Michael Saylor’s Strategy has unveiled capital-raising programs totaling $44.1 billion to finance additional Bitcoin purchases through sales of common shares and two dividend-paying preferred equity vehicles.
In an 8-K filing, the company said it may raise up to $21 billion by selling Strategy (MSTR) common stock and another $21 billion through its high-yield perpetual preferred, Stretch (STRC), via at-the-market (ATM) programs. Strategy also plans to offer up to $2.1 billion of Strike (STRK), a second perpetual preferred. The filings state shares may be sold “from time to time” and do not specify a timeline.
Strategy is positioning these securities as ways for investors to gain exposure to Bitcoin while the cryptocurrency remains more than 44% below its all-time high. The company reports an unrealized loss of about 6.3% on its Bitcoin holdings.
The revised ATM equity program allows incremental sales into the open market rather than relying on larger, less frequent capital raises such as convertible debt. The preferred-stock offerings (STRC and STRK) pay monthly dividends and allow Strategy to increase Bitcoin holdings without issuing additional MSTR common shares.
Across the first three months of 2026, Strategy added nearly 90,000 Bitcoin to its treasury. Its most recent disclosed purchase was 1,031 BTC for $76.6 million, following sizable buys earlier in March — 17,994 BTC on March 9 and 22,337 BTC on March 16 — transactions that together amounted to roughly $2.9 billion.
The company now holds 762,099 Bitcoin, with a reported valuation of about $54 billion.
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