Strategy taps common stock ATM,  raises $519.5 million

Jun 30, 2025

Strategy (MSTR), formerly MicroStrategy, deployed its common stock at-the-market offering program for the first time in four weeks, selling 1,354,500 shares to net $519.5 million in proceeds between June 23 and June 29, 2025, according to a recent filing.

The prior four weekly Form 8-K filings, dated June 2, June 9, June 16, and June 23, reported no activity under the common ATM program, leaving approximately $18.63 billion still available for issuance as of June 22. Over those last four weeks, Strategy relied exclusively on the ATM offerings for its first two perpetual preferred stocks: STRK and STRF. 

The common ATM program, established on May 1, carries a $21 billion capacity and remains a cornerstone of Strategy’s financing strategy. Proceeds from the latest ATM issuances funded dividend payments on Strategy’s perpetual preferred shares and continued bitcoin acquisitions. 

The firm’s ATMs for 8.00% Series A Perpetual Strike (STRK) and 10.00% Series A Perpetual Strife (STRF) preferred stock also remain active, raising $28.9 million and $29.7 million, respectively, from June 23–29.

Between June 23 and June 29, the company used ATM proceeds sourced from all three of its active ATM offerings to acquire 4,980 BTC at an aggregate cost of $531.9 million, bringing its total holdings to 597,325 BTC with an aggregate purchase price of $42.40 billion, or $70,982 per BTC. 

Strategy’s ongoing capital-markets activity aligns with Michael Saylor’s ambition to establish Strategy as the premier issuer of bitcoin-backed credit instruments. During the Q1 2025 earnings call on May 1, the company unveiled an expanded “42-42” capital plan, targeting $42 billion in equity and $42 billion in fixed-income securities through 2027 to support further bitcoin acquisitions and innovative financing products.

The 42-42 plan is expanded from a 21-21 plan announced on October 30, 2024, where Strategy unveiled its first $21 billion common stock ATM and its intention to raise $21 billion in fixed income. The ATM was fully depleted within 6 months, resulting in the the second $21 billion common stock ATM announced on May 1, which expanded the $21 billion equity raise target to $42 billion. Strategy also expanded its $21 billion fixed income raise target to $42 billion by opening a $21 billion ATM for STRK. Weeks later, Strategy opened a $2.1 billion ATM for STRF

On June 10, 2025, Strategy completed an IPO of its 10.00% Series A Perpetual Stride Preferred Stock (STRD), netting approximately $979.7 million. STRD is junior to STRK and STRF. 

MSTR is trading up 1.8% to $391 as of publication time.

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