Share this article
Strategy’s Preferred Shares Form a Bullish Circle Around Bitcoin
Billions raised through STRK, STRF, STRD and STRC cement Strategy’s role as the top corporate Bitcoin proxy in 2025.
Aug 30, 2025, 9:45 a.m.
What to know:
- Preferred returns diverge, with STRF up 31%, STRK up 19%, STRC up 8% and STRD down 6%, while MSTR trades at a 1.60x multiple to Bitcoin NAV.
- Strategy holds 632,457 BTC and accounts for 12% of all U.S. IPO issuance YTD, alongside other standout debuts like Bullish (BLSH) and Circle (CRCL).
Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR).
Microstrategy, now known as Strategy (MSTR), has reshaped U.S. capital markets in 2025 by issuing a series of preferred stock under tickers STRK, STRF, STRD and STRC.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Collectively, these offerings raised about $5.6 billion year-to-date, making up for 12% of all U.S. IPO issuance (preferred or common) , according to Strategy. That scale alone underscores both investor appetite and the company’s role as the most visible corporate proxy for bitcoin .
Performance across the preferreds has varied. STRF leads with a lifetime return of 31%, followed by STRK at 19% and STRC at 8%, while STRD has lagged with a negative 6% return. Still, the circle of financing vehicles has given Strategy a diversified base to fund its treasury. As of August, the company holds 632,457 BTC, cementing its position as the world’s largest corporate holder of the asset.
The firm’s enterprise value relative to bitcoin NAV stands at 1.60, with NAV calculated by dividing enterprise value, including preferreds and convertible debt, by the company’s bitcoin holdings but has declined over the past month as the stock has fallen over 25% from its July high.
So far in 2025, MSTR shares are up 13% year-to-date, compared to an 18% gain in bitcoin. That gap highlights both the company’s leverage to BTC and the market’s pricing of its debt and preferred stock obligations.
Alongside Strategy’s bold circle of offerings, other U.S. IPOs have also shone in 2025, making up the remaining $42 billion, including Bullish (BLSH) and Circle (CRCL), reinforcing a year defined by renewed risk appetite and crypto-linked capital market innovation.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Más para ti
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.
Lo que debes saber:
- Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.
- PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.
- BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.
Top Stories
