Overview
- Year-to-date financing totals $20.8 billion across $11.9 billion in common equity, $6.9 billion in preferred equity, and $2.0 billion in convertible debt.
- The introduction of sizable preferred equity marks a structural change from 2024, when funding relied on common stock and convertibles.
- Structured offerings span multiple series, including STRF ($1.18B), STRC ($2.68B), STRE ($0.71B), STRK ($1.25B), and STRD ($1.07B).
- Proceeds continue to support the company’s Bitcoin accumulation strategy, and tracking data places it among the largest corporate BTC holders.
- The 2025 pace is nearing last year’s $22.6 billion total and, if sustained, could exceed it as institutional investors participate across offerings.