Strategy’s STRK preferred stock has generated $21 billion in proceeds through its at-the-market program since March 2025, outperforming both Bitcoin and the S&P 500 by wide margins during this period. The 8.00% Series A perpetual strike preferred stock has become a cornerstone of the company’s capital strategy as it continues expanding its Bitcoin treasury.
The STRK instrument achieved a 15.5% year-to-date yield as of May 11, 2025, surpassing Bitcoin’s 13.7% yield and the S&P 500’s 14% annualized returns over the same timeframe. This performance comes alongside Strategy’s growing Bitcoin reserves, which now total 568,840 BTC worth $58.5 billion at current prices.
Market analysts attribute STRK’s success to its hybrid structure – combining fixed dividends with exposure to Strategy’s Bitcoin-driven equity growth. Michael Saylor, Strategy’s Executive Chairman, recently argued that Bitcoin allocations outperform traditional corporate buybacks by 10x during a keynote at Strategy World 2025.
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STRK’s Market-Defying Performance
Since its March 10 launch, the STRK program has demonstrated:
- 61,497 BTC equivalent gains year-to-date
- $5.8 billion in USD-denominated Bitcoin profits
- 14% quarterly yield vs Bitcoin’s 11%
The security’s design allows gradual capital raises through daily market sales, avoiding single large offerings that could depress share prices. This approach has maintained STRK’s premium pricing while funding Strategy’s aggressive Bitcoin acquisition strategy.
Bitcoin Treasury Reaches New Heights
Strategy’s Bitcoin holdings now represent:
| Metric | Value |
|---|---|
| Total BTC | 568,840 |
| Cost Basis | $39.41B |
| Market Value | $58.5B |
| Unrealized Gain | $19.09B |
The company added 13,390 BTC in May 2025 alone through strategic purchases averaging $95,167 per Bitcoin. This continues Strategy’s pattern of accumulating during price dips – its overall average cost remains $67,457 per BTC compared to current prices above $95,000.
Corporate Strategy Shift
Saylor’s advocacy for Bitcoin over traditional capital management has gained traction following STRK’s success. His analysis shows:
- Bitcoin returned 62% annually vs Microsoft’s 18%
- STRK yields triple typical corporate bond rates
- BTC allocations outperform S&P 500 by 48% annually
This performance gap has led growing numbers of institutional investors to consider STRK as a Bitcoin proxy security, particularly those restricted from direct cryptocurrency exposure.
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Market Impact: STRK’s success is driving renewed interest in cryptocurrency-linked securities, with several Wall Street firms announcing plans to launch competing products. However, Strategy’s first-mover advantage and massive Bitcoin reserves position it as the dominant player in this emerging asset class. The company’s $10 billion annual Bitcoin profit target now appears conservative given current market conditions.
