Strategy’s Equity Structure Builds a Bullish Framework Around Bitcoin

Strategy Raises $5.6B, Expands Bitcoin Treasury via Preferred Offerings
Through four preferred share offerings — STRK, STRF, STRD and STRC — Strategy (MSTR) has raised about $5.6 billion in 2025, accounting for 12% of all U.S. IPO issuance this year. The funds have been used to reinforce its bitcoin accumulation strategy, bringing total holdings to 632,457 BTC.

The results for investors have been mixed: STRF leads with a 31% return, STRK has gained 19%, STRC is up 8%, while STRD is down 6%. Analysts say the diverse structure provides a stable capital base for the company’s treasury strategy.

Despite the strong fundraising, MSTR’s equity has lagged bitcoin itself. The shares are up 13% year-to-date versus an 18% rise for BTC, reflecting the market’s focus on leverage and balance sheet risk.