Strategy: Raised $7.4 billion through digital lending in 2025, with $413 million already disbursed.

Strategy announced that it raised approximately $7.4 billion in 2025 through its perpetual preferred stock instruments (digital credit) and has paid out $413 million in distributions. The announcement shows that Strategy completed five IPOs for its digital credit instruments in 2025, raising approximately $5.5 billion, followed by an additional $1.9 billion raised through its ATM (Offer-to-Market) program. The weighted annualized dividend yield for these instruments is approximately 9.6%. Strategy also stated that, for U.S. federal income tax purposes, the distributions paid to preferred stock instruments in 2025, up to the shareholders' tax base, are considered tax-exempt capital returns. The company expects these distributions to remain considered capital returns for the foreseeable future (10 years or longer).