MicroStrategy Sells Common Stock to Fund $357M in Bitcoin Purchases

Bitcoin’s role has shifted this year from a fringe asset to a mainstream treasury play, with public companies now treating it like gold on their balance sheets. That trend has shaped much of 2025’s corporate finance game plan.

The standout, of course, is MicroStrategy – now doing business as Strategy. It just raised about $310 million by issuing new common stock, and put the funds toward a new purchase of 3,081 BTC – a $357 million investment that adds to Strategy’s total stockpile of 632,457 BTC.

But at the same time, another corporate experiment is gaining ground. HYLQ Strategy is now mirroring Strategy’s model – only instead of Bitcoin, they’re focusing on Hyperliquid’s HYPE token. Could HYLQ be the best crypto stock to buy now?

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Breakdown of MicroStrategy’s Latest Bitcoin-Funded Stock Sale

Strategy has once again leaned on its at-the-market equity program to buy Bitcoin. The firm recently sold $310 million worth of new common shares, and used the proceeds to grab almost $357 million worth of BTC last week – its first equity-funded buy in nearly a month.

The move followed the loosening of a self-imposed rule that had limited share issuance under certain valuation thresholds. This change gives Strategy more flexibility to issue shares whenever it sees a good chance to stack BTC.

Selling new shares in this manner does dilute the ownership stakes held by existing investors – but it can also work in shareholders’ favor if the stock trades at a premium to its net asset value (NAV), which is the per-share value of the Bitcoin that Strategy holds. In that case, Strategy is basically turning its premium-priced stock into even more Bitcoin.

With this latest buy, Strategy’s total holdings have climbed to 632,457 BTC – solidifying the company’s spot as the largest corporate Bitcoin holder in the world.

MicroStrategy’s Relentless Accumulation Inspires More Corporate BTC Buys

Last week’s purchase wasn’t a one-off. Strategy has been on an aggressive accumulation streak throughout 2025, using both common and preferred stock sales to fund even bigger Bitcoin buys.

Back in mid-June, Strategy spent over $1 billion to acquire 10,100 BTC. By the end of that month, another 4,980 BTC was added for more than $530 million. July brought two more huge buys: first 4,225 BTC for nearly $473 million, then a massive $2.5 billion raise that funded a purchase of 21,000 BTC.

This playbook is no longer Strategy’s alone. Semler Scientific in the U.S. is using a similar approach, and has built a stack of over 5,000 BTC, while Japan’s Metaplanet is also preparing an $880 million share sale largely intended to buy more Bitcoin.

Strategy might have created the model, but 2025 is proving that everyone wants to apply it – so we could even see more companies adopt similar treasury strategies in 2026.

Why HYLQ Strategy Could Be the Best Crypto Stock to Buy Now

MicroStrategy has clearly demonstrated that a corporate balance sheet can become a vehicle for crypto exposure. HYLQ Strategy is doing the same thing – but instead of Bitcoin, it’s focused on Hyperliquid’s HYPE token.

The Canadian-listed firm rebranded back in June to reflect this new direction, calling itself a “publicly traded Hyperliquid exposure” vehicle. For equity investors who want exposure to the Hyperliquid ecosystem without dealing with wallets or exchanges, HYLQ offers a simple, direct proxy.

To this end, the company has been steadily accumulating Hyperliquid’s native token, HYPE, and disclosed multiple purchases – building their holdings to nearly 29,000 HYPE by early July.

This month, they completed a $5 million private placement to fund even more HYPE accumulation and ecosystem investments. HYLQ also announced a partnership with Kinetiq, a liquid-staking protocol on Hyperliquid, which shows they want to do more than just hold HYPE.

For investors, the appeal is straightforward. HYLQ trades on the Canadian Securities Exchange (CSE:HYLQ) and has an OTC listing (HYLQF) for U.S. traders. The model is familiar – just like MicroStrategy’s – but it’s applied to a network still early in its development and expansion cycle.

If Hyperliquid’s growth continues, HYLQ shareholders could be well-positioned to benefit – making it one of the best crypto stocks to consider investing in this month.

This publication is sponsored. CryptoDnes does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any action related to cryptocurrencies. CryptoDnes shall not be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services mentioned.