Strategy Rockets to Top US Equity Issuer Ranking

Strategy Inc., the Nasdaq-listed company, has surpassed some of America's largest technology companies in equity capital market rankings after issuing $20.9 billion this year, according to a chart posted by CEO Phong Le on September 3.

The company joined SpaceX at the top with $86.3 billion, Alphabet (Google's parent) second with $25.7 billion, and Intel third with $23 billion. Strategy's position is due to repeated sales of MSTR common shares and preferred stocks rather than one large offering.

In August, Strategy raised $602.8 million in net proceeds from the sale of MSTR common shares. The company put $369.7 million into Bitcoin, $151.8 million into repurchases of Stretch preferred stock, $50.7 million into Stretch dividends, and $30.0 million into its dollar liquidity account.

Strategy's Digital Credit Capital Framework allows management to shift between issuance and repurchases while maintaining a dollar reserve for preferred dividends and debt interest. The company now offers MSTR and five preferred securities tied to one corporate capital structure, although none gives shareholders direct ownership of its Bitcoin.