Strategy Inc. (Nasdaq: MSTR) ranked fourth in Phong Le’s chart of equity capital-market issuance, with $20.9 billion raised this year. SpaceX led with $86.3 billion, followed by Alphabet, Google’s parent company, at $25.7 billion and Intel at $23 billion. The chart, posted by Le on X on Sept. 3, cited ECM Analytics, Dealogic, Capital IQ and company filings. Strategy has raised capital through repeated sales of MSTR common shares and five preferred securities rather than a single offering. Its latest Form 8-K showed $602.8 million in net MSTR proceeds from Aug. 24 through Aug. 30, including funds directed to bitcoin purchases, Stretch preferred-stock repurchases and dividends, and its dollar liquidity account. The company held 845,050 BTC as of Aug. 30 after purchasing 4,603 BTC during the preceding week. The approach supports balance-sheet expansion but creates dilution and financing costs, while an MSCI index eligibility consultation could affect Strategy’s place in widely tracked global benchmarks. The consultation closes Sept. 30, with a decision expected by Oct. 16.