Strategy (MSTR) has unveiled a new $4.2 billion at-the-market (ATM) offering program for its 10.00% Series A Perpetual Stride Preferred Stock (STRD), the third and most junior preferred stock Strategy has issued.
STRD’s initial offering went live on June 6.
The STRD ATM complements the firm’s other ATM programs, including $18.1 billion available under its 2025 common stock program, $20.5 billion under STRK, and $1.9 billion under STRF, as of July 7.
On the same day it announced STRD’s $4.2 billion ATM, Strategy booked a $14.05 billion unrealized gain on its bitcoin holdings as profit, due to reassessment of its book value based on FASB fair value treatment of digital assets.
In Q2 2025, the company added 69,140 BTC at an aggregate cost of $6.77 billion, an average of $97,906 per bitcoin, funded by net proceeds from its common and preferred stock ATM programs and its STRD initial offering. These issuances lifted Strategy’s treasury to 597,325 BTC, with an average cost basis of $70,982 per bitcoin.
Strategy’s aggressive capital-raising framework has powered its rise as the world’s largest public bitcoin holder. By layering STRD onto its ATM arsenal, Strategy expects to create additional options for generating intelligent leverage.
At time of publication, MSTR is down 1.24% and STRD is down 0.32%.
Read More: Strategy taps common stock ATM, raises $519.5 million
