What to know:
- Preferred returns are showing discrepancies: STRF is up 31%, STRK 19%, STRC 8%, while STRD is down 6%. MSTR trades at a 1.60x multiple to Bitcoin NAV.
- Strategy holds 632,457 BTC, accounting for 12% of all U.S. IPOs issued this year, alongside notable launches like Bullish (BLSH) and Circle (CRCL).
In 2025, Microstrategy, operating as Strategy, has made waves in U.S. capital markets by issuing multiple preferred stock via tickers STRK, STRF, STRD, and STRC. Collectively, these offerings have raised approximately $5.6 billion so far this year. This represents 12% of total U.S. IPO issuance, highlighting investor interest and positioning Strategy as a leading corporate proxy for Bitcoin.
Performance for these stocks varies significantly: STRF leads at 31% lifetime returns, followed by STRK at 19%, while STRC shows an 8% increase. STRD has underperformed with a 6% drop. Despite these fluctuations, the diversified financing options provide Strategy with a stable treasury base.
As of August 2025, Strategy’s BTC assets affirm its status as the largest corporate holder of Bitcoin with 632,457 BTC, indicating robust demand from investors.
The company’s enterprise value compared to Bitcoin NAV sits at 1.60, yet this has slipped as its stock has fallen over 25% from July. Year-to-date, Strategy shares have gained 13%, while Bitcoin has risen 18%, pointing to both the company’s connection to Bitcoin’s performance and the market’s trust in its financial commitments.
In concert with Strategy’s innovative financing strategy, other U.S. IPOs are also flourishing in 2025, driven by renewed risk tolerance and cryptocurrency-related financial market innovations.
