Strategy Inc. said Monday it will sell up to $4.2 billion in preferred stock under a newly launched at-the-market (ATM) equity program, according to a filing with the Securities and Exchange Commission.
The company plans to issue shares of its 10.00% Series A Perpetual Stride Preferred Stock (STRD) in a phased manner over time. The ATM program allows sales to be conducted directly into the market, depending on prevailing trading prices and volumes.
Proceeds Aimed at Bitcoin, General Use
Strategy said net proceeds from the offering will be used for a mix of general corporate purposes, including further acquisition of Bitcoin and funding working capital. The funds may also be used to pay dividends to holders of other preferred stock series, including its 10.00% Series A Perpetual Strife Preferred Stock and 8.00% Series A Perpetual Strike Preferred Stock.
The stock issuance will be made through agents using methods compliant with SEC Rule 415(a)(4), which governs at-the-market offerings. This could include sales through market transactions, block trades, or other legally permitted methods.
Strategy SEC Filing Details ATM Structure
According to the company, the offering will be made under an automatic shelf registration statement that became effective Jan. 27, 2025. A prospectus supplement detailing the terms was filed with the SEC on July 7, 2025, and is part of the registration statement (File No. 333-284510).
The STRD Stock carries a par value of $0.001 per share and is subject to the terms of the agreement outlined in the prospectus. No timeline has been specified for the completion of the stock sales.
Strategy emphasized a disciplined approach to selling the shares over an extended period. The announcement comes amid continued interest from institutional firms in cryptocurrency exposure, particularly through Bitcoin accumulation strategies.
