788"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=45918"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/45918\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/42695"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=45918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=45918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=45918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}