Strategy announces $44.1B capital raise to expand Bitcoin holdings

Strategy to raise $44.1B for Bitcoin, files $42B ATM programs

Strategy (MSTR) plans to raise $44.1B to buy Bitcoin. Two ATM equity programs add $42B in capacity, per a new filing cited by BSCNews.

The raise hinges on a NAV premium. The firm issues equity and convertibles above its Bitcoin book value, then buys spot coins accretively. Source.

Management leans on open capital markets. Convertible demand persists despite the drawdown, allowing long-dated funding for spot purchases. Details.

The bid is programmatic. Every dollar raised goes into the order book. Article.

Scale stepped up fast this year. The firm bought $1.57B of Bitcoin in a single week earlier in 2026. Coinspeaker.

BSCNews flagged the filing. The two ATMs are $21B MSTR and $21B STRC, totaling $42B. Tweet.

Risks and setup
- Balance sheet is levered to Bitcoin. Long-dated convertibles reduce near-term pressure but keep exposure high. Background.
- Premium-to-NAV can compress in drawdowns. Rebounds can trigger equity short squeezes, amplifying cycles. Case study.

Timing aims at speed. The raise is calibrated to accelerate buys ahead of expected mid‑2026 volatility. More.