In Strategy’s (MSTR) announcement of weekly bitcoin purchases on Monday, the company stated that it had updated its MSTR equity at-the-market offering guidance established during the Q2 earnings call on July 31.
The previous guidance stated that Strategy would no longer issue its MSTR common stock at multiples of native asset value (mNAV) lower than 2.5x, except in the case of financing dividend payments for its preferred shares (STRF, STRK, STRC, STRD) and paying interest on debt.
The 8-K filed on August 18 created a third condition, shown in the picture below.
Strategy will now issue MSTR below 2.5x mNAV if it deems the issuance to be “advantageous to the company,” per the updated guidance.
Over the last two weeks, Strategy reported lower bitcoin purchase volumes than normal precisely because it wasn’t utilizing its MSTR at-the-market (ATM) offering. Last week, Strategy announced a purchase of 155 BTC, utilizing only the STRF ATM. This week, the company announced a purchase of 430 BTC with proceeds from the STRF, STRK, and STRD ATM offerings.
$17 billion remains available for issuance in the current $21 billion MSTR ATM established May 1, 2025. Over the last year, Strategy has raised almost $25 billion selling its common stock.
Read More: The $2.5 billion STRC offering is the largest IPO all year: Strategy
At time of publication, MSTR is down 1.3%.
