New $42B ATM Plan to Buy 560,000 Bitcoin

Strategy, the company led by Michael Saylor, has announced a new $42 billion at-the-market (ATM) equity program aimed at expanding its Bitcoin acquisition capacity. The plan includes $21 billion in Class A common stock (MSTR) and $21 billion in newly introduced Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), according to a recent regulatory filing.

In addition, the firm launched a separate $2.1 billion ATM program tied to its STRK preferred shares.

The latest move increases the company’s total capital-raising flexibility, allowing it to issue shares gradually through multiple channels. Strategy has relied on similar programs to fund its Bitcoin purchases over the past year, using proceeds from equity sales to build one of the largest corporate Bitcoin treasuries. The structure enables the firm to raise funds over time rather than through a single issuance, adjusting to market demand and pricing conditions.

As of March 22, Strategy still had substantial capacity available across existing programs. This included billions of dollars in remaining issuance tied to common stock and multiple preferred share series. The expanded framework is part of the company’s broader “42/42” capital plan, which targets $84 billion in total funding through equity and convertible instruments by 2027.

The newly announced programs come as Strategy continues to add to its Bitcoin holdings. The company recently purchased 1,031 BTC for approximately $76.6 million at an average price near $74,326 per coin. This brings its total holdings to 762,099 BTC, acquired for about $57.7 billion. The purchases were funded through ongoing share sales, reinforcing the firm’s approach of converting equity into Bitcoin exposure.

Strategy has expanded its network of financial intermediaries to support these programs. Firms such as Moelis & Company, A.G.P./Alliance Global Partners, and StoneX Financial have been added to its sales syndicate, bringing the total number of agents to 19. These institutions facilitate the sale of shares into the market, helping the company raise capital in a continuous manner.

The company’s approach combines common equity and multiple preferred share structures, providing access to different investor segments. This flexibility allows Strategy to adjust issuance depending on market conditions, including investor appetite for yield-focused products such as preferred stock. The effectiveness of this model has been closely tied to the company’s valuation relative to its Bitcoin holdings.

Bitcoin Price Movement and Market Reaction

The announcement comes amid volatility in both crypto and traditional markets. Bitcoin traded near $71,000 on March 23 after recovering from earlier declines. The rebound followed comments from U.S. President Donald Trump, who said the United States and Iran had engaged in productive discussions and that planned strikes on Iranian infrastructure would be postponed. The statement briefly improved risk sentiment across global markets.

Crypto assets moved higher alongside Bitcoin, while oil prices declined and traditional safe-haven assets such as gold and the U.S. dollar weakened. However, conflicting reports later emerged, adding uncertainty to market direction. Price movements across digital assets became more cautious as traders assessed geopolitical developments and their potential effect on energy markets and global liquidity.

Strategy’s shares have also reflected broader market conditions. The stock traded near $140 on March 23, recovering from a recent low of around $107 in late February. The company’s valuation relative to its Bitcoin holdings remains an important factor, as it affects the efficiency of raising capital through equity issuance.

Long-Term Plan Targets Large-Scale Bitcoin Purchases

Strategy’s capital strategy is centered on expanding its Bitcoin position over time. The combined $42 billion in ATM program, along with existing capacity, increases the company’s potential purchasing power. Based on current Bitcoin prices, the newly announced capital could support the acquisition of hundreds of thousands of additional BTC if fully deployed.

Analysts have noted that the use of preferred stock introduces ongoing financial commitments. For example, dividend obligations tied to preferred shares may require consistent cash flow or additional capital management. The scale of these obligations depends on how much of the available issuance capacity is utilized.

Despite these considerations, the company has continued to follow a consistent accumulation strategy, using market-based financing tools to increase its exposure to Bitcoin. The latest expansion of its ATM programs reinforces this approach, positioning Strategy to continue purchasing BTC as part of its long-term treasury model.