Key Highlights
- Strategy revealed a $44.1B at-the-market (ATM) capital program focused on expanding Bitcoin holdings
- The initiative encompasses $21B in MSTR common shares, $21B in STRC preferred shares, and $2.1B in STRK preferred shares
- MSTR shares advanced over 2% following the announcement, reaching the $138–$140 range
- The firm acquired 1,031 BTC during the previous week for $76.6M, pushing total reserves to 762,099 BTC
- Strategy has accumulated approximately 90,000 BTC during the opening quarter of 2026
Strategy has rolled out a comprehensive $44.1 billion capital-raising framework aimed at advancing its Bitcoin acquisition program, driving shares higher by more than 2% during Monday trading.
The framework was detailed through an 8-K submission to the SEC. The filing outlines three distinct at-the-market initiatives spanning Strategy’s common equity and two preferred share classes.
The two primary components consist of a $21 billion ATM facility for MSTR common equity alongside an equivalent $21 billion allocation for STRC perpetual preferred shares. An additional $2.1 billion has been designated for STRK preferred shares.
Strategy refrained from providing specific execution dates, indicating shares may be offered “from time to time.”
MSTR shares touched an intraday peak of $140 during Monday’s trading window before settling near $138, per TradingView market data. Bitcoin similarly posted gains throughout the session, surpassing the $70,000 threshold.
Preferred Share Strategy Takes Priority
Strategy has increasingly adopted preferred stock instruments to finance Bitcoin acquisitions, alleviating dilution concerns for MSTR common shareholders. The preferred share structures provide monthly dividend payments to holders while enabling the firm to expand its BTC reserves.
Two weeks prior, Strategy liquidated 11.8 million STRC shares and 2.8 million MSTR shares to support a $1.57 billion Bitcoin transaction—marking its largest single acquisition this year.
During the most recent purchase cycle, the company relied exclusively on MSTR common stock. The firm divested 509,111 shares, generating $76.5 million in net capital to secure 1,031 BTC at an average acquisition cost of $74,326 per Bitcoin.
Through the preceding $21 billion MSTR ATM facility, Strategy had completed $15.9 billion in equity transactions. The company has additionally processed $20 billion through STRK offerings and $4.2 billion via STRC under previous programs.
Expanding Bitcoin Reserves
Strategy currently maintains custody of 762,099 BTC, accumulated at an average purchase price of $75,694 per Bitcoin, representing aggregate expenditures of $57.69 billion.
The firm has supplemented its treasury with approximately 90,000 BTC throughout 2026’s opening months. March acquisitions encompass 17,994 BTC secured on March 9 and 22,337 BTC obtained on March 16, totaling roughly $2.9 billion in combined value.
Bitcoin currently trades over 44% below its record valuation of $126,000, established in October 2025. Strategy’s BTC holdings achieved a maximum valuation of $78 billion during that period.
Based on prevailing market rates, the company holds approximately $3.4 billion in unrealized portfolio losses, according to DropsTab analytics.
Strategy’s systematic Bitcoin accumulation pattern has persisted on a weekly basis since late last year.
