Strategy expanded its at-the-market programs, known as ATM, to finance the ongoing purchase of Bitcoins.
According to a Form 8-K filed with the SEC on Monday, the company enabled the issuance of up to $21 billion in MSTR common shares, $21 billion in STRC preferred shares and $2.1 billion in STRK preferred shares. These mechanisms allow securities to be placed gradually in the market, rather than concentrating capital raising in a single operation.
Last week, Strategy acquired 1,031 BTC for approximately $76.6 million, bringing its total treasury to 762,099 BTC. The cumulative spending on bitcoin amounts to around $57.7 billion, although the position currently registers an unrealized loss of over $3.2 billion, according to data from SaylorTracker.
The ATM programs are part of Strategy’s “42/42” plan, which aims to raise $84 billion in capital through shares and convertible notes before 2027. However, the scale of the expansion entails significant commitments: the $21 billion STRC program would generate approximately $2.4 billion in annual dividend obligations, which, combined with existing payments, would cover barely eight months with current cash reserves.
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