Strategy Inc (NASDAQ: MSTR) uses ATM sales to expand bitcoin holdings

Rhea-AI Filing Summary

Strategy Inc reported new activity under its at-the-market offering program and in its bitcoin holdings. Between March 9 and March 15, 2026, the company sold 11,818,467 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for notional value of $1.1818 billion, generating net proceeds of $1.1804 billion. Over the same period, it also sold 2,833,668 shares of its Class A common stock (MSTR) under the ATM, contributing to total net proceeds of $1.5764 billion.

Using proceeds from ATM share sales, Strategy acquired 22,337 bitcoin during the same period for an aggregate purchase price of $1.57 billion, at an average price of $70,194 per bitcoin, inclusive of fees and expenses. As of March 15, 2026, the company held 761,068 bitcoin with an aggregate purchase price of $57.61 billion and an average purchase price of $75,696 per bitcoin. Strategy also highlighted that it maintains a public dashboard on its website showing security prices, bitcoin activity, key metrics and other supplemental information.

Insights

Equity & crypto capital structure analyst

Strategy raised over $1.5B via ATM sales and redirected it into additional bitcoin, materially expanding its crypto exposure.

Strategy Inc used its at-the-market program to sell STRC preferred and MSTR common shares, generating net proceeds of $1.5764 billion. The largest component was 11,818,467 STRC shares with notional value of $1.1818 billion and net proceeds of $1.1804 billion, indicating strong reliance on this security for funding.

The company then deployed ATM proceeds to buy 22,337 bitcoin at an average price of $70,194, bringing total holdings to 761,068 bitcoin. The aggregate purchase price of these holdings is disclosed as $57.61 billion with an average cost of $75,696 per bitcoin, underscoring substantial balance-sheet exposure to bitcoin price movements.

This combination of equity issuance and bitcoin accumulation ties Strategy’s capital structure closely to crypto market dynamics. Subsequent filings may show how ongoing ATM capacity in STRF, STRK and STRD, together with bitcoin price volatility after March 15, 2026, affect leverage metrics and overall financial flexibility.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 16, 2026

STRATEGY INC

(Exact name of registrant as specified in its charter)

Delaware		001-42509		51-0323571
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

1850 Towers Crescent Plaza Tysons Corner, Virginia		22182
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (703) 848-8600

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol		Name of Each Exchange on which Registered
10.00% Series A Perpetual Strife Preferred Stock, $0.001 par value per share		STRF		The Nasdaq Global Select Market
Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share		STRC		The Nasdaq Global Select Market
8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per share		STRK		The Nasdaq Global Select Market
10.00% Series A Perpetual Stride Preferred Stock, $0.001 par value per share		STRD		The Nasdaq Global Select Market
Class A common stock, $0.001 par value per share		MSTR		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

ATM Update

On March 16, 2026, Strategy Inc ("Strategy") announced an update with respect to sales made under its at-the-market offering program ("ATM") of the following securities:

		During Period March 9, 2026 to March 15, 2026									As of March 15, 2026
Security		Shares Sold			Notional Value (in millions) (1)			Net Proceeds (in millions) (2)			Available for Issuance and Sale (in millions)
STRF Stock			-		$	-		$	-		$	1,619.3
10.00% Series A Perpetual Strife Preferred Stock
STRC Stock			11,818,467		$	1,181.8		$	1,180.4		$	1,975.8
Variable Rate Series A Perpetual Stretch Preferred Stock
STRK Stock			-		$	-		$	-		$	20,331.6
8.00% Series A Perpetual Strike Preferred Stock
STRD Stock			-		$	-		$	-		$	4,014.8
10.00% Series A Perpetual Stride Preferred Stock
MSTR Stock			2,833,668		$	-		$	396.0		$	6,316.8
Class A Common Stock
Total								$	1,576.4

(1) The total face value of the shares of preferred stock sold, which is used to calculate dividends thereon.

(2) Net proceeds are presented net of sales commission.

BTC Update

On March 16, 2026, Strategy announced updates with respect to its bitcoin holdings:

During Period March 9, 2026 to March 15, 2026										As of March 15, 2026
BTC Acquired (1)			Aggregate Purchase Price (in billions) (2)			Average Purchase Price (2)				Aggregate BTC Holdings			Aggregate Purchase Price (in billions) (2)			Average Purchase Price (2)
	22,337		$	1.57		$	70,194				761,068		$	57.61		$	75,696

(1) The bitcoin purchases were made using proceeds from the sale of shares under the ATM.

(2) Aggregate and average purchase prices are inclusive of fees and expenses.

Item 7.01 Regulation FD Disclosure.

Strategy Dashboard

Strategy also maintains a dashboard on its website (www.strategy.com) as a disclosure channel for providing broad, non-exclusionary distribution of information regarding Strategy to the public, including information regarding market prices of its outstanding securities, bitcoin purchases and holdings, certain key performance indicator metrics and other supplemental information, and as one means of disclosing non-public information in compliance with its disclosure

obligations under Regulation FD. Investors and others are encouraged to regularly review the information that Strategy makes public via the website dashboard.

Furnished Information

The information disclosed pursuant to Item 7.01 in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 16, 2026				Strategy Inc (Registrant)
				By:		/s/ Thomas C. Chow
				Name:		Thomas C. Chow
				Title:		Executive Vice President & General Counsel

FAQ

How much did Strategy Inc (MSTR) raise through its ATM program in this update?

Strategy Inc reports total net proceeds of $1.5764 billion from recent ATM share sales. Most came from selling 11,818,467 STRC preferred shares, which generated $1.1804 billion in net proceeds, with additional proceeds from 2,833,668 MSTR Class A common shares.

What bitcoin purchases did Strategy Inc (MSTR) disclose for March 9–15, 2026?

During March 9–15, 2026, Strategy acquired 22,337 bitcoin for an aggregate purchase price of $1.57 billion. The average purchase price was $70,194 per bitcoin, and the company states these bitcoin purchases were funded using proceeds from ATM share sales.

What are Strategy Inc’s total bitcoin holdings as of March 15, 2026?

As of March 15, 2026, Strategy holds 761,068 bitcoin with an aggregate purchase price of $57.61 billion. The disclosed average purchase price is $75,696 per bitcoin, inclusive of fees and expenses, highlighting the scale of the company’s bitcoin exposure.

Which securities did Strategy Inc (MSTR) sell under its ATM program in this period?

Strategy’s ATM activity included sales of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) and Class A common stock (MSTR). STRC sales totaled 11,818,467 shares, while MSTR sales totaled 2,833,668 shares between March 9 and March 15, 2026.

How does Strategy Inc use its public dashboard mentioned in the filing?

Strategy maintains a website dashboard as a broad disclosure channel for security prices, bitcoin purchases and holdings, key performance indicators, and other supplemental data. It also uses this dashboard as one means of disclosing non-public information in line with Regulation FD obligations.

What is the relationship between Strategy Inc’s ATM sales and its bitcoin purchases?

The company states that bitcoin purchases during March 9–15, 2026 were funded using proceeds from ATM share sales. This directly links equity issuance in STRC and MSTR to the acquisition of 22,337 bitcoin, effectively converting new capital raised into additional crypto holdings.

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