Key Highlights
- Strategy revealed a massive $44.1B at-the-market capital program aimed at expanding Bitcoin reserves
- The initiative comprises $21B in MSTR common shares, $21B in STRC preferred shares, and $2.1B in STRK preferred shares
- MSTR shares rallied more than 2%, reaching the $138–$140 trading range
- The company acquired 1,031 BTC for $76.6M last week, pushing total holdings to 762,099 BTC
- Strategy has accumulated approximately 90,000 BTC during the first quarter of 2026
In a bold move to strengthen its Bitcoin position, Strategy has unveiled a comprehensive $44.1 billion fundraising strategy, propelling shares upward by over 2% during Monday’s trading session.
Strategy announces new $21 Billion $STRC ATM Program and new $21 Billion $MSTR ATM Program. https://t.co/65BB3FCup9
— Michael Saylor (@saylor) March 23, 2026
Details of the initiative emerged through an 8-K filing submitted to the Securities and Exchange Commission. The proposal outlines three distinct at-the-market offerings spanning the company’s common shares and dual preferred stock classes.
The framework allocates $21 billion toward MSTR common equity sales and an equivalent $21 billion for STRC perpetual preferred equity. An additional $2.1 billion is designated for STRK preferred share issuances.
The company refrained from establishing a specific execution schedule, noting that share sales could occur “from time to time” based on market conditions.
During Monday’s trading, MSTR shares peaked at $140 before settling near $138, per TradingView analytics. Bitcoin simultaneously gained momentum, surpassing the $70,000 threshold.
Pivoting Toward Preferred Equity Instruments
Strategy has strategically embraced preferred stock offerings to finance its Bitcoin accumulation efforts, alleviating dilution concerns for MSTR common shareholders. These preferred instruments provide monthly dividend payments to holders while enabling the company to scale its cryptocurrency portfolio.
Earlier this month, Strategy offloaded 11.8 million STRC shares alongside 2.8 million MSTR shares, generating $1.57 billion for its largest Bitcoin acquisition of the year.
Last week’s transaction relied exclusively on common stock proceeds. The firm sold 509,111 MSTR shares, netting $76.5 million to purchase 1,031 BTC at an average cost of $74,326 per Bitcoin.
Through its previous $21 billion MSTR ATM facility, Strategy has already executed $15.9 billion in equity sales. The company has additionally raised $20 billion via STRK offerings and $4.2 billion through STRC programs.
Expanding Digital Asset Reserves
Strategy’s Bitcoin treasury currently stands at 762,099 BTC, purchased at an aggregate cost basis of $75,694 per coin, representing a total investment of $57.69 billion.
Since January 2026, the firm has accumulated nearly 90,000 additional Bitcoin. March acquisitions include 17,994 BTC on March 9 and 22,337 BTC on March 16, totaling approximately $2.9 billion in deployment.
Bitcoin currently trades more than 44% below its all-time peak of $126,000, recorded in October 2025. At that point, Strategy’s cryptocurrency holdings were valued at $78 billion.
Based on present market valuations, the company faces an unrealized deficit of roughly $3.4 billion, according to DropsTab calculations.
Strategy has maintained its weekly Bitcoin purchasing pattern consistently since late last year.
