Strategic preferred stocks form bullish circles around Bitcoin

Disclaimer: The analyst who wrote this work owns a share in MicroStrategy (MSTR).

MicroStrategy is now known as a strategy (MSTR)reshaping the US capital market in 2025 by issuing a series of preferred stocks under Ticker STRK, STRF, STRD and STRC.

Collectively, these offerings have raised about $5.6 billion since the start of the year, supplementing 12% of US IPO issuances. (Priority or Common) according to the strategy. That scale alone highlights both the investor’s appetite and the company’s role as Bitcoin’s most visible corporate proxy BTC$108,738.40.

Priority performances vary. STRF leads with a lifetime return of 31%, followed by a 19% STRK, STRC, and 8%, while STRD is behind with a negative 6% return. Still, the fundraising vehicle circle gave the strategy a diverse base to fund its Treasury. As of August, the company had 632,457 BTC, solidifying its position as the world’s largest corporate holder of assets.

The company’s corporate value associated with Bitcoin NAV is 1.60, and NAV is calculated by the company Bitcoin Holdings by splitting the enterprise value, including its preferred and convertible obligations, but has declined over the past month, as it exceeds 25% from its July high.

So far, in 2025, MSTR stocks have grown 13% since the start of the year, compared to a 18% increase in Bitcoin. The gap highlights both the company’s leverage to BTC and the market pricing of debt and preferred stocks.

In addition to Strategy’s bold product circle, other US IPOs also shine in 2025, accounting for the remaining $42 billion. strong (blsh) and Round (CRCL)reinforces a year defined by updated risk appetite and crypto-related capital market innovations.