Strategy Launches $2.1 Billion Preferred Stock Program to Expand Bitcoin Holdings

Strategy, formerly known as MicroStrategy, has announced the launch of a new at-the-market (ATM) stock offering, aiming to raise up to $2.1 billion through its 10.00% Series A Perpetual Preferred Stock (STRF). The proceeds will support ongoing corporate initiatives, with a strong focus on expanding the company's already significant bitcoin reserves.

According to a company statement released Thursday, Strategy plans to sell the STRF shares incrementally, based on real-time market conditions such as price and trading volume. The offering may involve a variety of transaction types, including negotiated sales and block trades.

This latest move builds on Strategy’s aggressive bitcoin acquisition strategy, which has placed the firm at the forefront of corporate crypto adoption. Earlier this week, the company disclosed a purchase of 7,390 bitcoins for approximately $764.9 million, paying an average of $103,498 per coin. The funding came from recent sales of its class A common stock (MSTR) and its STRK perpetual preferred stock.

The newly launched STRF offering is another step in the company’s broader "42/42" initiative, a bold plan to raise $84 billion in capital by 2027 for continued bitcoin accumulation. This initiative doubled Strategy’s earlier $42 billion "21/21" plan, which recently concluded after exhausting its equity-based ATM program.

With this latest purchase, Strategy now holds 576,230 bitcoins — a stash worth over $64 billion at current market prices. Acquired at an average price of $69,726 per bitcoin, the company's holdings represent more than 2.7% of bitcoin’s total fixed supply of 21 million. That translates to roughly $23.8 billion in unrealized gains.

Strategy’s bitcoin-first model, championed by co-founder and executive chairman Michael Saylor, has inspired a wave of corporate adoption. Over 70 companies have added bitcoin to their treasuries, with newcomers like Twenty One, Nakamoto, Metaplanet, Semler Scientific, and KULR joining the movement. Analysts at Bernstein estimate that these corporate players could collectively add $330 billion to bitcoin treasuries within five years, especially if regulatory conditions in the U.S. continue to shift in favor of digital assets.