Strategy Raises $21 Billion Year-to-Date with New Funding Approach

Summary:
Strategy has successfully raised $21 billion in capital within 2025, adapting its funding structure to include preferred equity while continuing its aggressive expansion of Bitcoin acquisitions. This funding shift aims to attract more institutional investors and positions the company as a key player in the Bitcoin market.

Key Takeaways

Strategy raised $21 billion in 2025, utilizing a new mix of funding sources.
The company has shifted its approach compared to 2024, notably incorporating preferred equity.
In 2025, the capital composition includes billions from common equity, preferred equity, and convertible debt.
The pace of fundraising in 2025 is on track to surpass the previous year's total, potentially exceeding $22.6 billion by year-end.
Strategy is recognized as one of the largest corporate holders of Bitcoin globally, enhancing its appeal to institutional investors.

Strategy raises $21B year-to-date with new funding mix - 1

Reimagining Funding Sources

In 2025, Strategy announced that it has secured $21 billion in capital year-to-date, as per a company statement that provided a thorough breakdown of its funding activities. This impressive capital raise reflects a notable change in the company’s funding strategy when compared to fiscal year 2024, during which it raised a total of $22.6 billion through $16.3 billion in common equity and $6.2 billion in convertible debt.

A Detailed Look at 2025 Funding

For 2025, Strategy raised $20.8 billion, comprising $11.9 billion from common equity, $6.9 billion from preferred equity, and $2 billion from convertible debt. This diverse funding mix, documented in the company’s statement, indicates a strategic expansion aimed at increasing liquidity and attracting institutional investors.

The 2025 fundraising efforts feature structured offerings across various 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.

"We have raised $21 billion in YTD 2025. $BTC"
— Strategy (@Strategy) November 24, 2025

The inclusion of preferred equity is a significant shift from 2024, where the company did not significantly leverage preferred equity. This recent strategy aligns with Strategy's positioning as a proactive corporate Bitcoin accumulator, utilizing its access to capital markets to facilitate purchases of cryptocurrency. Chairman Michael Saylor has publicly referred to Bitcoin as an essential treasury reserve asset.

Maintaining Momentum in Fundraising

Despite the shorter timeframe of 2025, the pace of fundraising nearly matches that of the previous year, suggesting that, if this trend continues, Strategy may exceed its 2024 fundraising totals by year-end.

With one of the largest corporate Bitcoin holdings globally, as per industry tracking, Strategy's innovative funding strategy is proving effective in attracting institutional investors, as indicated in the company's statement.