Discharge of responsibility: The analyst who wrote this piece has Microstrategy actions (Mstr).
Microstrategia, now known as strategy (Mstr)It has restructured the capital markets of the United States in 2025 issuing a series of preferred shares under Tickers Strk, Strf, Strd and Strc.
Collectively, these offers raised around $ 5.6 billion on the date, which represents 12% of all US IPO emissions. (preferred or common) According to the strategy. That scale alone underlines both the appetite of investors and the role of the company and the most visible corporate proxy for Bitcoin .
The preferred performance has varied. Strf leads with a life performance of 31%, followed by Strk at 19%and 8%STRC, while StRD has lagged behind with a negative return of 6%. Even so, the Circle of Financial Vehicles has given the strategy a diversified base to finance its treasure. As of August, the company owns 632,457 BTC, consolidating its position as the world’s largest owner in the world.
The company’s business value in relation to Bitcoin Nav is 1.60, with Christmas calculated when dividing the business value, including preferred and convertible debt, by the company’s Bitcoin holdings, but has decreased during the past month, since the shares have fallen more than 25% since its maximum of July.
Until now, in 2025, MSTR shares increase by 13% in the year in which they can be cited, compared to a gain of 18% in Bitcoin. This gap highlights both the company’s leverage to BTC and the market price of its debt and obligations of preferred shares.
Together with the bold circle of offers of the strategy, other US opi. UU. They have also shone in 2025, representing the remaining $ 42 billion, including Bullish (BLsh) and Circle (CRCL)reinforcing a year defined by renewed risk appetite and innovation in the capital market linked to cryptography.
