With STRC trading at $100, Strategy may unlock $4.2 billion in new share sales to buy more Bitcoin through its at-the-market program.
Saylor’s Next Move Toward More Bitcoin
Strategy (MSTR) Executive Chairman Michael Saylor appears poised to take another step in his long-running plan to accumulate Bitcoin, as the company’s perpetual preferred share, STRC, has reached par value for the first time.
The STRC share hit a record high of $100.10 on trading volume of 1 million shares, marking a key milestone that could reactivate the company’s at-the-market (ATM) offering tied to the instrument — effectively opening a new pathway for Bitcoin purchases.
A $4.2 Billion Opportunity
The company disclosed in a recent 8-K filing that it has $4.2 billion in available share issuance capacity, which could now be tapped through the ATM program.
The mechanism allows Strategy to raise capital directly from the market by selling new STRC shares — proceeds that Saylor could deploy to buy more Bitcoin, consistent with the firm’s aggressive accumulation strategy.
Previously, Strategy’s ATM program had been on hold, as STRC wasn’t trading at or above its $100 par value. To close that gap, the company increased STRC’s annual dividend from 9% to 10.5%, paid monthly in cash, making the offering more attractive to investors and helping lift its price to par.
Part of a Larger Funding Structure
Strategy has already used similar perpetual preferred offerings — STRK, STFR, and STRD — alongside common stock sales to fund its expanding Bitcoin reserves.
These preferred instruments act like non-dilutive financing tools, allowing Saylor to raise capital without issuing new common shares that would reduce existing shareholder value.
At the same time, MSTR common shares have fallen 15% year-to-date, trading around $253, as the company’s market-to-net asset value (mNAV) multiple hovers near 1.3.
Bitcoin Remains the Core Strategy
Strategy remains the largest corporate holder of Bitcoin, with holdings currently valued at tens of billions of dollars following Bitcoin’s rise to $103,098.52.
The renewed ability to issue STRC shares gives Saylor a fresh lever to expand Bitcoin holdings without overleveraging the company or diluting equity — reinforcing his conviction that Bitcoin is the “world’s best treasury reserve asset.”
As of Thursday’s pre-market session, STRC traded up 0.5% at $100.50, while MSTR slipped 1%.
The move signals that investors are responding positively to the firm’s enhanced yield structure and the potential for additional Bitcoin-backed capital flows, positioning Saylor’s company to further entrench its Bitcoin-first balance sheet strategy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.