Key Highlights
- Strategy filed new $21 billion ATM programs for both MSTR common stock and STRC preferred shares.
- The company also reset its preferred stock structure by ending a prior STRK offering and launching a new $2.1 billion STRK ATM.
- The expanded fundraising capacity supports continued capital raises as Strategy keeps adding to its Bitcoin holdings.
Strategy, a Bitcoin treasury firm, has expanded its at-the-market fundraising capacity with two new $21 billion issuance programs tied to its MSTR common stock and STRC preferred shares, according to a March 23 filing with the U.S. Securities and Exchange Commission.
The new filings give the company up to $42 billion in additional ATM capacity across the two securities. Strategy also filed a separate $2.1 billion ATM program for STRK preferred stock, while terminating a prior STRK offering.
New ATM programs filed for MSTR and STRC
According to the filing, Strategy entered addenda to its existing sales agreement that allow it to issue and sell additional shares of Class A common stock and Variable Rate Series A Perpetual Stretch Preferred Stock from time to time through its sales agents.
The company said the new common stock annex covers up to $21 billion of MSTR shares, while the new STRC annex covers up to $21 billion of STRC preferred stock.
These filings materially increase Strategy’s ability to raise capital in the market, adding to previously registered programs that the company said will remain active for certain securities.
Broker lineup expands
Strategy also added Moelis & Company, A.G.P./Alliance Global Partners, and StoneX Financial as sales agents under its omnibus sales agreement.
They join an existing group of distribution partners already participating in the company’s ATM structure. The expanded roster suggests that Strategy is broadening the channels through which it can execute future share sales.
STRK offering reset as share authorization shifts
Alongside the new MSTR and STRC programs, Strategy filed a new $2.1 billion ATM program for STRK preferred stock. At the same time, it said the prior STRK offering was terminated effective March 22, 2026.
The company also amended its preferred share structure. It increased authorized STRC shares from 70,435,353 to 282,556,565, while cutting authorized STRK shares from 269,800,000 to 40,270,744.
This combination points to a financing shift toward STRC, even as STRK remains part of the broader capital structure.
Latest Bitcoin purchases
The expanded ATM capacity comes as Strategy continues to add to its Bitcoin position. In a separate Form 8-K filing, the company said it bought 1,031 BTC for about $76.6 million at an average price of $74,326 per coin during the prior week.
This brought Strategy’s total holdings to 762,009 BTC acquired for roughly $57.69 billion, or an average cost of $75,694 per Bitcoin. The company said the latest purchase was funded mainly through at-the-market sales of preferred shares, particularly STRC, along with selective common stock issuance.
Prior programs remain in place for some securities
Strategy said it will continue using its prior common stock prospectus and prior STRC preferred stock prospectus until all shares registered under those earlier programs are sold.
Before the new filing, the company had already registered more than $15.85 billion in common stock, $4.2 billion in STRC preferred stock, and more than $20.34 billion in STRK preferred stock under earlier prospectus supplements.
The latest filing does not mean the full amount will be sold immediately. ATM programs allow companies to issue shares gradually over time, depending on market conditions and capital needs.
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