Disclaimer: The analyst who wrote this piece owns shares in Microstratey (Mstr).
Microstratey, now known as strategy (Mstr)has reshaped the US capital markets in 2025 by issuing a number of preferred shares under Tickers Strk, Strf, Strd and Strc.
Overall, these offers raised about $ 5.6 billion years to date, which amounts to 12% of all US IPO issuing (Preferred or plain) According to strategy. This scale alone emphasizes both investor appetite and the role of the company as the most visible company’s proxy for Bitcoin .
Performance across the preferred has varied. With a lifetime returns of 31%, followed by STRK of 19% and STRC at 8%, while Strd has limped with a negative 6% return. Nevertheless, the funding circle has given strategy a diversified base for financing its treasury. From August, the company has 632,457 BTC and cements its position as the world’s largest business owner of the asset.
The company’s business value in relation to Bitcoin NAV stands at 1.60, with NAV calculated by dividing business value, including preferred and convertible debt, of the company’s Bitcoin stocks, but has fallen over the past month as the stock has fallen over 25% from its July high.
So far In 2025, Mstr shares have increased by 13% years to date compared to an 18% gain in Bitcoin. This hole highlights both the company’s gearing to BTC and the market’s pricing of its debt and preferred share obligations.
Alongside the bold offerings of the strategy, other US IPOs have also shone in 2025, which makes up the remaining $ 42 billion, including Bullish (BLSH) and Circle (CRCL)Reinforcement of one year defined by renewed risk appetite and crypto-bound capital market innovation.
