Strategy raises $263.5M via MSTR, holds 843,775 Bitcoin
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- Strategy raised $263.5 million via its MSTR ATM program during the reporting period without buying Bitcoin, following the prior week when it similarly raised $466.7 million with no Bitcoin purchases.
- The company holds 843,775 Bitcoin and retains approximately $23.5 billion of remaining capacity under its common stock ATM program, per the SEC filing.
- STRC preferred stock closed Friday at $85.29 while MSTR shares ended the session at $94.85, according to Yahoo Finance data.
- Credit investor Khing Oei argued in an X post that STRC is mispriced as a simple "14% yield" instrument, estimating fair value around $96 even if Bitcoin never appreciates — and potentially reaching its $100 par value if Bitcoin rises.
- Oei said leverage is the driver: STRC's structure resembles a bond tied to Strategy's ability to service dividends for decades, not a vanilla yield product.
Why it matters: Two consecutive weeks of substantial equity raises — $466.7M and $263.5M — with zero Bitcoin buys leave Strategy holding roughly $3.2 billion in cash, while $23.5 billion of ATM capacity remains unused. For STRC holders, Oei's re-rating thesis argues the preferred trades as a plain coupon strip when its bond-like cash-flow profile could justify a $96–$100 valuation even without a BTC tailwind.
