Last year, Michael Saylor, the executive chairman of Strategy (MSTR), was regarded as one of the most significant figures in the bitcoin ecosystem. His company’s stock saw a fivefold increase, coinciding with the entry of U.S. bitcoin ETFs into the market.
This feature is part of CoinDesk’s Most Influential 2025 list.
However, the narrative in 2025 has changed dramatically. MSTR has faced challenges in replicating the remarkable gains of the previous year, with shares currently down year-to-date. This lack of performance is attributed to a combination of internal and external issues, such as the compression of bitcoin’s volatility and the advent of options on U.S. spot ETFs, which offer investors alternative avenues for exposure. These developments have contributed to a notable decline in MSTR’s multiple to net asset value (mNAV).
In reaction, Strategy introduced four perpetual preferred products in 2025—STRK, STRF, STRD, and STRC—generating $4.6 billion in gross proceeds from IPOs. Three of these have already yielded solid double-digit returns, providing MSTR with a non-dilutive way to enhance its bitcoin holdings. Additionally, the company has expanded its preferred share program internationally in Europe, launching a Euro-denominated preferred stock, Stream.
