Strategy Inc (formerly MicroStrategy) has once again pushed the boundaries of corporate capital engineering. According to a new SEC 8-K filing, the Bitcoin treasury company unveiled two at-the-market (ATM) offering plans on July 23, aiming to raise a total of $42 billion — split evenly between $21 billion in Class A common stock and $21 billion in STRC perpetual preferred stock. The funds are earmarked entirely for additional Bitcoin acquisitions and debt restructuring.
Underwriter Roster Expands: Moelis, A.G.P., StoneX Join
To handle the massive issuance, Strategy broadened its sales agent lineup. The newly signed omnibus sales agreement adds Moelis & Company LLC, A.G.P./Alliance Global Partners, and StoneX Financial Inc. to the underwriting syndicate. They will work alongside incumbents such as TD Securities, Morgan Stanley, and Barclays Capital to sell shares flexibly in the open market.
Dual Engine: $21B Common Stock + $21B Preferred Stock
Two new prospectus supplements form the core of this offering. The first authorizes the company to sell up to $21 billion of Class A common stock from time to time at market prices. The second concurrently authorizes up to $21 billion of STRC perpetual preferred stock. To accommodate this scale, Strategy formally boosted the authorized STRC shares from 70,435,353 to 282,556,565.
STRK Preferred Shuffle: Old Plan Terminated, New One Launched
Strategy also adjusted its 8.00% Series A perpetual exercise preferred stock (STRK). The company and its agents agreed to terminate the prior STRK offering plan effective March 22, 2026, replacing it with a new agreement for up to $2.1 billion of new STRK shares. Accordingly, the authorized STRK share count was slashed from 269,800,000 to 40,270,744, reflecting fine-tuned management of capital instruments.
One Destination for $42B: More Bitcoin
While the filing lists generic uses like "general corporate purposes and debt repayment," the market knows the real answer. All $42 billion is headed straight into Bitcoin. At roughly $71,000 per BTC, the sum could buy about 590,000 BTC, pushing Strategy's total stash past 1.35 million coins.
The company's "fiat-to-Bitcoin" experiment is entering overdrive. With this fresh ammunition, Strategy's pricing influence in the BTC market will only grow, testing traditional finance's imagination of what a public company's balance sheet can look like.