Strategy’s CEO said the company plans to source more of its Bitcoin funding from perpetual preferred shares, even though recent purchases have been financed mostly through common stock sales.
Strategy CEO Says Preferred Shares Will Take Larger Role in Bitcoin Funding
12 February 2026 - 21:25 CET
By Ana Pereira
The company's CEO Phong Le expects Strategy's preferred shares to become a larger funding source over time, arguing the product is still gaining investor traction.
"We will start to transition from equity capital to preferred capital,” Phong said during an 11 Feb interview with Bloomberg.
He pointed to roughly $7bn raised through perpetual preferred offerings last year, noting that it represented about one-third of total preferred issuance across the broader market during that period.
Why the shift matters
Common equity sales offer flexibility and immediate liquidity, but they expand the company’s share count. Preferred shares, by contrast, rank higher in the capital structure and typically carry fixed dividend obligations, while avoiding direct dilution of common shareholders.
Despite signaling a shift in its capital mix, Strategy has historically depended on market common stock issuance to fund its Bitcoin accumulation. The company, which rebranded from MicroStrategy earlier in 2025, remains the largest corporate holder of BTC, a strategy championed by co-founder Michael Saylor since 2020.
Strategy capital stack
Strategy has built one of the most complex capital structures in US markets as it continues funding large-scale Bitcoin purchases.
At the base of that strategy is its Nasdaq-listed common stock, MSTR, which carries voting rights and has historically been the primary funding tool through at the market share sales.
Above common equity sit several series of perpetual preferred shares, with features that range from fixed dividends to conversion into common stock and liquidation priority. All preferred shares are perpetual, meaning they have no maturity date and generally do not carry voting rights.
In addition to equity and preferred stock, Strategy has issued convertible senior notes that can convert into common equity at predefined prices.
The result is a layered funding model that combines common shares for liquidity, preferred stock for yield focused investors and debt for leverage, all aimed at sustaining the company’s expanding Bitcoin position.
The company raised $25.3bn in capital during 2025 to fund its Bitcoin treasury. Strategy holds 714,644 BTC as of 9 Feb, with 41,002 bitcoins acquired in January 2026 alone.
