Strategy launches $4.2 billion preferred stock offering program

Strategy announced Monday it has established an at-the-market program to sell up to $4.2 billion of its 10.00% Series A Perpetual Stride Preferred Stock.

The company, which trades on Nasdaq under multiple tickers including MSTR, STRK, STRF, and STRD, said it plans to execute sales in a disciplined manner over an extended period, considering trading prices and volumes at the time of sale.

Strategy intends to use proceeds for general corporate purposes, including bitcoin acquisition and working capital. The company may also use funds to pay dividends to holders of its existing preferred stock series.

The preferred stock may be sold through various methods deemed "at the market offering" under Securities Act Rule 415(a)(4), including negotiated transactions or block trades.

Sales are conducted under a prospectus supplement filed with the Securities and Exchange Commission on July 7, 2025, under an automatic shelf registration statement that became effective January 27, 2025.

The company describes itself as "the world's first and largest Bitcoin Treasury Company" and has adopted bitcoin as its primary treasury reserve asset. Strategy uses proceeds from equity and debt financings, along with operational cash flows, to accumulate bitcoin holdings.

In addition to its bitcoin treasury strategy, Strategy provides enterprise analytics software and explores innovation in bitcoin applications.

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