Over the past year, Strategy (MSTR) executive chairman Michael Saylor has emerged as one of the most influential figures in the Bitcoin ecosystem. Even as the U.S. Bitcoin ETF entered the market, his company’s stock soared fivefold.
This feature is part of CoinDesk The Most Influential List of 2025.
However, the situation in 2025 is very different. MSTR has struggled to replicate last year’s extraordinary gains, with its stock price negative so far this year. This underperformance reflects a combination of internal and external pressures, including Bitcoin volatility compression and the launch of U.S. spot ETF options, which have provided investors with alternative investment avenues. These factors have led to a significant contraction in MSTR’s net asset value multiple (mNAV).
To that end, Strategy launched four perpetual priority products in 2025 – STRK, STRF, STRD and STRC – raising $4.6 billion in total proceeds from the IPO. Three of these have delivered strong double-digit returns, providing a non-dilutive mechanism for MSTR to expand its Bitcoin holdings. The company also expanded its preferred stock program in Europe, launching Stream, a euro-denominated preferred stock.
