In 2025, MicroStrategy, now referred to as Strategy, solidified its status as a top corporate Bitcoin proxy by raising approximately $5.6 billion through preferred stock offerings under tickers STRK, STRF, STRC, and STRD. These preferred shares have shown variable performance, with STRF leading at a 31% return, compared to 19% for STRK and 8% for STRC; however, STRD has decreased by 6%. The firm holds 632,457 BTC, which represents a significant position in the market. As of late August, MSTR shares had risen 13% year-to-date, while Bitcoin gained 18%, indicating that while Strategy closely tracks Bitcoin's movements, its stock performance has diverged. The company, which accounted for 12% of U.S. IPO issuance this year, is a part of a larger trend in 2025 where investor interest in crypto derivatives is growing, aided by other notable IPOs like Bullish and Circle.

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