Strategy launches $42B ATM share‑sale to buy bitcoin
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- Strategy announced new at‑the‑market (ATM) programs to sell up to $21 billion of common MSTR stock, $21 billion of STRC preferred shares, and $2.1 billion of STRK preferred shares.
- Strategy used proceeds from prior share sales to purchase another 1,031 BTC for about $76.6 million, raising its total bitcoin holdings to 762,099 BTC.
- Strategy has spent roughly $57.7 billion on bitcoin to date, leaving its position with a $3.2 billion unrealized loss at current prices.
- Strategy’s “42/42” plan targets $84 billion in capital raises by 2027, with the new ATM programs forming a core component of that goal.
- Strategy’s preferred‑stock dividend obligations could rise by $2.4 billion annually if the $21 billion STRC program is fully utilized, while existing payouts already total about $1 billion, leaving cash reserves to cover only eight months of dividends.
- Strategy’s shares are trading near $140, down from 2025 highs, narrowing the premium to net asset value and potentially reducing the efficiency of future equity issuances.
Why it matters: The expanded ATM programs give Strategy a massive financing runway for bitcoin accumulation, but the steep dividend commitments and a narrowed share premium could strain cash reserves and make future equity raises costlier, affecting shareholders and the broader crypto market.
