Last year, Michael Saylor, executive chairman of Strategy (MSTR), stood among the most influential figures in the bitcoin ecosystem. His company’s stock surged fivefold, even as U.S. bitcoin ETFs entered the market.
The story in 2025, however, has been markedly different. MSTR has struggled to replicate the prior year’s extraordinary gains, with shares now negative year-to-date. This underperformance reflects a mix of internal and external pressures, including bitcoin’s volatility compression and the introduction of options on U.S. spot ETFs, which have given investors alternative exposure routes. These factors have led to a significant contraction in MSTR’s multiple to net asset value (mNAV).
In response, Strategy launched four perpetual preferred products in 2025—STRK, STRF, STRD, and STRC—raising $4.6 billion in gross proceeds from IPOs. Three of these have already delivered strong double-digit returns, providing a non-dilutive mechanism for MSTR to expand its bitcoin holdings. The company has also extended its preferred share program internationally in Europe, with a Euro-denominated preferred stock, Stream.
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