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Strategy expanded its ability to raise capital via at‑the‑market equity and preferred offerings, adding new agents and adjusting stock authorization, allowing up to $44.1 billion in additional securities sales.
Strategy has moved to sharply expand its capacity to raise capital through at‑the‑market equity and preferred offerings, adding new Wall Street agents and reshaping its preferred stock authorization to favor a key floating‑rate series.
The steps, disclosed in a March 23 Form 8‑K, give the company scope to sell up to an additional $44.1 billion in securities on top of large existing programs.
In the filing, Strategy said it entered joint agreements with Moelis & Company LLC, A.G.P./Alliance Global Partners, and StoneX Financial Inc., adding them as sales agents under its Omnibus Sales Agreement dated November 4, 2025.
That agreement already named TD Securities (USA), The Benchmark Company, Barclays Capital, BTIG, Canaccord Genuity, Cantor Fitzgerald, Clear Street, Compass Point, H.C. Wainwright, Keefe Bruyette & Woods, Maxim Group, Mizuho Securities USA, Morgan Stanley, Santander US Capital Markets, SG Americas Securities, and TCBI Securities doing business as Texas Capital Securities as agents.
Under the joinders, each of Moelis, Alliance, and StoneX becomes an agent on the same contractual footing as the original banks, with the right and obligation to place Strategy’s securities in at‑the‑market, or “ATM,” transactions.
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Alongside the added agents, Strategy and the syndicate executed three “Additional Program Addenda” that establish new ATM programs for its Class A common stock (ticker MSTR), its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), and its 8.00% Series A Perpetual Strike Preferred Stock (STRK).
These addenda operate under Section 8(i) of the Omnibus Sales Agreement and are structured so they do not cancel or limit rights under the underlying framework.
The company then filed new prospectus supplement annexes under its automatic shelf registration statement, which became effective on January 27, 2025.
In other words, Strategy has established new ATM programs to sell up to $21 billion of common stock, $21 billion of STRC preferred, and $2.1 billion of STRK preferred shares.
These programs supplement existing authorizations, with the old STRK program replaced by the new $2.1 billion offering.
