Strategy filed three new at-the-market offering programs with the SEC on March 23, 2026, registering a combined $44.1 billion in fresh capital-raising capacity. The filings cover $21 billion in Class A common stock (MSTR), $21 billion in Variable Rate Series A Perpetual Stretch preferred stock (STRC), and $2.1 billion in 8.00% Series A Perpetual Strike preferred stock (STRK).
The company also added three new sales agents to its omnibus sales agreement: Moelis & Company, A.G.P./Alliance Global Partners, and StoneX Financial.
$44.1 Billion on Top of an Already Massive War Chest
Strategy's existing ATM programs still had significant capacity as of March 22: $6.2 billion in MSTR common, $20.3 billion in STRK preferred, $4.0 billion in STRD preferred, $2.0 billion in STRC preferred, and $1.6 billion in STRF preferred. That is roughly $34.1 billion in remaining firepower across all existing channels.
Adding $44.1 billion in new programs brings the theoretical total above $78 billion. For context, the company's original "21/21 Plan" targeted $42 billion ($21 billion equity, $21 billion fixed income) over three years. That plan was later doubled to the "42/42 Plan" aiming for $84 billion by 2027. Today's filing signals that the company is building the infrastructure to hit that target, or exceed it.
The proceeds, as with every previous ATM filing, will be used for "general corporate purposes, including the acquisition of bitcoin."
762,099 BTC and Counting
An 8-K filed the same day disclosed that Strategy purchased 1,031 BTC between March 16 and March 22 for $76.6 million, at an average price of $74,326. The company now holds 762,099 bitcoin purchased for an aggregate $57.69 billion, at an average cost basis of $75,694 per coin.
Bitcoin traded at $71,332 as of March 23, 2026, putting Strategy's holdings roughly $3.3 billion underwater at current prices. The stock has been the most shorted in the world at various points this year, with bearish bets exceeding $4.85 billion.
The STRC preferred stock, which carries a variable dividend rate currently at 11.25%, has been Strategy's primary funding engine in 2026. A March 17 purchase of 22,337 BTC for $1.57 billion was funded largely through $1.18 billion in STRC sales. The instrument's variable rate makes it more expensive than the fixed-rate alternatives (STRK at 8%, STRF and STRD at 10%), but it is also the one investors have shown the most appetite for.
The Dilution Math
Filing for $21 billion in new MSTR common stock means Strategy is prepared to issue a substantial number of additional shares. At the current MSTR price (roughly $150 per share as of March 22), $21 billion would represent approximately 140 million new shares. The company's existing float is around 246 million shares, so full utilization would dilute current shareholders by more than 50%.
Strategy has consistently argued that per-share BTC yield matters more than raw share count. The company's "BTC Yield" metric, which measures the percentage change in bitcoin holdings per diluted share, was 74.3% for 2025. In other words, even after accounting for all the dilution, each share represented more bitcoin at year-end than at the start.
Whether that math holds depends on the price at which shares are sold and the price at which bitcoin is bought. When MSTR trades at a premium to its net asset value, each share sold buys more bitcoin per existing share than it dilutes. When MSTR trades at or below NAV, the math inverts.
The Preferred Stock Stack
Strategy now operates four distinct preferred stock series, each designed for a different investor profile:
- STRK (Strike): 8% fixed dividend, convertible to MSTR common. The only preferred with equity upside.
- STRF (Strife): 10% fixed dividend, non-convertible. Pure income instrument.
- STRD (Stride): 10% fixed dividend, non-convertible. Similar to STRF with different issuance terms.
- STRC (Stretch): Variable rate (currently 11.25%), non-convertible. The most actively used funding source in 2026.
Combined, these instruments allow Strategy to tap fixed-income markets without issuing traditional bonds, while paying dividends funded by the same ATM equity sales that buy the bitcoin. It is a recursive funding loop: sell stock to buy bitcoin, use the bitcoin position to justify the stock price, issue more stock.
Critics have compared this structure to a leveraged carry trade that works until bitcoin drops far enough to break investor confidence in the premium. Supporters counter that the 762,099 BTC on the balance sheet (3.6% of Bitcoin's total supply) creates a floor that grows with every purchase.
Overview
Strategy filed for $44.1 billion in new ATM offerings on March 23, 2026: $21 billion in MSTR common stock, $21 billion in STRC preferred stock, and $2.1 billion in STRK preferred stock. The company added three new sales agents (Moelis, A.G.P./Alliance Global Partners, StoneX Financial) to execute these programs. Strategy now holds 762,099 BTC worth roughly $54.4 billion at current prices, purchased for $57.69 billion. All proceeds will fund additional bitcoin purchases.
