Strategy raised $21B in 2025, shifting to preferred equity and maintaining record pace, to expand its bitcoin holdings and attract institutional investors.
Summary
- $21B raised through common equity, preferred equity, and convertible debt, up to November 2025.
- Preferred equity forms a major part of 2025 funding, unlike prior years.
- Pace of capital raising supports Strategy’s large corporate bitcoin accumulation strategy.
Strategy announced it has raised $21 billion in capital year-to-date in 2025, according to a company statement released with detailed funding breakdowns.
The capital raise reflects a shift in the company’s funding structure compared to fiscal year 2024, when Strategy raised $22.6 billion through $16.3 billion in common equity and $6.2 billion in convertible debt, according to company data.
Strategy diversifies funding sources
For 2025, the company has raised $20.8 billion through $11.9 billion in common equity, $6.9 billion in preferred equity, and $2.0 billion in convertible debt, the statement showed.
The 2025 funding includes structured offerings across multiple securities: $1.18 billion in STRF, $2.68 billion in STRC, $0.71 billion in STRE, $1.25 billion in STRK, and $1.07 billion in STRD, according to the breakdown provided by the company.
The preferred equity component represents a significant change from 2024, when the company did not utilize preferred equity at scale, the data indicated.
Strategy has positioned itself as a corporate Bitcoin accumulator, using capital markets access to fund cryptocurrency acquisitions, according to previous company statements. Chairman Michael Saylor has described Bitcoin as a treasury reserve asset in public remarks.
The company’s capital-raising pace in 2025 approaches the previous year’s total despite occurring over a shorter timeframe, the figures showed. If maintained, the current pace could result in Strategy surpassing its 2024 fundraising total by year-end.
Strategy holds one of the largest corporate Bitcoin (BTC) positions globally, according to industry tracking data. The company’s funding strategy has attracted institutional investor participation across its various security offerings, the statement indicated.
