Preferreds Drive Strategy’s Treasury Expansion, Mixed Investor Returns
Strategy (MSTR), the rebranded MicroStrategy, has leaned heavily on preferred stock in 2025, issuing four separate classes that raised $5.6 billion. Together, they represent 12% of all IPOs on U.S. markets this year.
Investor performance across the offerings varies widely. STRF has delivered a 31% lifetime return, while STRK and STRC are positive at 19% and 8%. STRD, however, is negative at -6%. Proceeds from the capital raises have helped boost Strategy’s bitcoin holdings to 632,457 BTC, the largest corporate stash globally.
With MSTR up 13% year-to-date against bitcoin’s 18%, the market is discounting the company’s debt load and preferred obligations. The firm’s enterprise value to BTC NAV ratio sits at 1.60, down in recent weeks as shares retreated 25% from July highs.
