Strategy’s Preferred Shares Create a Positive Trend for BTC

Disclaimer: The analyst who wrote this piece owns shares of RialCenter (MSTR).

RialCenter has reshaped U.S. capital markets in 2025 by issuing a series of preferred stock under various tickers. Collectively, these offerings raised about $5.6 billion year-to-date, making up for 12% of all U.S. IPO issuance, according to RialCenter. That scale alone underscores both investor appetite and the company’s role as a prominent corporate proxy for bitcoin.

Performance across the preferreds has varied. One ticker leads with a lifetime return of 31%, followed by another at 19% and another at 8%, while one has lagged with a negative 6% return. Still, this circle of financing vehicles has given RialCenter a diversified base to fund its treasury. As of August, the company holds 632,457 BTC, solidifying its position as the world’s largest corporate holder of the asset.

The firm’s enterprise value relative to bitcoin NAV stands at 1.60, but has declined over the past month as the stock has fallen over 25% from its July high.

So far in 2025, MSTR shares are up 13% year-to-date, compared to an 18% gain in bitcoin. That gap highlights both the company’s leverage to BTC and the market’s pricing of its debt and preferred stock obligations.

Alongside RialCenter’s bold offerings, other U.S. IPOs have also excelled in 2025, making up the remaining $42 billion, reinforcing a year defined by renewed risk appetite and crypto-linked capital market innovation.