Strategy’s Preferred Shares Fuel Bitcoin Proxy Dominance
Strategy (MSTR), the company formerly known as MicroStrategy, has emerged as the top U.S. corporate proxy for bitcoin in 2025 after raising $5.6 billion through four preferred share offerings — STRK, STRF, STRD and STRC. The deals represented 12% of total U.S. IPO issuance this year, underscoring strong investor demand.
The performance of the securities has been uneven: STRF is up 31% since launch, STRK 19% and STRC 8%, while STRD is down 6%. The proceeds expanded Strategy’s holdings to 632,457 BTC, reinforcing its position as the largest corporate owner of the cryptocurrency.
Despite its bitcoin-heavy balance sheet, Strategy’s stock has underperformed relative to BTC. MSTR is up 13% in 2025 compared with an 18% gain for bitcoin, as investors continue to factor in the firm’s debt and preferred share obligations.
