Strategy Unveils $44.1 Billion Capital Plan to Fund Bitcoin Purchases Amid Market Downturn

Strategy (formerly MicroStrategy) announced on March 23, 2026, a series of capital-raising programs totaling $44.1 billion to fund further Bitcoin acquisitions, including $21 billion in common stock sales, $21 billion in its Stretch (STRC) perpetual preferred stock, and $2.1 billion in its Strike (STRK) preferred stock.

The company also disclosed the purchase of an additional 1,031 BTC worth approximately $76.6 million, bringing total holdings to 762,099 Bitcoin valued at roughly $54 billion. The capital programs expand on existing at-the-market (ATM) equity offerings and reflect Strategy’s increasing reliance on perpetual preferred stocks to fund its Bitcoin treasury strategy.

Capital-Raising Program Details

ATM Equity Programs

Strategy plans to raise up to $21 billion through the sale of its Class A common stock (MSTR) and another $21 billion through its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) via new ATM programs. The company also intends to sell up to $2.1 billion worth of Strike (STRK), another perpetual preferred stock offering. The revised ATM programs enable Strategy to sell shares incrementally into the open market rather than relying on fewer large-scale capital raises from external investors, as was previously done through convertible debt offerings.

Expanded Sales Syndicate

Strategy expanded its sales syndicate, adding Moelis & Company, A.G.P./Alliance Global Partners, and StoneX Financial, bringing the total number of agents to 19. These firms act as intermediaries, selling shares into the market over time, allowing the company to raise capital gradually rather than through large, one-time offerings.

Remaining Capacity

As of March 22, 2026, Strategy still had significant capacity remaining on its existing ATM programs, including approximately $6.24 billion of common stock, $1.98 billion of STRC, $20.33 billion of STRK, and $1.62 billion of STRF available for issuance.

Bitcoin Acquisition Update

Latest Purchase

Strategy acquired 1,031 Bitcoin in its most recent purchase for approximately $76.6 million at an average price of roughly $74,300 per coin. The purchase adds to the company’s larger-than-usual acquisitions this month, which included 17,994 BTC on March 9 and 22,337 BTC on March 16 for a combined $2.9 billion.

First-Quarter Accumulation

Across the first three months of 2026, Strategy has added nearly 90,000 Bitcoin to its treasury, demonstrating an accelerated pace of accumulation amid the market downturn.

Total Holdings

Strategy now holds 762,099 Bitcoin with a total cost basis of approximately $57.6 billion and an average acquisition price of approximately $75,600 per coin. The position currently carries an unrealized loss of roughly 6.3% given Bitcoin’s current trading level near $71,300.

Funding Strategy Evolution

Shift Toward Preferred Stocks

Strategy’s capital strategy has increasingly relied on perpetual preferred stocks—STRC and STRK—which pay monthly dividends to investors while enabling the company to grow its Bitcoin holdings without issuing additional MSTR common shares. This approach allows investors to gain exposure to Bitcoin through dividend-yielding instruments rather than directly through common equity.

From Convertible Debt to ATM Programs

The company has shifted from relying on large-scale convertible debt offerings to more flexible ATM equity programs, allowing incremental capital raising as market conditions permit. This evolution reflects a broader trend in corporate Bitcoin treasury management toward more diverse financing structures.

Market Context

Bitcoin Price Environment

Bitcoin traded near $71,300 at the time of the announcement, down approximately 70% from its October 2025 all-time high of $126,000. Strategy’s continued accumulation during the downturn underscores its long-term conviction in Bitcoin’s eventual price recovery.

Stock Performance

Strategy shares traded modestly higher following the announcement, with MSTR up approximately 2% in early trading. The stock has experienced significant volatility over the past year, closely correlated with Bitcoin price movements.

Frequently Asked Questions

How much capital is Strategy raising and how will it be used?

Strategy announced capital-raising programs totaling $44.1 billion, including $21 billion in common stock, $21 billion in STRC perpetual preferred stock, and $2.1 billion in STRK preferred stock. The funds will be used to purchase additional Bitcoin, continuing the company’s long-standing treasury strategy.

What is Strategy’s current Bitcoin position?

As of March 23, 2026, Strategy holds 762,099 Bitcoin with a total cost basis of approximately $57.6 billion and an average acquisition price of approximately $75,600 per coin. The company has added nearly 90,000 BTC to its treasury in the first quarter of 2026 alone.

How has Strategy’s funding strategy evolved?

Strategy has shifted from relying on convertible debt offerings to more flexible at-the-market (ATM) equity programs, allowing incremental capital raising. The company has also increasingly utilized perpetual preferred stocks (STRC and STRK), which pay monthly dividends to investors while enabling Bitcoin accumulation without issuing additional common shares.