Bitcoin’s New BFF? Strategy’s Preferred Shares Form a ‘Circle’ of Financial Absurdity 🚀

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Markets

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. Because nothing says “confidence” like a number that makes your ex’s dating profile look like a Hall of Fame résumé. 💸
  • 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). Congrats, you’ve officially made IPOs the new TikTok dance trend. 🤡
BTCBTC$108,632.17◢1.28%

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. Who needs creativity when you can just rename your company and pretend it’s a new concept? 🤷‍♂️

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. Or, you know, a very expensive game of Monopoly. 🎲

Performance across the preferreds has varied. STRF is the golden child of this bunch, up 31%-because who doesn’t want to be 31% richer in a world where adulting is a part-time job? STRK at 19%, STRC at 8%, and STRD down 6%. Classic STRD: the party pooper with a side of “I told you so.” 🙄

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. Because nothing says “success” like a stock drop that makes your July self cringe harder than a middle school dance. 🥲

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. Or, as I like to call it, “the art of making simple math feel like rocket science.” 🚀

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. Because nothing says “innovation” like a bunch of acronyms and a prayer. 🙏

Bitcoin’s New BFF? Strategy’s Preferred Shares Form a ‘Circle’ of Financial Absurdity 🚀

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2025-08-30 13:48