Software intelligence firm Microstrategy (Nasdaq: MSTR, STRK, STRF), which has rebranded as Strategy, announced on May 22 that it has launched an at-the-market (ATM) equity offering of its 10.00% Series A Perpetual Strife Preferred Stock (STRF), aiming to raise up to $2.1 billion.

According to the company’s filing with the U.S. Securities and Exchange Commission (SEC), the preferred shares will be sold from time to time through TD Securities, Barclays Capital, and The Benchmark Company, which are acting as sales agents. The offering is being conducted under a shelf registration and prospectus supplement filed on the same day. The company disclosed in the filing:

Strategy intends to use the net proceeds from the ATM Program for general corporate purposes, including the acquisition of bitcoin, and for working capital.

The issuance of high-yield preferred equity marks Strategy’s latest capital markets maneuver designed to support its bitcoin-focused operating model. The perpetual preferred stock offers a fixed dividend of 10% and may be sold in various types of transactions, including negotiated deals and market trades, depending on investor demand and company discretion. This move aligns with Strategy’s transformation into a bitcoin development company, where the firm leverages software revenue and capital markets to accumulate bitcoin as a strategic treasury reserve. Over the past few years, the company has issued debt, equity, and convertible instruments to expand its BTC holdings.

This announcement followed Strategy’s disclosure on May 19 that it had acquired 7,390 BTC for about $764.9 million at an average price of $103,498 per bitcoin. As of May 18, 2025, the company held 576,230 BTC, purchased for roughly $40.18 billion at an average price of $69,726. Year-to-date, Strategy has achieved a 16.3% yield on its BTC portfolio.

Michael Saylor, Strategy’s executive chairman, has been a prominent advocate of this approach. He predicts that bitcoin could reach $13 million by 2045, with a bull case of $49 million and a bear case of $3 million. Moreover, Saylor predicts BTC’s market cap will reach $200 trillion, and then grow 20% annually. He also claims that Strategic Bitcoin Reserve could generate $16 trillion to $81 trillion for the U.S. Treasury by 2045, potentially helping offset the national debt.

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