Strategy Inc.’s MSTR capital strategy has become the primary engine behind its Bitcoin-driven growth. The company raised $25.3 billion in 2025, becoming the largest U.S. equity issuer, and deployed this capital to aggressively expand its Bitcoin holdings to 762,099 Bitcoin as of now. This aggressive accumulation has supported consistent Bitcoin per share (BPS) expansion, delivering a 3.4% BTC yield year to date and reinforcing a compounding treasury model. However, this growth is increasingly tied to continued capital inflows and favorable Bitcoin price momentum.
A key pillar supporting this strategy is diversifying funding sources through common equity and innovative “digital credit” instruments such as preferred securities. These instruments offer attractive yields and expand investor participation, enhancing Strategy’s access to capital markets. Additionally, the company’s growing equity base and $58.9 billion digital asset portfolio strengthen its ability to raise more capital and maintain this growth momentum.
MSTR’s multi-instrument capital framework — including STRC, STRF, STRD and STRK — along with its $42 billion at-the-market program (split between common and preferred equity) and a broader $84 billion capital plan through 2027, significantly enhances liquidity for continued Bitcoin accumulation.
While liquidity buffers, including $2.25 billion in reserves, provide near-term stability in terms of providing dividend and interest obligations, the long-term upside remains conditional on Bitcoin price strength, disciplined capital issuance and the company’s ability to expand BPS without excessive dilution. Without these, maintaining the current pace of expansion could become challenging.