Preferred Shares From Strategy Signal Strong Bullish Perimeter for Bitcoin

Strategy’s Preferred Share Issuance Strengthens Its Position as Bitcoin Proxy

Strategy (MSTR), formerly MicroStrategy, has raised $5.6 billion this year through a suite of preferred share offerings under tickers STRK, STRF, STRD and STRC, cementing its role as the leading corporate proxy for bitcoin. The deals accounted for 12% of total U.S. IPO issuance in 2025, according to company data.

Performance among the preferreds has been mixed: STRF leads with a 31% lifetime return, followed by STRK at 19% and STRC at 8%, while STRD has fallen 6%. The proceeds have helped Strategy expand its bitcoin treasury to 632,457 BTC, the largest corporate holding globally.

The company’s enterprise value-to-BTC NAV ratio sits at 1.60, though it has compressed as MSTR shares dropped more than 25% since July. Year-to-date, MSTR is up 13%, compared with bitcoin’s 18% rise, reflecting both leverage to BTC and investor focus on its debt and preferred obligations.

The capital raise comes amid a resurgence in U.S. IPOs, with firms like Bullish (BLSH) and Circle (CRCL) helping drive $42 billion in issuance, signaling a renewed appetite for crypto-linked market innovation.

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