Strategy Raises $5.6 Billion Through Preferred Stock Offerings
MicroStrategy's Shift in 2025
MicroStrategy, now named Strategy (MSTR), has significantly influenced U.S. capital markets in 2025 by issuing preferred stock under the following tickers:
These offerings raised approximately $5.6 billion year-to-date, accounting for 12% of all U.S. IPO issuance. This indicates strong investor interest and positions the company as a key corporate proxy for bitcoin.
Performance of the preferred stocks varies:
- STRF: 31% return
- STRK: 19% return
- STRC: 8% return
- STRD: -6% return
As of August, Strategy holds 632,457 BTC, making it the largest corporate holder of bitcoin. The firm's enterprise value relative to bitcoin net asset value (NAV) is 1.60, although it has declined due to a 25% drop in stock price since July.
MSTR shares have increased by 13% year-to-date, while bitcoin gained 18%, reflecting the company's leverage to BTC and market perceptions of its financial obligations.
In addition, other U.S. IPOs contributed to a total of $42 billion in 2025, including Bullish (BLSH) and Circle (CRCL), highlighting ongoing innovation in crypto-linked capital markets.