Strategy expands ATM programs across stock lines to fund ongoing bitcoin buys

Strategy is adding more ways to fund its bitcoin purchases, rolling out new at-the-market, or ATM, programs across its common stock and preferred share offerings.

In a Form 8-K filing with the SEC on Monday, the company said it will now sell up to $21 billion of additional common MSTR stock, alongside $21 billion of its STRC preferred shares and $2.1 billion of STRK preferred shares through new ATM programs.

The new programs will allow Strategy (MSTR) to gradually issue shares into the market, rather than raising capital in a single transaction. Proceeds from similar programs have funded many of Strategy’s bitcoin purchases since early last year, with the company relying on a growing stack of issuance vehicles, including ATM facilities tied to preferred stock products such as STRF and STRD.

Combined, the company now has tens of billions of dollars in potential issuance capacity across its equity and equity-linked offerings.

Strategy ramps up bitcoin buys

The expansion comes as Strategy continues to add to its bitcoin holdings.

The company purchased another 1,031 BTC for about $76.6 million last week, bringing its total to 762,099 BTC, according to a separate filing. The purchases were funded through prior sales of its Class A common stock.

Strategy has spent roughly $57.7 billion acquiring bitcoin to date, with the position currently sitting below cost based on recent prices. That discrepancy translates into a more than $3.2 billion unrealized loss, according to SaylorTracker data.

The ATM programs are a core part of the firm’s broader “42/42″ plan, which targets $84 billion in capital raises through equity and convertible notes by 2027 to fund additional bitcoin purchases.

But that flexibility comes with a cost.

“If fully utilized, the $21 billion STRC program would add roughly $2.4 billion in annual dividend obligations,” wrote The Block analyst Ivan Wu. “Combined with about $1 billion in existing payouts, Strategy’s current cash reserves would cover only around eight months of dividends.”

Strategy’s shares have fallen sharply from their 2025 highs, and the company’s premium to net asset value has narrowed, potentially making future issuance less efficient if conditions weaken further. Shares of MSTR are trading for nearly $140 on Monday, continuing to recover after hitting a long-term low of $107 in late February.

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