MicroStrategy’s Impact on U.S. Capital Markets
MicroStrategy, now branded as Strategy (MSTR), has significantly transformed U.S. capital markets in 2025 by launching a range of preferred stocks identified by the tickers STRK, STRF, STRD, and STRC.
Together, these offerings have generated approximately $5.6 billion year-to-date, representing 12% of all U.S. IPO issuance, whether preferred or common, according to Strategy. This impressive scale highlights both investor demand and the firm’s status as the most noticeable corporate proxy for bitcoin.
Performance of Preferred Stocks
The performance of the preferred stocks has varied considerably. STRF leads with a lifetime return of 31%, followed by STRK at 19% and STRC at 8%. In contrast, STRD has struggled, showing a negative return of 6%. Nevertheless, this collection of financing vehicles has provided Strategy with a well-diversified base to support its treasury. As of August, the company holds 632,457 BTC, reinforcing its place as the largest corporate holder of this asset globally.
Enterprise Value and Stock Performance
The firm’s enterprise value relative to bitcoin NAV is currently at 1.60. This NAV is calculated by taking the enterprise value, which encompasses preferreds and convertible debt, and dividing it by the company’s bitcoin holdings. However, this figure has decreased over the last month, as the stock has experienced a decline of over 25% from its peak in July.
As of now in 2025, MSTR shares have risen 13% year-to-date, in contrast to an 18% increase in bitcoin. This discrepancy highlights both the company’s leverage to BTC and the market’s valuation of its debt and preferred stock commitments.
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Broader Market Trends
Alongside Strategy’s ambitious array of offerings, other U.S. IPOs have also performed well in 2025, contributing to an additional $42 billion. This includes firms like Bullish (BLSH) and Circle (CRCL), further reinforcing a year characterized by renewed risk appetite and innovations within crypto-linked capital markets.
