Michael Saylor's Strategy: How MSTR Adapts to New Market Realities

Michael Saylor, Chairman of MicroStrategy, continues to exert significant influence on the crypto ecosystem, but his strategy has noticeably transformed in 2025. After an impressive 400% increase in MSTR shares in the previous year, the company faced new challenges requiring unconventional approaches to capital raising and expanding its positions.

Challenges of 2025: Volatility and Competition

While in 2024 MSTR demonstrated exceptional results, the beginning of 2025 brought a completely different situation. The company’s shares have shown negative returns since the start of the year, due to several factors. Firstly, Bitcoin’s volatility has significantly decreased, which traditionally benefited the company due to its concentrated exposure to crypto assets. Secondly, the emergence of spot ETF options in the US has provided investors with direct alternative ways to gain exposure to Bitcoin, bypassing the need to invest through corporate mechanisms.

These factors led to a compression of the MSTR multiplier to its net asset value (mNAV), which has traditionally been a key advantage for the company in the market. Saylor and his team found themselves in a situation requiring creative solutions to maintain investment appeal.

Innovative Financing Instruments

In response to market challenges, MicroStrategy launched four perpetual preferred securities (STRK, STRF, STRD, and STRC), raising a total of $4.6 billion in gross proceeds. This became a key element of the new strategy under Saylor’s leadership, allowing the company to increase its Bitcoin holdings without diluting common shares.

Three of the four issued instruments have already demonstrated strong double-digit returns, confirming the effectiveness of this approach. This financing scheme enables MSTR to efficiently scale its crypto positions while maintaining investor interest in the company.

Global Expansion: From Dollars to Euros

Michael Saylor also initiated the expansion of the preferred stock program internationally. Specifically, MicroStrategy issued preferred securities denominated in euros, thereby opening access to the European investment community. This move demonstrates the ambition of his plan to globalize the company’s financing and strengthen its position in the global market.

Thus, Saylor’s strategy in 2025 has shifted from pure Bitcoin accumulation to a more complex financial architecture that combines innovative instruments and geographic diversification. This allows MSTR to remain a key player in the ecosystem despite changing market conditions.