The strategy has moved to increase its ability to raise capital through market equity and preferred offerings, adding new Wall Street agents and reshaping its preferred stock approvals to favor a floating-rate core series.
The moves, disclosed in a March 23 Form 8‑K filing, allow the company to sell up to $44.1 billion more in securities on top of existing capital plans.
In the filing, Strategy said it entered into joint agreements with Moelis & Company LLC, AGP/Alliance Global Partners, and StoneX Financial Inc., adding them as sales agents under its Omnibus Sales Agreement dated November 4, 2025.
That deal has already been named by TD Securities (USA), The Benchmark Company, Barclays Capital, BTIG, Canaccord Genuity, Cantor Fitzgerald, Clear Street, Compass Point, HC Wainwright, Keefe Bruyette & Woods, Maxim Group, Mizuho Securities USA, Morgan Stanley, Santander US Capital Markets, SG Americas TC Securities as Texas Securities.
Under the mergers, each of Moelis, Alliance, and StoneX becomes an agent in the same contractual step with the original banks, with the right and responsibility to place Strategy’s securities in the market, or “ATM,” operations.
New Strategy and Size ATM Programs
Along with additional agents, Strategy and the organization executed three “Additional Plan Additions” establishing new ATM plans for its Class A common stock (ticker MSTR), its Series A Perpetual Stretch Preferred Stock (STRC), and its 8.00% Series A Perpetual Strike Preferred Stock (STRK).
These addendums apply under Section 8(i) of the Omnibus Sales Agreement and are designed not to cancel or limit rights under the underlying framework.
The company then filed new prospectus supplements under its automatic shelf registration statement, which became effective on January 27, 2025.
Those annexes authorize market offers:
- Up to $21.0 billion of new Class A common stock (“New ATM Common Stock”).
- Up to $21.0 billion of new STRC preferred shares (“STRC New ATM Shares”).
- Up to $2.1 billion of new STRK preferred shares (“STRK ATM New Shares”).
In other words, Strategy has established new ATM plans to sell up to $21 billion of common stock, $21 billion of STRC preferred stock, and $2.1 billion of STRK preferred stock.
These programs supplement existing authorizations, with the old STRK program being replaced by a new 2.1 billion grant.
These new capabilities sit alongside existing off-the-shelf certifications. The strategy had previously subscribed to the sale of approximately $15.85 billion of common stock and $4.2 billion of STRC preferred stock under prior supplemental and base prospectuses, and intends to continue to use those prior prospectuses until those capabilities are fully sold.
In contrast, the company terminated its prior STRK preferred ATM plan effective March 22, 2026, and STRK’s new $2.1 billion bond replaces that prior effort.
Strategic bias in the preferred structure
To support this mix of funding options, Strategy has also amended its charter with two targeted stock actions. The Certificate of Increase raised the authorized STRC preferred shares from 70,435,353 to 282,556,565, more than tripling the pool available for issuance. A separate certificate of reduction reduced STRK’s authorized preferred shares from 269,800,000 to 40,270,744.
Both certificates were accepted by the Board’s Pricing and Finance Committee under the authority granted by the Company’s Restated Certificate of Incorporation and Section 151(g) of the Delaware General Corporation Law.
Strategy also said they have received legal opinions confirming that its new ATM shares – both common and preferred – will be legally issued, fully paid, and non-assessable.
The 8‑K specifies that no offer or sale is currently taking place, and any actual issuance will depend on market conditions, investor demand, and internal decisions.
Overall, the expanded ATM programs and reissued preferred shares provide the Strategy with the flexibility to raise capital while prioritizing floating-rate preferred issuance over the 8.00% STRK series.
