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Strategy to raise $44.1B to buy Bitcoin
Strategy has announced new capital-raising programs totaling $44.1 billion — all of which will be used to purchase Bitcoin.
According to a filing with the U.S. Securities and Exchange Commission (SEC), the company plans to raise up to $21 billion through sales of MSTR shares and up to another $21 billion through high-yield perpetual preferred shares (STRC) under new at-the-market (ATM) programs. Additionally, Strategy intends to issue Strike preferred shares ($STRK) worth another $2.1 billion. The timing of these offerings has not been specified — the securities will be sold “from time to time.”
The updated ATM program allows the company to sell shares gradually on the open market without relying on large one-time borrowings from external investors, as was previously done with convertible debt. The preferred shares — STRC and $STRK — provide holders with monthly dividends while avoiding dilution of common shareholders. In essence, this is a way to expand Bitcoin reserves without affecting the core shareholder structure.
Strategy positions its securities as a tool for gaining indirect exposure to Bitcoin. Currently, the asset’s price is nearly 70% below its all-time high, while the company’s unrealized loss on its Bitcoin portfolio stands at 6.3%.
90,000 BTC in three months
On March 23, Strategy reported purchasing 1,031 Bitcoin for $76.6 million. This follows major March acquisitions: 17,994 BTC on March 9 and 22,337 BTC on March 16 — totaling $2.9 billion. In the first three months of 2026 alone, the company added nearly 90,000 BTC to its reserves.
Strategy now holds 762,099 BTC with a total value of around $54 billion. The scale of the new capital programs — $44.1 billion — is roughly comparable to the current value of its entire portfolio, highlighting the magnitude of its future accumulation plans.
AI perspective
The structure of perpetual preferred shares with fixed monthly dividends creates rigid financial obligations for Strategy regardless of Bitcoin’s price performance. Historical analysis of corporate strategies shows that companies concentrating reserves in a single asset using debt instruments — from oil trusts to closed-end gold funds — have faced nonlinear pressure during downturns in the underlying asset. With the price still 70% below its peak, servicing preferred share obligations begins to compete with the accumulation strategy itself.
Notably, the scale of the new programs ($44.1 billion) is nearly equal to the company’s current portfolio value. Such parity between raised capital and existing assets is rare in corporate finance. The key question remains: is this a sustainable long-term accumulation model, or a structure whose effectiveness fundamentally depends on a single variable?
See also: "Bitcoin shows optimism at $70K level amid de-escalation with Iran"
