Strategy’s Bitcoin Bet Expands Amid Preferred Funding Push and Stream Challenges

Strategy expands Bitcoin purchases and leans into perpetual preferred funding as Stream faces challenges, raising questions about capital strategy and dilution.

Rich by Coin

2026-01-25

Strategy, listed as NasdaqGS:MSTR, purchased 22,305 Bitcoins for about US$2.13b, its largest weekly buy since 2024. The company is leaning further into preferred equity funding, including a uniquely structured capital stack. Its non U.S. Stream (STRE) perpetual preferred product has struggled to gain traction and was removed from the company dashboard. At a share price of US$163.11, NasdaqGS:MSTR sits after a 3 year return that is very large, and a 5 year return of 164.2%.

More recently, the stock shows a 7 day return of a 6.1% decline and a 1 year return of a 53.9% decline, which frames a very different recent experience for holders compared with the longer term record. For you as an investor, the combination of a multi billion dollar Bitcoin purchase and heavier use of preferred equity funding raises fresh questions about risk tolerance, funding flexibility, and dilution trade offs. The issues around the Stream product and limited global investor access also put a spotlight on how easily Strategy can keep raising capital to support future Bitcoin accumulation.