Strategy (formerly MicroStrategy, ticker MSTR) has taken a major step to amplify its ability to raise equity capital through at-the-market (ATM) offerings. In a March 23, 2026 Form 8-K filing, the company disclosed that it added three new Wall Street agents to its Omnibus Sales Agreement, expanded its ATM authorization by up to $44.1 billion, and restructured its preferred stock charter to favor floating-rate instruments. These actions give the company significant flexibility to fund its Bitcoin treasury strategy.
The three new agents are Moelis & Company LLC, A.G.P./Alliance Global Partners, and StoneX Financial Inc. They join 16 previously named agents including TD Securities, Barclays Capital, Morgan Stanley, Cantor Fitzgerald, and Mizuho Securities, among others. Under the omnibus agreement, each new agent has the right and obligation to place Strategy's securities in ATM transactions on identical contractual terms.
Strategy's New ATM Programs and Size
Alongside the agent additions, Strategy and the syndicate executed three “Additional Program Addenda” that establish new ATM programs for its Class A common stock (MSTR), its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), and its 8.00% Series A Perpetual Strike Preferred Stock (STRK). These addenda operate under Section 8(i) of the Omnibus Sales Agreement and do not cancel or limit existing rights.
The company then filed new prospectus supplement annexes under its automatic shelf registration statement (effective January 27, 2025). The annexes authorize ATM offerings of:
- Up to $21.0 billion of new Class A common stock (“New Common ATM Shares”);
- Up to $21.0 billion of new STRC preferred shares (“New STRC ATM Shares”);
- Up to $2.1 billion of new STRK preferred shares (“New STRK ATM Shares”).
These new programs supplement existing shelf authorizations. Strategy had previously registered approximately $15.85 billion of common stock and $4.2 billion of STRC preferred under prior annexes, and it intends to continue using those prior prospectuses until sold out. In contrast, the prior STRK preferred ATM program was terminated effective March 22, 2026, and replaced by the new $2.1 billion STRK annex.
Strategic Tilt in Preferred Structure
To support this funding mix, Strategy amended its charter with two targeted preferred stock actions. A Certificate of Increase raised authorized STRC preferred shares from 70,435,353 to 282,556,565, more than tripling the pool. A separate Certificate of Decrease reduced authorized STRK preferred shares from 269,800,000 to 40,270,744. Both certificates were adopted by the board’s Pricing and Financing Committee under authority in the company’s Second Restated Certificate of Incorporation and Section 151(g) of the Delaware General Corporation Law.
Strategy also secured legal opinions confirming that its new ATM shares—both common and preferred—will be validly issued, fully paid, and non-assessable. The 8-K clarifies that no offers or sales are happening yet, and any actual issuances will depend on market conditions, investor demand, and internal decisions. Overall, the expanded ATM programs and reallocated preferred shares give Strategy flexibility to raise capital while prioritizing floating-rate preferred issuance (STRC) over the 8.00% STRK series.
These moves signal a clear strategic pivot: by massively increasing the STRC authorization and slashing STRK capacity, Strategy aims to use floating-rate instruments that can be more cost-effective in changing interest rate environments. The ATM mechanism allows the company to sell shares opportunistically when MSTR trades at a premium to its Bitcoin holdings, thereby funding further Bitcoin purchases without diluting existing shareholders as severely as a fixed-price offering. With Bitcoin's price volatility, this flexible capital structure acts as both a liquidity backstop and a growth engine for the corporate Bitcoin treasury.