Well, it’s been quite a year for the company once known as MicroStrategy. Now just called Strategy, the firm has been at the center of something pretty significant in the financial markets. They’ve issued a series of preferred stock offerings, and the scale of it all is hard to ignore.
These new tickers—STRK, STRF, STRD, and STRC—have collectively raised a staggering amount of money. We’re talking about $5.6 billion so far this year. According to the company’s own figures, that singlehandedly makes up 12% of all IPO activity in the U.S., whether you’re counting common stock or preferred. It’s a huge chunk of the market, and it tells you two things: investors are clearly interested, and Strategy remains the most prominent corporate stand-in for bitcoin.
Mixed Results Across the Board
But not all of these offerings have performed the same. The returns have been a real mixed bag. STRF is out in front with a lifetime return of 31%, which is nothing to scoff at. STRK follows at 19%, and STRC is sitting at 8%. STRD, however, has struggled and is actually down 6%. Despite that laggard, the whole strategy—pardon the pun—has given the company a more varied way to fund its operations. And its main operation, it seems, is accumulating bitcoin.
As of August, the company’s treasury holds 632,457 BTC. That just cements its position as the largest corporate holder of bitcoin in the world. It’s a massive bet, and everything the company does seems to revolve around it.
Valuation and Performance Gaps
The firm’s enterprise value relative to its bitcoin net asset value is currently at 1.60. That’s a figure that includes all the preferred stock and convertible debt. It’s worth noting, though, that this ratio has actually declined over the past month. The stock itself has fallen more than 25% from its high back in July, which has pulled that number down.
If you look at the year so far, MSTR shares are up 13%. Bitcoin itself is up 18% over the same period. That difference is interesting. It highlights the company’s inherent leverage to bitcoin’s price, sure, but it also shows that the market is factoring in the cost of all that debt and preferred stock. It’s not a pure play; there are other things to consider.
A Broader Trend in the Market
Strategy’s massive capital raise isn’t happening in a vacuum. Other U.S. IPOs have had a strong 2025 as well, making up the remaining $42 billion in issuance. Names like Bullish (BLSH) and Circle (CRCL) have also seen success. It feels like this year is being defined by a renewed willingness to take on risk, particularly when it’s tied to crypto and digital assets.
Whether that appetite continues is anyone’s guess. For now, Strategy’s moves are a major part of the story.
(The analyst who wrote this piece owns shares of MicroStrategy (MSTR)).
