Strategy Unveils $21 Billion ATM Program to Fuel Bitcoin Acquisitions
World's Largest Corporate Bitcoin Holder Aims to Expand Holdings Further
Strategy, the world's largest public corporate holder of Bitcoin, has announced a new initiative to significantly boost its BTC reserves through an innovative capital-raising program.
Current Bitcoin Holdings
Strategy currently holds 499,096 Bitcoin (BTC), valued at approximately $41.2 billion at current market prices. This substantial position makes Strategy the dominant corporate player in the Bitcoin space, with holdings acquired at an average price of $66,423 per Bitcoin, representing a significant unrealized gain .
The ATM Program
The company has launched an "ATM Program" allowing it to issue and sell shares of its 8% Series A perpetual strike preferred stock (STRK) to raise up to $21 billion. This capital will primarily fund additional Bitcoin acquisitions, continuing Strategy's aggressive accumulation strategy .
The program enables Strategy to sell shares gradually over time, considering market conditions such as trading price and volume. This approach minimizes market impact and maximizes capital-raising efficiency .
Strategic Context
This move aligns with Strategy's "21/21 Plan," which aims to secure $42 billion for Bitcoin investments over three years. The plan includes raising $21 billion through equity and $21 billion through fixed-income securities .
Since the beginning of 2025, Strategy has continued its Bitcoin accumulation strategy, purchasing 52,696 BTC across six public acquisitions. These purchases have increased the company's Bitcoin holdings by 6.9% year-to-date .
Market Reaction
The announcement has drawn attention from investors and analysts. While some view this as a bullish signal for Bitcoin, others express concern about the potential dilution of existing shares and the impact on Strategy's financial metrics .
Expert Analysis
Analysts note that Strategy's continued accumulation demonstrates confidence in Bitcoin's long-term value proposition. "Michael Saylor continues to walk the talk by consistently allocating capital to Bitcoin," said crypto analyst Alex Mashinsky. "This institutional endorsement could potentially attract more traditional finance players to the Bitcoin ecosystem" .
Future Outlook
If successful, the ATM Program could position Strategy to hold over 500,000 Bitcoin, further cementing its status as the largest corporate Bitcoin holder. The company's aggressive strategy continues to shape market perceptions about Bitcoin's role as a corporate treasury asset .
