Billionaire Michael Saylor’s Strategy has expanded access to its perpetual preferred stock offerings, with all such shares now listed on Cash App. The Bitcoin-focused firm is aiming to put the company’s digital credit instruments in front of roughly 58 million users.
Strategy is making it easier than ever for everyday investors to access the company’s preferred shares. The move comes just a day after MSCI decided not to shelf digital asset treasury companies from its indexes.
Strategy Uses Preferred Shares to Fund Long-Term Bitcoin Bet
For many retail investors, perpetual preferred stock can sound technical, but at its core, it sits somewhere between common shares and bonds. These investments usually pay regular dividends and don’t have a maturity date, so they give you exposure to the company without the same level of risk as common equity.
Strategy has used the preferred shares as part of its larger capital strategy, which is closely linked to its long-term plan for the Bitcoin treasury.
Listing the shares on Cash App makes it easier for people to buy them because they don’t have to use traditional brokerage platforms. This could bring in a new group of smaller, retail investors. It also makes Strategy’s preferred stock easier to buy and sell and more visible.
In a broader sense, the move shows how investing is becoming easier for everyone. As platforms like Cash App make it harder to tell the difference between traditional finance and crypto-linked companies, investors can now get complicated financial products through simple, user-friendly apps.
Strategy Stock Rises as MSCI Backs Off Bitcoin Index Ban
Shares of billionaire Michael Saylor’s Strategy rose over 6% on Wednesday, as MSCI scrapped a decision to ban the Bitcoin hoarder and other crypto treasury firms from its indexes.
In 2025, a number of businesses started keeping cryptocurrency tokens like Bitcoin and Ether as their primary treasury assets, which raised prices and provided investors with a stand-in for direct exposure. This led to a boom in the popularity of digital asset treasury companies, or DATCOs.
The index provider said it had chosen “not to implement the proposal to exclude digital asset treasury companies from the MSCI Global Investable Market Indexes as part of the February 2026 Index Review.”
Strategy, which has recently seen share price pressure because of worries about possible exclusion, directly benefits from this decision.
MSCI announced plans to launch “a broader consultation on the treatment of non-operating companies generally,” although it has postponed its immediate plans to exclude cryptocurrency treasury firms.
Investor worries that certain digital asset treasury businesses have traits with investment funds, which are normally ineligible for inclusion in MSCI indexes, were acknowledged by the index provider.
Strategy Reports $17.44B Unrealized Loss for Q4, SEC Filing Shows
Interestingly, Michael Saylor’s Strategy disclosed an unrealized loss of $17.44 billion for the three months ended December 31 in a report with the U.S. Securities and Exchange Commission (SEC) on January 5.
The startling loss was caused by the sharp reduction in the fiat value of Strategy’s massive collection of Bitcoin tokens, which began soon after the quarter started.
The situation is only marginally better for 2025 overall, as Strategy projects a $5.4 billion loss on its digital assets. After beginning the year at over $94,000, Bitcoin reached an all-time high of $126,080 on October 6. However, it ended 2025 closer to $88,000 after falling as low as $82,000 in November.
Though only marginally (1.02x as of Tuesday midday), Strategy asserts that its mNAV, the multiple of its Bitcoin value compared to the company’s market capitalization, remains over the 1x danger zone. According to other, less contradictory sources, Strategy’s mNAV is 0.80x.
