Strategy ramps up capital mix shift as Bitcoin-focused funding model expands

• 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 treasury reserve asset, and the firm continues to align its fundraising operations with this approach.

Industry tracking data shows that Strategy holds one of the largest corporate Bitcoin positions worldwide.

This has drawn institutional participation into its offerings, as noted by the company.

The expansion of preferred equity and the continued use of convertible debt point to a funding structure designed to maintain access to capital while supporting the company’s cryptocurrency allocation strategy.

Although the company did not reference specific future goals in the latest update, the steady pace of fundraising and the widened mix suggest a model that can scale alongside digital asset accumulation.

The company’s method offers flexibility in market conditions, allowing it to tap investors through different instruments depending on demand.

Momentum

Figures showed that Strategy’s 2025 capital raising is approaching its 2024 total of $22.6 billion.

The rapid accumulation implies that if the current level continues, Strategy may exceed last year’s amount by year-end.

The pace adds further weight to the shift in how the firm uses capital markets to manage its treasury positioning and broader financial structure.

Investors have continued to participate across the company’s offerings as Strategy builds on its role in the Bitcoin market.

With the capital raised this year coming from a wider range of instruments, the company has positioned itself to keep drawing institutional demand while supporting its ongoing cryptocurrency acquisition strategy.

The post Strategy ramps up capital mix shift as Bitcoin-focused funding model expands appeared first on CoinJournal.