Strategy’s Preferred Share Issuance Reinforces Its Status as Bitcoin’s Leading Corporate Proxy

Billions raised through STRK, STRF, STRD and STRC have cemented Strategy’s role as the most prominent corporate proxy for bitcoin in 2025.

Formerly known as MicroStrategy, Strategy (MSTR) has leaned heavily on preferred share offerings this year, issuing a suite of securities under tickers STRK, STRF, STRD and STRC. Together, the vehicles have raised roughly $5.6 billion year-to-date — representing 12% of all U.S. IPO issuance in 2025, across both preferred and common stock, according to company data. The scale highlights both investor appetite and Strategy’s central role in corporate bitcoin exposure.

Returns across the series are mixed. STRF has delivered the strongest performance with a 31% lifetime return, followed by STRK at 19% and STRC at 8%, while STRD trails at –6%. Despite the uneven track record, the collection of preferreds has provided Strategy with a diversified capital base to expand its bitcoin treasury. As of August, the company controls 632,457 BTC, maintaining its position as the world’s largest corporate holder.

On valuation, Strategy’s enterprise value relative to its bitcoin net asset value (NAV) stands at 1.60. NAV is calculated by dividing enterprise value — inclusive of preferreds and convertible debt — by the firm’s BTC holdings. That ratio has compressed in recent weeks as MSTR shares slid more than 25% from their July peak.

Even so, shares are up 13% year-to-date, trailing bitcoin’s 18% gain. The divergence underscores both the company’s leverage to BTC and the market’s assessment of its balance sheet obligations.

Strategy’s fundraising push has unfolded against a backdrop of renewed IPO momentum in U.S. markets. Other major 2025 debuts, including Bullish (BLSH) and Circle (CRCL), have contributed to the year’s $42 billion in new issuance — reflecting heightened risk appetite and growing integration of crypto into capital market structures.