Is Strategy quietly reshaping how public companies interact with capital markets — and could its $21 billion plan set a precedent for Bitcoin-aligned balance sheet plays?

Strategy's (previously MicroStrategy) role in U.S. capital markets is changing in ways that few would have predicted a few years ago.

Strategy is quietly reshaping how public companies interact with capital markets – and its $21 billion plan could set a precedent for Bitcoin-aligned balance sheet plays, according to Bloomberg Intelligence.

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Small fish, big splash

Strategy’s (previously MicroStrategy) role in U.S. capital markets is changing in ways that few would have predicted.

Known primarily as an enterprise software firm, the company became one of the biggest Bitcoin (BTC) proxies and most active participants in equity financing in 2024 – despite accounting for just a small share of total market value.

As of Mar. 25, Strategy has a market capitalization of $87.64 billion, ranking it 109th among U.S. companies and 211th globally. On paper, that places it well below the largest public firms. Yet in terms of equity raised or announced in 2024, it stands out sharply.

According to Bloomberg Intelligence data shared by Matthew Sigel, Head of Digital Assets Research at VanEck, Strategy represents only 0.07% of the U.S. equity market by value, but accounts for 16% of all equity raised or announced in 2024.

Tiny market cap. Huge footprint.$MSTR = 0.07% of U.S. equities by value.But 16% of all equity raised or announced in 2024Bitcoin isn’t just a store of value. It’s a magnet for capital.

A large portion of this came from two offerings. One was a $2 billion convertible note issuance completed in November 2024. The second, announced in October 2024, is a broader funding plan that aims to raise $21 billion over three years.

As of the end of Dec., $561 million had already been secured, much of it directed toward Bitcoin purchases – a strategy the company has increasingly aligned itself with over the past few years.

Within the software sector, these two transactions made up more than 70% of the $39.5 billion in fresh equity raised in 2024. That figure puts software ahead of every other sector in 2024 in terms of additional offerings, followed by biotechnology at $30.1 billion, oil & gas at $26.46 billion,REITs at $22.44 billion, and aerospace and defense at $21.13 billion.

Notably, only biotechnology andREITs have consistently ranked among the top five sectors in recent years. Strategy’s outsized presence in software makes its contribution unusually concentrated.

Few companies of Strategy’s size have moved this aggressively to tap equity markets in 2024. Fewer still have done so with such a narrow and defined purpose – accumulating Bitcoin through corporate balance sheet expansion.

In that sense, the company’s financial activity is less about conventional software growth and more about asset allocation at scale. Let’s decode what is happening behind the scenes

Strategy doubles down on its BTC thesis

Strategy has continued its Bitcoin accumulation in early 2025, adding 6,911 BTC for approximately $584.1 million at an average price of $84,529 per coin, further solidifying its position as the largest public company by BTC holdings.

As of March 25, the company holds a total of 506,137 BTC, which was acquired for approximately $33.7 billion at an average cost basis of $66,608. At Bitcoin’s current market price of around $87,000, Strategy’s holdings are valued at over $44 billion, reflecting an unrealized gain of about $10.3 billion, or roughly $20,392 per BTC.

Halfway to a million bitcoin, and beyond.

Year-to-date, the company has recorded a 7.7% BTC yield. This latest accumulation came shortly after Strategy reaffirmed its plans to raise capital via Class A strike preferred stock.

While the filing specifies that funds may be used for “general corporate purposes,” prior behavior suggests a large portion will likely be allocated to crypto asset accumulation.

Strategy’s approach stands in stark contrast to other corporate Bitcoin holders. For instance, Tesla holds about 11,500 BTC, while Block (formerly Square) has a little more than 8,000 BTC—both firms made their purchases years ago and have largely maintained static positions.

In comparison, Strategy has been conducting multiple bitcoin acquisitions nearly every quarter since 2020 and remains the only publicly traded company with a defined strategy of accumulating bitcoin as a primary treasury reserve asset.

STRK and financial engineering

Earlier this year, Strategy introduced a new kind of financial instrument called STRK

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