Strategy has moved to sharply expand its capacity to raise capital through at‑the‑market equity and preferred offerings, adding new Wall Street agents and reshaping its preferred stock authorization to favor a key floating‑rate series.
The steps, disclosed in a March 23 Form 8‑K, give the company scope to sell up to an additional $44.1 billion in securities on top of large existing programs.
In the filing, Strategy said it entered joint agreements with Moelis & Company LLC, A.G.P./Alliance Global Partners, and StoneX Financial Inc., adding them as sales agents under its Omnibus Sales Agreement dated November 4, 2025.
That agreement already named TD Securities (USA), The Benchmark Company, Barclays Capital, BTIG, Canaccord Genuity, Cantor Fitzgerald, Clear Street, Compass Point, H.C. Wainwright, Keefe Bruyette & Woods, Maxim Group, Mizuho Securities USA, Morgan Stanley, Santander US Capital Markets, SG Americas Securities, and TCBI Securities doing business as Texas Capital Securities as agents.
Under the joinders, each of Moelis, Alliance, and StoneX becomes an agent on the same contractual footing as the original banks, with the right and obligation to place Strategy’s securities in at‑the‑market, or “ATM,” transactions.
Strategy’s new ATM programs and size
Alongside the added agents, Strategy and the syndicate executed three “Additional Program Addenda” that establish new ATM programs for its Class A common stock (ticker 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 are structured so they do not cancel or limit rights under the underlying framework.
The company then filed new prospectus supplement annexes under its automatic shelf registration statement, which became effective on January 27, 2025.
Those annexes authorize at‑the‑market offerings of:
- Up to $21.0 billion of new Class A common stock (the “New Common ATM Shares”).
- Up to $21.0 billion of new STRC preferred shares (the “New STRC ATM Shares”).
- Up to $2.1 billion of new STRK preferred shares (the “New STRK ATM Shares”).
In other words, Strategy has established new ATM programs to sell up to $21 billion of common stock, $21 billion of STRC preferred, and $2.1 billion of STRK preferred shares.
These programs supplement existing authorizations, with the old STRK program replaced by the new $2.1 billion offering.
These new capacities sit alongside existing shelf authorizations. Strategy had previously registered the sale of about $15.85 billion of common stock and $4.2 billion of STRC preferred under prior annexes and the base prospectus, and it intends to keep using those prior prospectuses until those capacities are fully sold.
In contrast, the company terminated its prior STRK preferred ATM program effective March 22, 2026, and the new $2.1 billion STRK annex replaces that earlier effort.
Strategic tilt in preferred structure
To support this mix of funding options, Strategy also amended its charter with two targeted preferred stock actions. A Certificate of Increase raised authorized shares of STRC preferred from 70,435,353 to 282,556,565, more than tripling the pool available for issuance. 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 granted in the company’s Second Restated Certificate of Incorporation and Section 151(g) of the Delaware General Corporation Law.
Strategy also said they 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 over the 8.00% STRK series.
