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Strategy (Nasdaq: MSTR), the business intelligence firm that has become synonymous with corporate Bitcoin accumulation, today announced a new "at-the-market" (ATM) program aiming to raise up to $2.1 billion through the sale of its 10.00% Series A Perpetual Strife Preferred Stock (STRF). The move signals a continued aggressive commitment to expanding its already massive Bitcoin treasury.
Strategy Announces $2.1 Billion $STRF At-The-Market Program pic.twitter.com/ezIJKaWM0m
— Michael Saylor (@saylor) May 22, 2025
Under the new ATM program, Strategy plans to sell shares of its preferred stock "in a disciplined manner over an extended period," taking into account market conditions, the company said in a statement. The net proceeds from this offering are earmarked for general corporate purposes, prominently including the acquisition of additional Bitcoin, alongside general working capital needs.
The company's pioneering approach to leveraging its balance sheet for Bitcoin exposure has established it as a de facto "Bitcoin proxy" for both institutional and individual investors.
This latest fundraising initiative is a direct continuation of Strategy's corporate strategy, which has seen it amass an unparalleled Bitcoin portfolio. The company currently holds 576,230 BTC, representing approximately 2.74% of Bitcoin's total circulating supply. This holding was acquired at an average cost basis of roughly $40 billion and is now valued at approximately $64 billion at current market prices, yielding an unrealized profit of around $24 billion.
Just this week, Strategy further expanded its holdings by acquiring 7,390 BTC for $764.9 million, at an average price of $103,498 per Bitcoin.
Strategy's consistent buying pressure has been a notable factor in Bitcoin's recent market performance. The leading cryptocurrency is currently trading near $111,107, only slightly below its new all-time high of $111,800 reached earlier this week, following a nearly 50% surge since early April.
