Strategy has used preferred stock to raise billions, helping it grow as a major bitcoin investor.
- Strategy raised $5.6 billion through four preferred stock offerings.
- The company now holds over 632,000 bitcoins.
- Its stock has underperformed bitcoin in recent months.
Strategy’s Big Stock Plan Brings in Billions
In 2025, Strategy (formerly MicroStrategy) launched four different preferred stock offerings: STRK, STRF, STRD, and STRC. These combined brought in around $5.6 billion. That number makes up 12% of all U.S. IPOs this year. It shows how much interest there is in the firm and its bitcoin link.
Different Results for Different Shares
The company’s preferred stock options had different performances. STRF led with a 31% return. STRK returned 19%, and STRC returned 8%. But STRD didn’t do well, with a 6% loss. This mix helped Strategy lower risk while raising money.
Strategy Holds the Most Bitcoin
With the funds raised, Strategy boosted its bitcoin vault. As of August, it held 632,457 BTC. This makes it the largest company in the world holding bitcoin. Its enterprise value compared to its net asset value (NAV) is 1.60. But that number fell after the stock price dropped over 25% from highs in July.
Stock Price Trails Bitcoin
Even with all this bitcoin, Strategy’s main stock (MSTR) hasn’t fully kept up with bitcoin’s price. So far this year, MSTR is up 13%, but bitcoin has climbed 18%. This shows how MSTR can be more affected by debt and share types than BTC itself.
Strong Year for Crypto Stocks
Strategy isn’t alone. 2025 has seen other big U.S. IPOs like crypto exchange Bullish (BLSH) and Circle (CRCL). These listings, combined with Strategy’s, have driven a total of $47.6 billion in new listings this year. That points to more investors wanting crypto-linked stocks.
Source: coindesk.com
