Strategy's Preferred Shares Create a Bullish Circle Around Bitcoin in 2025

Strategy's Preferred Shares Form a Bullish Circle Around Bitcoin

MicroStrategy, now rebranded as Strategy (MSTR), has significantly impacted U.S. capital markets in 2025 by issuing a series of preferred stock under the tickers STRK, STRF, STRD, and STRC. These offerings have collectively raised approximately $5.6 billion year-to-date, accounting for a substantial 12% of all U.S. IPO issuance (including both preferred and common stock), according to Strategy's reports. This massive scale highlights the strong investor appetite and solidifies Strategy's position as the leading corporate proxy for Bitcoin (BTC).

Performance across these preferred shares has varied, with STRF leading at a 31% lifetime return, followed by STRK at 19%, STRC at 8%, and STRD lagging with a -6% return. Despite these differences, this diversified financing approach has provided Strategy with a robust base to fund its treasury operations. As of August 2025, the company holds an impressive 632,457 BTC, reinforcing its status as the world's largest corporate holder of Bitcoin.

The firm's enterprise value relative to Bitcoin's net asset value (NAV) stands at 1.60x, calculated by dividing the enterprise value (which includes preferred shares and convertible debt) by the Bitcoin holdings. However, this multiple has declined over the past month as the stock price fell more than 25% from its July high. Year-to-date, MSTR shares are up 13%, compared to an 18% gain in Bitcoin, underscoring the company's leverage to BTC and the market's assessment of its debt and preferred stock obligations.

In addition to Strategy's offerings, other notable U.S. IPOs in 2025, such as Bullish (BLSH) and Circle (CRCL), have contributed to the remaining $42 billion in issuance, marking a year characterized by renewed risk appetite and innovation in crypto-linked capital markets.