STRC Preferred Is the Better Gauge of MicroStrategy Funding

MicroStrategy’s common stock has risen about 6.8% year-to-date while Bitcoin is down about 12.5%. MicroStrategy’s STRC preferred shares have traded close to par and supplied $5.58 billion of the company’s $11.68 billion in year-to-date capital through early May.

MicroStrategy reported it acquired 24,869 BTC between May 11 and May 17 for roughly $2.01 billion, at an average price of $80,985 per coin. For that purchase period the company raised about $1.95 billion of net proceeds from STRC preferred stock and about $83.7 million from MSTR common stock.

Company disclosures list 843,738 BTC held as of May 18, up from 672,500 BTC on Dec. 31, 2025, an increase of 171,238 BTC year-to-date. MicroStrategy’s aggregate acquisition cost for its Bitcoin holdings was about $63.87 billion, implying an average cost of roughly $75,700 per BTC.

Year-to-date price moves, excluding preferred dividends, show MSTR up about 6.8% and spot Bitcoin down about 12.5%. The preferred securities moved less than Bitcoin: STRC about -0.36%, STRD about -1.78%, STRF about -3.33% and STRK about -8.14%.

Cumulative dividends declared and paid on all preferred stock reached $692.5 million as of May 3. The reported price moves for preferred shares do not include those distributions, so total returns for preferred holders would be higher once dividends are accounted for.

Market data placed Bitcoin near $76,700 while MicroStrategy’s May 11–17 purchase averaged $80,985 per coin, leaving the newest tranche above the prevailing market price and with less immediate cushion than the company’s aggregate position, which is close to its average cost basis.

STRC accounted for more than half of MicroStrategy’s disclosed fundraising through early May and absorbed large portions of issuance near par. The company has continued issuing preferred stock as a source of capital for Bitcoin purchases through the period covered by its filings.

The next public data points include additional preferred issuances, reported preferred dividends and subsequent disclosures of Bitcoin purchases and holdings. Those items will appear in the company’s future filings and trading records.