Strategy Expands Financing to $42 Billion! MicroStrategy Plans to Issue 21 Billion Common Shares and 21 Billion STRC Preferred Shares Through ATM

Bitcoin “Perpetual Motion” Mode Upgraded Again! According to the latest 8-K filing on the SEC website, Strategy Inc. (formerly MicroStrategy) announced two shocking ATM (At-the-Market) financing plans today (23rd), aiming to raise up to $42 billion. The plan includes $21 billion in common stock and $21 billion in STRC preferred stock, with all proceeds to be used for Bitcoin accumulation and debt restructuring.
(Background: MicroStrategy’s Bitcoin holdings now surpass BlackRock! The gap is only 21,000 BTC, expected to overtake next week)
(Additional context: Strategy’s faith knows no limits! MicroStrategy has just spent $75 million to buy 1,031 BTC, now controlling 3.6% of the BTC supply)

Table of Contents

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• Expanding underwriting team, three major institutions join
• Dual engines: $21 billion in common stock and STRC preferred stock
• Adjustment steps: ending old plans and streamlining STRK preferred stock
• Use of funds: the only answer is “Bitcoin”

The well-known Bitcoin reserve company Strategy Inc. (formerly MicroStrategy Incorporated) submitted the latest documents to the U.S. Securities and Exchange Commission (SEC), announcing a massive fundraising plan that has shaken the market. The company plans to issue up to $21 billion in Class A common stock and up to $21 billion in variable-rate Series A perpetual extension preferred stock (STRC preferred stock) via At-The-Market (ATM) offerings.

This multi-billion dollar fundraising initiative not only introduces new sales agents but also marks another major strategic move by Strategy to expand actively in the capital markets.

Expanding Underwriting Team, Three Major Institutions Join

To ensure the smooth progress of this large issuance plan, Strategy has further expanded its underwriting team. According to the latest signed agreement, the company has officially included Moelis & Company LLC, A.G.P./Alliance Global Partners, and StoneX Financial Inc. in its Omnibus Sales Agreement.

These new agents will work alongside existing major financial institutions such as TD Securities, Morgan Stanley, and Barclays Capital Inc., helping Strategy flexibly sell shares on the open market.

Dual Engines: $21 Billion in Common Stock and STRC Preferred Stock

The core of this issuance plan involves two new appendices. First, Strategy plans to issue up to $21 billion in Class A common stock through a new issuance program. Second, the company will also launch a plan to issue up to $21 billion in STRC preferred stock.

To support this massive issuance, Strategy has officially filed a certificate increasing the authorized shares of STRC preferred stock significantly, from 70,435,353 shares to 282,556,565 shares.

Adjustment Steps: Ending Old Plans and Streamlining STRK Preferred Stock

In addition to the large issuance of common stock and STRC preferred stock, Strategy has also made strategic adjustments to its 8.00% Series A perpetual exercise preferred stock (STRK preferred stock). The company and its sales agents agreed to terminate the previous issuance plan for STRK preferred stock starting March 22, 2026. Instead, the company plans to issue up to $2.1 billion of new STRK preferred stock under a new agreement. Meanwhile, Strategy has submitted a certificate to reduce the authorized shares of STRK preferred stock from 269,800,000 to 40,270,744, demonstrating refined management of different capital tools.

Use of Funds: The Only Answer is “Bitcoin”

Although the documents typically list “general corporate purposes and debt repayment,” market observers are well aware that the main destination for this $42 billion is to buy more Bitcoin. Based on the current market price of around $71,000, this amount could buy approximately 590,000 more BTC, pushing Strategy’s total holdings to over 1.35 million BTC.

This “fiat-to-Bitcoin” experiment led by Strategy is reaching its climax. As this wave of reserves completes, Strategy’s pricing power in the Bitcoin market will further increase, challenging traditional finance’s imagination of a publicly listed company’s capital structure.