Strategy’s stock is losing altitude even as the firm raises billions and expands its Bitcoin-backed credit products. New charts from TD Cowen and Strategy’s own disclosures now show the premium sliding toward 2021 levels while issuance of STRC, STRF, STRK, and STRD surges.
Strategy Premium Drops Toward 2021 Levels
Strategy’s market premium is sliding toward levels last seen during the 2021–22 crypto winter, according to new data from TD Cowen. The firm’s latest chart shows the premium steadily weakening through 2024 and now approaching multi-year lows. The trend signals fading investor confidence in Strategy’s valuation relative to its Bitcoin holdings.
Strategy Bitcoin Premium Chart. Source: TD Cowen/X
At the same time, the premium’s decline follows months of pressure across the broader crypto market. As Bitcoin moved through high-volatility phases this year, Strategy’s stock repeatedly failed to maintain previous highs. The chart highlights several sharp reversals since late 2023, with each recovery attempt losing strength more quickly.
Meanwhile, TD Cowen notes that Strategy’s premium has returned to ranges last observed during extended drawdowns in late 2021 and early 2022. The current reading suggests the gap between the firm’s market value and its underlying Bitcoin position has narrowed to one of the tightest points in more than three years. The drop now raises questions about how the company’s leveraged Bitcoin strategy will respond if market conditions continue to soften.
Strategy Highlights Capital Raising While Saylor Points to Credit Growth
Meanwhile, Strategy said it has raised 21 billion dollars year-to-date in 2025 through seven different securities, according to its latest capital-markets slide. The chart shows 11.9 billion dollars in common equity, 6.9 billion dollars in preferred equity, and 2.0 billion dollars in convertible debt this year.
Strategy Capital Raising Breakdown. Source: Strategy on X
The firm also reported 22.6 billion dollars raised in full-year 2024, with 16.3 billion dollars in common equity and 6.2 billion dollars in convertible debt. The breakdown highlights products such as STRF, STRC, STRE, STRK, and STRD, each contributing different levels of liquidity to the company’s fundraising mix.
At the same time, Michael Saylor posted a chart showing weekly Bitcoin-backed credit activity surging into mid-November. The graphic displays a steady climb in STRC, STRK, STRF, and STRD volumes, culminating in more than 20 million dollars of combined issuance in the week ending November 21.
Bitcoin Backed Credit Weekly Volume. Source: X
The data shows STRC leading with roughly 10.5 million dollars, followed by STRF at about 3.0 million dollars, STRD near 3.4 million dollars, and STRK above 1.8 million dollars. The chart’s progression also marks several consecutive weekly increases, including jumps of 41.6 percent, 17.9 percent, and a final 50.8 percent surge.
