Strategy Keeps $21 Billion ATM Program Available for Future Bitcoin Purchases
Strategy bought 950 BTC with cash during the week ended Sept. 20 and sold no shares through the ATM program.
Strategy continues to maintain access to a potentially large equity-financing channel that could support future Bitcoin acquisitions, although its latest purchase was funded with cash rather than new ATM share sales.
The company’s March 23 prospectus annex allows it to sell up to $21 billion of Class A common stock through an at-the-market program. The document lists Bitcoin purchases among the possible uses of proceeds, along with preferred-stock dividends, working capital and other corporate purposes.
The authorization does not require Strategy to sell any shares. It establishes financing capacity that management may use over time, depending on market conditions and corporate needs.
Strategy did not use that channel during the week ended Sept. 20. Strategy sold no shares through the ATM program while buying 950 BTC for $75.7 million, or an average of $79,670 per coin including fees and expenses.
The purchase lifted Strategy’s holdings to 846,000 BTC as of Sept. 20. The aggregate purchase cost was $63.80 billion, with an average acquisition price of $75,416 per BTC.
The Bitcoin purchase was funded from Strategy’s USD Cash balance. It also used $174 million of USD Cash to repurchase 1,771,238 STRC preferred shares during the same period.
As of Sept. 20, the company reported $5.04 billion in its USD Reserve and $1.05 billion in USD Cash. USD Cash may be used for broader Bitcoin treasury purposes, including future acquisitions.
The distinction matters for investors. An ATM authorization represents potential financing capacity, not completed fundraising. It also does not guarantee that future proceeds will be used to buy Bitcoin, or that Strategy will issue shares before its next purchase.
