Strategy changes the source of money for buying btc

The latest purchases of Bitcoin by Strategy were not financed by issuing conventional shares (MSTR ticker) or convertible bonds, as happened earlier. Instead, the company uses the placement of three types of privileged papers – StRK, STRF and recently added StRD. Such a mechanism allows you to attract capital, without blurring the shares of existing shareholders, writes RBC Crypto.

Strategy (earlier Microstrategy) Michael Seilor is the world’s largest Bitcoin corporate holders. According to June 8, 2025, there were 582,000 bitcoins on the Strategy balance (about 2.7% of the total issue), which since 2020 has spent about $ 40.79 billion at an average purchase price of $ 70,086 per 1 BTC.

How it worked earlier

Since 2020, Strategy has been using the convertible bonds to finance bitcoin purchases. This tool allows you to attract funds on preferential terms, offering investors of bonds with a low or zero coupon and the possibility of exchanging a company at a fixed price.

Such bonds are beneficial for Strategy in the conditions of growth of MSTR shares: they do not create immediate pressure on quotes as a direct issue of shares, but give the company capital to buy cryptocurrency. In case of increasing MSTR price, investors can convert bonds to the shares, making a profit, and Strategy – additional capital without current interest payments.

This mechanism became the key in the company’s strategy after 2020, allowing to increase the bitcoin portfell without significant divorcing shares of shareholders in the early stages.

Typically, Strategy sells ordinary shares through the exchange program (AT-THE-Market, ATM) and directs the proceeds to buy bitcoin. However, such placements are beneficial only with a significant bonus to the cost of bitcoins on the balance (the so -called MNAV). Now this award has been reduced, and the issuance of ordinary shares has become less appropriate.

ATM is a mechanism with which public companies can sell their shares directly on the market at the current exchange price. The program does not require a separate placement round and allows you to sell shares in small volumes at any time. This makes the tool convenient with high market volatility: the company can attract capital only when the price of papers exceeds the internal estimate.

New sources

Now Strategy has activated similar ATM programs for privileged shares. For example, buying for 1 045 BTC at the week from 2 to June 8 was funded by StRK and STRF: 59% via StRK and 41% via StRF.

The company builds a whole line of privileged papers. In addition to StRK and StRF, a new series is recently posted – StRD. All three issues are included in the long -term strategy of “42/42” to attract $ 84 billion, equally due to shares and debt instruments.

StRK is a convertible privileged action with a fixed dividend of 8% per annum. STRF is not convertible, but offers a higher profitability – 10% per year with a storage dividend. STRD is also not convertible, with a 10% per annum of a fixed dividend, however, without an obligation to pay it (dividends are not guaranteed, payments are made only by decision of the company). Due to high demand from the investors, Strategy increased the placement of new privileged StRD shares from $ 250 million to $ 1 billion.

Private shares provide fixed dividends, which makes them similar to bonds and increases interest from investors in conditions of stable interest rates. According to analysts surveyed by Coindesk, the interest in StRK and StRF intensified against the backdrop of the stable yield of 10-year US security forces (at 4.5%). Investors consider these papers as a potentially more profitable alternative to bonds.

All this allows Strategy to continue to increase bitcoin reserves, even when the issue of conventional shares is disadvantageous. With a sharp increase in MSTR quotations (for example, if they exceed the double value of MNAV), the company can again use the program for the sale of conventional shares.

How does it affect the market

Strategy and other public companies that have chosen a similar model (Metaplanet, Semler Scientific, Twenty One and more than 100 others) became drivers of a corporate Bitcoin race in 2025. According to Bernstein broker, such companies can accumulate bitcoins for $ 330 billion for five years.

Standard chartered analysts note that some states and sovereign funds are already buying Strategy shares as “proxy investments” in Bitcoin. According to them, in a number of jurisdictions, this becomes a way to circumvent restrictions on direct ownership of cryptocurrency. The bank regards this as one of the factors of further growth of bitcoin.

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