Strategy Inc. has expanded its ability to raise capital through equity markets, setting up tens of billions of dollars in additional stock sales that could fund future investments in Bitcoin (BTC).
Strategy Fuels Stock-Sale Machine with $42bn to Fund Bitcoin Buys
23 March 2026 - 22:34 CET
By Ana Pereira
In a filing on Monday, the company said it may issue and sell new shares of common and preferred stock "from time to time" under expanded at-the-market (ATM) programmes, adding fresh capacity on top of existing plans.
Equity programmes
The updated programmes allow for up to $21bn in common stock (MSTR) sales and another $21bn tied to its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). That $42bn haul will be complemented by a $2.1bn allocation for its 8.00% Series A Perpetual Strike Preferred Stock (STRK), the company said in the filing.
The structure reflects a model the company has leaned on in recent years: raising funds gradually through equity sales and deploying that capital into its balance sheet, most notably large-scale Bitcoin accumulation.
"We just take the money, buy Bitcoin and issue the credit," executive chairman Michael Saylor said on the company's fourth-quarter earnings call in February, describing Strategy's approach to fund Bitcoin purchases. "Our objective is to double your Bitcoin-per-share over a seven-year time frame," he added.
ATM sales fund Bitcoin buys
In addition to the share sales, Strategy also disclosed on Monday its latest round of Bitcoin purchases, funded through ongoing share sales.
Between 16–22 Mar, the company sold 509,111 shares of its Class A common stock (MSTR), generating about $76.5mn in net proceeds. The funds were used to acquire 1,031 BTC at an average price of $74,326, according to a regulatory filing.
Leveraged proxy
Strategy, formerly known as MicroStrategy, is a US-listed software company that pivoted in 2020 to focus on accumulating Bitcoin, effectively positioning itself as a leveraged proxy for the crypto asset through a combination of equity issuance and debt offerings.
The approach has allowed Strategy to scale its crypto holdings to 762,099 BTC, making it the largest corporate holder globally. Based on today's BTC prices near $71,000, the position is valued at more than $54bn.
Strategy shares rose 1.9% on the Nasdaq stock exchange, while Bitcoin also climbed, trading at close to $71,000 as of 21:08UTC, up more than 4% for the day.
