Strategy raises $21B year-to-date with new funding mix

Strategy raises $21B year-to-date with new funding mix

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.

Andrew Folkler

The preferred equity component represents a significant change from 2024, when the company did not utilize preferred equity at scale, the data indicated.

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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.

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 Bitcoin btc 0.28% Bitcoin 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.