Strategy, formerly MicroStrategy, has become a surprising force in the capital markets by raising 16% of all U.S. equity in 2024 while representing just 0.07% of the market’s total value. With a $21 billion Bitcoin-driven plan underway, it’s redefining corporate leverage and capital strategy.

Strategy’s outsized role in 2024 equity issuance

Small market cap, big influence in capital markets

Despite a market cap of $87.64 billion, Strategy ranked 109th among U.S. companies, yet it led equity fundraising activity in 2024. Two major offerings — a $2 billion convertible note and a $21 billion funding plan — have positioned the firm as the largest driver of software sector capital flows. Combined, these efforts helped Strategy dominate 70% of the software sector’s $39.5 billion in equity offerings last year.

Massive Bitcoin accumulation strategy continues

506,137 BTC and a $10.3 billion unrealized gain

By March 25, Strategy had accumulated over 506,000 BTC valued at more than $44 billion, with an average acquisition cost of $66,608 per coin. With Bitcoin near $87,000, this positions the company for over $10 billion in unrealized gains. In early 2025 alone, it acquired 6,911 BTC for $584.1 million, and maintains an annual BTC yield of 7.7%.

STRK: A novel financing instrument for crypto-aligned growth

Hybrid preferred stock attracts yield-seeking investors

The introduction of STRK, Strategy’s perpetual preferred stock, adds a new layer to its funding approach. Launched in January 2025, the offering raised $563 million through shares paying an 8% dividend. With a built-in conversion trigger at $1,000 MSTR share price, STRK appeals to risk-conscious investors seeking Bitcoin exposure without equity volatility.

Financial engineering without shareholder dilution

STRK enables capital raise with minimal dilution and flexibility

By using STRK instead of issuing more common stock, Strategy avoids diluting MSTR shareholders while still accessing large-scale funding. The STRK instrument has found traction among income-focused investors and currently yields around 7%, reinforcing its appeal as a hybrid tool in volatile markets.

What Strategy means for the future of capital markets

The convergence of digital assets and traditional finance models

Strategy’s influence on public equity issuance shows how crypto-driven firms are using traditional vehicles in innovative ways. As regulatory frameworks mature and investor appetite grows, similar models may proliferate. However, Strategy’s heavy reliance on Bitcoin performance introduces risk tied to BTC price volatility and refinancing pressures in tightening markets.