TLDR
- Strategy raised $21 billion in 2025, focusing on expanding its Bitcoin holdings.
- The company shifted its funding structure by incorporating preferred equity for the first time.
- Institutional investors played a key role in the capital raise across various structured securities.
- Strategy’s 2025 fundraising pace is on track to match or exceed the previous year’s total.
- The company continues to position itself as one of the largest corporate holders of Bitcoin globally.
Strategy has raised $21 billion in 2025, with a focus on expanding its Bitcoin holdings. This funding reflects a shift towards preferred equity, aiming to attract institutional investors. The company has moved faster than last year’s pace despite a shorter timeframe.
Strategy Shifts to Preferred Equity in 2025
Strategy raised $20.8 billion through equity and debt in 2025. The breakdown includes $11.9 billion in common equity, $6.9 billion in preferred equity, and $2.0 billion in convertible debt. The preferred equity component marks a significant change from 2024, when it was not utilised on a large scale.
Last year, Strategy raised $22.6 billion, with $16.3 billion in common equity and $6.2 billion in convertible debt. The shift to preferred equity in 2025 represents a strategic adjustment. It shows the company’s aim to align its funding structure with those of institutional investors.
The $21 billion total includes multiple structured offerings: $1.18 billion in STRF, $2.68 billion in STRC, and $0.71 billion in STRE. Other offerings include $1.25 billion in STRK and $1.07 billion in STRD. These figures reflect the diversity of capital raised by Strategy in 2025.
Institutional Investors Drive Capital Raise
Strategy’s 2025 funding effort has attracted institutional investors. The company has consistently positioned itself as a major corporate Bitcoin accumulator. Chairman Michael Saylor has called Bitcoin a “treasury reserve asset” in recent public statements.
The institutional participation underscores Strategy’s focus on cryptocurrency acquisitions. Strategy uses capital markets access to fund its Bitcoin purchases. This strategy aligns with the company’s overall goal of increasing its Bitcoin holdings.
Despite the shorter timeframe, the company’s capital-raising pace in 2025 is on track to match last year’s totals. Strategy could surpass its 2024 total if the pace holds steady. This reflects the growing demand for structured securities tied to the company’s Bitcoin strategy.
Strategy remains one of the largest corporate holders of Bitcoin in the world. This capital raise positions the company to expand its Bitcoin position further. With institutional backing, Strategy’s ability to scale its cryptocurrency acquisition efforts remains strong.
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