Strategy ramps up capital mix shift as Bitcoin-focused funding model expands
The post Strategy ramps up capital mix shift as Bitcoin-focused funding model expands appeared com. The company used common equity, preferred equity, and convertible debt this year. Preferred equity became a major part of the 2025 structure. Structured offerings included STRF, STRC, STRE, STRK, and STRD. Strategy has entered 2025 with a funding approach that looks markedly different from its previous cycle, using a wider mix of securities to accelerate its capital inflows. The company confirmed that it has raised $20. 8 billion year-to-date in 2025. The pace brings Strategy close to its entire 2024 total despite being recorded within a shorter period. The latest breakdown signals how the firm’s financing activity is now tightly linked to its position in the corporate Bitcoin market, where it remains one of the largest holders globally. New mix Company data showed that Strategy raised $20. 8 billion so far this year through a combination of common equity, preferred equity, and convertible debt. The largest component was $11. 9 billion in common equity, followed by $6. 9 billion in preferred equity and $2. 0 billion in convertible debt. The preferred equity portion marks a notable shift for Strategy. In 2024, the company relied on common equity and convertible debt, raising $16. 3 billion and $6. 2 billion, respectively. The absence of preferred equity at scale in the previous cycle makes the new mix stand out as a structural change rather than a one-off adjustment. The company also detailed activity across structured offerings. These included $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. Each of these securities contributed to the overall capital formation that pushed the year’s total to $21 billion. Capital strategy The broader mix in 2025 indicates that Strategy is increasing its reliance on varied securities to support its plans linked to digital assets. Previous company statements have described Bitcoin as a.