STRATEGY'S PREFERRED SHARES FORM A BULLISH CIRCLE AROUND BITCOIN

Summary from the TLDR Crypto newsletter

Strategy raised $5.6 billion year-to-date through four preferred stock offerings (STRK, STRF, STRD, and STRC), representing 12% of all U.S. IPO issuance in 2025 and cementing its position as the largest corporate Bitcoin holder with 632,457 BTC. Performance across the preferred shares has diverged significantly, with STRF leading at 31% returns, STRK at 19%, STRC at 8%, while STRD posted a negative 6% return. Despite the company's aggressive Bitcoin accumulation strategy, MSTR shares have underperformed Bitcoin itself, gaining 13% year-to-date compared to Bitcoin's 18% rise, as the stock trades at a 1.60x multiple to its Bitcoin net asset value.