MicroStrategy (NASDAQ: MSTR), led by CEO Michael Saylor, has long been the poster child for corporate Bitcoin adoption, leveraging innovative capital structures to amass one of the largest institutional Bitcoin holdings globally. However, its August 2025 fundraising effort—raising a mere $47 million via its STRD preferred stock’s at-themarket (ATM) program. This research article analyzes the drivers behind this fundraising shortfall, the eroding investor confidence in Saylor’s strategy, and the structural risks inherent in MicroStrategy’s leveraged Bitcoin “wrapper” model. We argue that the $47 million raise is not an isolated miss but the first tangible crack in MicroStrategy’s capital-raising engine, exacerbated by underperforming stock, collapsing net asset value (mNAV) premiums, and the rise of alternative Bitcoin exposure tools.
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