Strategy (formerly MicroStrategy) expanded its marketplace fundraising capacity on March 23 by filing new programs for common stock and two preferred securities, bringing the company’s total active issuance capacity to more than $60 billion.
The 8-K submitthat added new ATM lines while ending an older program signals a reconfiguration of the capital stack behind the company’s Bitcoin treasury strategy.
Under the new program structure, Strategy can sell up to $21 billion of MSTR Class A common stock, up to $21 billion of STRC preferred stock, and up to $2.1 billion of STRK preferred stock through an expanded syndicate of sales agents.
According to the filing, the company has added Moelis, AGP/Alliance Global Partners and StoneX to its existing sales group under its omnibus sales agreement.
Meanwhile, Strategy plans to continue using its prior common stock prospectus, which covered approximately $15.85 billion, and its prior STRC prospectus, which covered $4.2 billion, until these shares are sold. The previous STRK offering, which had covered approximately $20.34 billion, was terminated effective March 22.
Cumulatively, this leaves Strategy with approximately $64.15 billion in active issuance capacity through existing common stock and STRC programs, along with the new STRK line.
Notably, the company hasn’t said it has raised that amount, and the 8-K repeatedly considers the securities as shares it can “issue and sell” over time.
Still, the document will likely be read as a funding map for the next phase of Strategy’s Bitcoin Treasury plan.
The company has repeatedly used public market activities to expand its Bitcoin holdings, and changes in its capital stack are closely watched for what they signal about future buying capacity, dividend obligations and dilution risk.
Strategy is the largest public holder of Bitcoin, with 762,099 Bitcoin in its possession. Based on the company’s total acquisition cost of approximately $57.7 billion, the average acquisition price is almost $75,700 per Bitcoin.
SaylorTracker data shows the position is at an unrealized loss of more than $3 billion.
STRC is taking center stage as Strategy reshapes its preferred stock mix
The clearest signal in the filing is the growing role of STRC, the company’s Variable Rate Series A Perpetual Stretch preferred stock.
Strategy has filed a certificate to increase the number of authorized STRC preferred shares from 70,435,353 to 282,556,565, an increase of 212,121,212 shares.
In contrast, STRK treatment moved in the opposite direction. Strategy has filed a certificate of reduction to reduce the number of authorized STRK preferred shares from 269,800,000 to 40,270,744, a reduction of 229,529,256 shares.
The difference is notable because the two instruments occupy different positions in Strategy’s capital structure.
The March 23 filing identifies STRK as the company’s 8.00% Series A Perpetual Strike preferred stock, a convertible security with an initial conversion price of 0.1000 shares of Class A common stock per share of STRK, equivalent to an initial conversion price of $1,000 per share of MSTR, subject to adjustment.
This embedded call option is unique among the company’s preferred stock offerings, namely STRD, STRK, STRE and STRC.
Interestingly, STRK had previously attracted investors’ attention because of that conversion feature. In July 2025, STRK briefly rose above $129 per share, 29% above the liquidation preference of $100, on which the company pays an 8% dividend. It has since dropped to $77 at the time of writing.
By reducing both the number of shares authorized and the size of the active STRK issuance line, Strategy has reduced the scale of that channel from pre-filing levels.
STRC, meanwhile, has quickly become the most liquid preferred stock on the market since its launch in 2025, with an average daily trading volume of approximately $295.9 million, according to data shared by Chairman Michael Saylor.
That liquidity now exceeds the combined average daily trading volume of the seven most competitive preferred issues, including Boeing, KKR & Co. preferred stock. and Four Corners Property Trust.
The STRC product offers investors a variable dividend yield of 11.5%, and the instrument has already attracted institutional holders including BlackRock’s iShares Preferred and Income Securities ETF, Anchorage and asset management firm Strive.
Facts from STRC.live indicates that the program has funded the acquisition of more than 50,000 BTC since its inception.
Bitcoin analyst Adam Livingston argued that the expanded STRC program has more purchasing power than the headline figure suggests.
He explained that for every $1 of STRC issuance, at current balance sheet conditions, approximately $1.94 of MSTR issuance is required to keep the company’s amplification ratio stable.
According to him, if STRC issuance were to occur at the recent pace of approximately $2 billion per month, the corresponding common stock issuance required to maintain that ratio would push Strategy’s combined BTC acquisition rate to nearly $5.9 billion per month.
By this calculation, full deployment of the newly announced $21 billion STRC envelopes and $21 billion MSTR could fund the purchase of more than 450,000 BTC in about five to seven months, although the MSTR leg would likely pose a bottleneck to the pace of execution.
STRC dividend burden and the long-term capital issue
However, the flexibility embedded in the expanded ATM programs comes at an increasing cost.
If the $21 billion STRC program were fully utilized, it would add roughly $2.4 billion in annual dividend obligations. according to to The Block analyst Ivan Wu.
The company has set aside approximately $2.25 billion in USD reserves to fund these obligations, providing a cushion amid rising capital costs.
However, traditional credit analysts remain skeptical about the underlying mechanisms.
Jeff Dorman, Arca’s chief investment officer, argued that while Strategy’s balance sheet appears safe when weighing assets versus liabilities, it does not meet the most critical credit measure of interest coverage.
According to him, Strategy generates essentially zero profits before interest and taxes, indicating no interest cover.
Dorman wrote that if the company never sells Bitcoin, its debt and preferred stock will eventually default.
On the other hand, if the company continues to sell more shares to finance interest and dividends, the common stock will be diluted. If the company sells Bitcoin to finance its capital structure, the underlying asset will suffer.
He concluded:
“You can’t pay the bills (interest/dividend payments) without cash flow, and that cash flow has to come from somewhere.”