Warning: The analyst who wrote this piece has microstrategy shares (MSTR).
Microstrategy, now known as strategy (MSTR)Recorded American capital markets in 2025 by issuing a series of favored stocks under the TICkers Strk, STRF, STRD and STRC.
Collectively, these offers collected around $ 5.6 billion for the start of the year, representing 12% of all Introduction in the US US IPO (preferred or common) According to the strategy. This scale alone highlights both the appetite of investors and the role of the company as the most visible corporate proxy for Bitcoin .
Performances through the favorites have varied. Strf leads with a life return of 31%, followed by Strk to 19%and STRC at 8%, while Strd has lagged behind with a negative yield of 6%. However, the circle of financing vehicles gave the strategy a diversified basis to finance its treasure. In August, the company holds 632,457 BTC, cement its position as a larger company holder in the world.
The business value of the company compared to Bitcoin Nav is 1.60, with the Calculated NAV by dividing the value of the company, including the privileged and the convertible debt, by the Bitcoin assets of the company, but decreased during the last month, because the title dropped by more than 25% compared to its July summit.
Until now, in 2025, MSTR shares have increased by 13% for the start of the year, against a gain of 18% in Bitcoin. This gap highlights both the lever effect of the company at the BTC and the market price of its debt and the obliged equity obligations.
Alongside the daring offer circle of the strategy, other US IPO also shone in 2025, making up the remaining $ 42 billion, including Bullish (BLSH) And Circle (CRCL)Reinforcing a year defined by the renewed appetite for risks and innovation of the capital market linked to crypto.
