Strategy Announces $21 Billion ATM Program for Issuance of Perpetual Strike Preferred Stock

Strategy has revealed plans to raise up to $21.0 billion through the sale of its 8.00% Series A Perpetual Strike Preferred Stock. The company intends to offer these shares under an “At-the-Market” (ATM) Program. The shares, which have a $0.001 par value per share, are convertible by holders into Strategy’s Class A common stock.

The company plans to sell these shares in a careful and disciplined manner, taking into account market conditions such as the trading price and volume of the perpetual strike preferred stock at the time of sale. This will allow Strategy to raise capital gradually over an extended period, rather than all at once.

Proceeds from this offering will be used for general corporate purposes, including purchasing bitcoin and supporting the company’s working capital needs.

The preferred stock will be sold under an agreement, and the offering will occur according to the terms of an existing automatic shelf registration statement, which was filed with the Securities and Exchange Commission (SEC) on January 27, 2025 (File No. 333-284510). The public offering will be conducted through a prospectus supplement that was filed with the SEC on March 10, 2025.