Strategy's Market Cap Down 40% Since Pivot from Bonds to Preferreds

Friday, Jan 23, 2026 1:12 pm ET1min read
MSTR--

Strategy's market capitalization has dropped 40% since founder Michael Saylor switched from issuing bonds to preferred shares in February 2025. The shift allowed the company to raise capital without repaying principal, but investors eventually realized that preferred dividend obligations never end. The company's common stock price has fallen from a 2025 high of $457 to around $350.

Strategy's Market Cap Down 40% Since Pivot from Bonds to Preferreds

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