Saylor’s Strategy (MSTR) Arms Itself With $44.1 Billion ATM Capacity to Fuel Bitcoin Treasury Expansion
Strategy (MSTR) expanded its at-the-market capacity to $44.1 billion across common stock and preferred shares to fund its Bitcoin treasury expansion.Summary
Strategy (MSTR), led by Michael Saylor, has significantly expanded its capacity to raise capital through at-the-market (ATM) equity and preferred offerings, totaling up to an additional $44.1 billion in securities sales. This expansion was disclosed in a March 23 Form 8-K and involves adding Moelis & Company LLC, A.G.P./Alliance Global Partners, and StoneX Financial Inc. as new sales agents under its existing Omnibus Sales Agreement.
The new ATM programs authorize up to $21.0 billion in new Class A common stock (MSTR), $21.0 billion in new Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), and $2.1 billion in new 8.00% Series A Perpetual Strike Preferred Stock (STRK). These new capacities supplement existing authorizations, though the company terminated its prior STRK ATM program.
To support this, Strategy also amended its charter, tripling the authorized STRC preferred shares while significantly reducing authorized STRK preferred shares. The overall strategic tilt favors issuing floating-rate preferred stock (STRC) over the fixed-rate STRK series. The filing clarifies that no offers or sales are currently happening; actual issuances depend on market conditions and investor demand.
(Source：Bitcoin Magazine)