- The company has been using common stock, preferred stock, and convertible bonds this year.
- Preferred stock became a major component of the company’s 2025 financing structure.
- The structured offering program includes STRF, STRC, STRE, STRK, and STRD.
Strategy approached 2025 with a markedly different funding plan than in the prior cycle, accelerating capital inflows by using a broader mix of securities.
The company confirmed that it raised $20.8 billion year-to-date in 2025.
Even though this amount was accumulated over a shorter period, it approaches Strategy’s total fundraising for the entire 2024 cycle.
The latest breakdown shows that the company’s capital-raising activity is closely tied to its role in the corporate Bitcoin market, where it remains one of the world’s largest holders.
New Funding Mix
According to the company’s data, Strategy raised $20.8 billion year-to-date in 2025 using a combination of common stock, preferred stock, and convertible bonds.
The largest component was $11.9 billion in common stock, followed by $6.9 billion in preferred stock and $2.0 billion in convertible bonds.
The growth of preferred stock is a notable shift for the company.
In 2024, Strategy relied more heavily on common stock and convertible bonds, raising $16.3 billion and $6.2 billion, respectively.
Because large preferred-stock issuances were largely absent in the prior cycle, the new mix stands out as a structural change rather than a one-off adjustment.
The company also provided details on its structured offering activity.
Those structured issues include STRF at $1.18 billion, STRC at $2.68 billion, STRE at $710 million, STRK at $1.25 billion, and STRD at $1.07 billion.
Together, these securities contributed to total capital formation of about $21.0 billion for the year.
Capital Strategy
The broader composition in 2025 indicates that Strategy is increasing its reliance on a diverse set of securities to support plans related to digital assets.
Company statements have previously described Bitcoin as a treasury reserve asset, and the firm’s fundraising activity aligns with that stance.
Industry tracking data show that Strategy holds one of the largest corporate Bitcoin positions globally.
That position helps attract institutional investor participation.
The expansion of preferred-stock issuances and continued use of convertible bonds reflect a financing structure designed to preserve access to capital while supporting the company’s crypto allocation strategy.
The latest update did not specify concrete future targets, but the steady pace of fundraising and the wide-ranging mix of instruments suggest a scalable model that can grow alongside ongoing digital-asset accumulation.
Strategy’s approach allows it to respond flexibly to market conditions and to engage investors through various instruments according to demand.
Momentum
By one set of figures, Strategy’s 2025 fundraising pace is approaching the $22.6 billion raised in 2024.
This rapid accumulation suggests that, if current levels persist, the company could exceed last year’s total before year-end.
The pace adds weight to a shift in how Strategy uses capital markets to manage its financial positioning and broader balance-sheet structure.
Investors continue to participate across the company’s product suite, and Strategy is further cementing its role in the Bitcoin market.
Capital raised this year has been sourced from a broader range of financial instruments, positioning the company to continue attracting institutional demand while supporting an ongoing crypto acquisition strategy.