Strategy, a Bitcoin-focused treasury firm, has expanded its ability to raise capital by introducing two new at-the-market programmes tied to its MSTR common stock and STRC preferred shares. The move, disclosed in a filing with the U.S. Securities and Exchange Commission on 23 March, adds up to $42 billion in potential issuance capacity.
The filings outline a $21 billion programme linked to MSTR shares and another $21 billion linked to STRC preferred stock. Together, they give the company greater flexibility to issue shares gradually, depending on market conditions and funding requirements. Strategy also introduced a separate $2.1 billion ATM programme for STRK preferred shares, while discontinuing a previous STRK offering.
At-the-market programmes allow companies to sell shares directly into the market over time rather than through a single large issuance. This approach gives issuers more control over pricing and timing, although the actual amount raised depends on investor demand and broader market conditions.
According to the filing, Strategy has updated its existing sales agreements to allow the issuance of additional shares of Class A common stock and Variable Rate Series A Perpetual Stretch Preferred Stock through its appointed sales agents. The company has also expanded its network of distribution partners by adding Moelis & Company, A.G.P./Alliance Global Partners, and StoneX Financial. These firms join an existing group of agents involved in the company’s capital-raising structure.
Alongside the introduction of new programmes, Strategy has adjusted its preferred share structure. The number of authorised STRC shares has increased significantly, while authorised STRK shares have been reduced. The changes suggest a shift in focus towards STRC within the company’s preferred share strategy, even as STRK remains part of its broader financing framework.
The filing also confirms that the previous STRK ATM programme has been terminated. At the same time, a new $2.1 billion STRK programme has been put in place, indicating a reset in how the company approaches this class of preferred stock.
The expansion in fundraising capacity comes as Strategy continues to add to its Bitcoin holdings. In a separate disclosure, the company reported the purchase of 1,031 Bitcoin for approximately $76.6 million, at an average price of $74,326 per coin. This latest acquisition brings its total holdings to 762,009 Bitcoin, with an aggregate cost of about $57.69 billion and an average purchase price of $75,694 per Bitcoin.
The company stated that recent Bitcoin purchases were largely funded through proceeds from its at-the-market share sales, particularly those tied to STRC preferred stock, along with selective issuance of common shares. This highlights how the company is using its capital markets activity to support its ongoing accumulation strategy.
Strategy also noted that earlier ATM programmes remain in place for certain securities. These include previously registered common stock and preferred stock offerings, which will continue until the registered shares under those programmes are fully sold. Prior to the latest filing, the company had already registered substantial amounts under earlier prospectus supplements, covering common stock and both STRC and STRK preferred shares.
The new programmes do not imply immediate issuance of the full amounts. Instead, they provide the company with the option to raise capital incrementally, offering flexibility to respond to changing market conditions. This structure allows Strategy to balance its capital needs while maintaining ongoing access to funding sources as it continues its Bitcoin-focused approach.
The developments reflect a continued emphasis on capital market activity as a core part of Strategy’s operations, alongside its position as one of the largest corporate holders of Bitcoin.
Dear Reader,
Ledger Life is an independent platform dedicated to covering the Internet Computer (ICP) ecosystem and beyond. We focus on real stories, builder updates, project launches, and the quiet innovations that often get missed.
We’re not backed by sponsors. We rely on readers like you.
If you find value in what we publish—whether it’s deep dives into dApps, explainers on decentralised tech, or just keeping track of what’s moving in Web3—please consider making a donation. It helps us cover costs, stay consistent, and remain truly independent.
Your support goes a long way.
🧠 ICP Principal: ins6i-d53ug-zxmgh-qvum3-r3pvl-ufcvu-bdyon-ovzdy-d26k3-lgq2v-3qe
🧾 ICP Address: f8deb966878f8b83204b251d5d799e0345ea72b8e62e8cf9da8d8830e1b3b05f
Every contribution helps keep the lights on, the stories flowing, and the crypto clutter out.
Thank you for reading, sharing, and being part of this experiment in decentralised media.
—Team Ledger Life
Community Discussion