Strategy Unveils $21B ATM Program While BTC Buys Face $3B Loss

MicroStrategy has announced a $21 Billion at-the-market offering program for its 8% series A perpetual strike preferred stock.

The announcement comes even as its aggressive Bitcoin acquisition strategy faces headwinds from recent market volatility.

According to a company press release issued March 10, proceeds from the offering will be used for “general corporate purposes, including the acquisition of bitcoin and for working capital.”

The announcement comes as on-chain analysis from Lookonchain reveals Strategy currently sits on approximately $3 Billion in unrealized losses on Bitcoin purchased since November 2024.

$21 Billion ATM Offering Sets Record

Strategys newly announced $21 Billion at-the-market offering is one of the largest capital raises ever attempted by a Bitcoin-focused company.

According to the filing, the company plans to sell its 8% series A perpetual strike preferred stock “in a disciplined manner over an extended period, taking into account the trading price and trading volumes of the perpetual strike preferred stock at the time of sale.”

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This preferred stock includes conversion rights into Strategys class A common stock. The shares will be sold through various methods, including negotiated transactions or block trades, all of which qualify as “at the market offerings” under SEC Rule 415(a)(4).

The timing and size of this offering come as Strategy faces growing funding needs to maintain its aggressive Bitcoin accumulation pace.

The company has purchased Bitcoin in every single tracked period since October 31, 2024. This ranges from smaller acquisitions of 1,070 BTC to much larger buys exceeding 50,000 BTC in a single week.

The data from Lookonchain shows that MicroStrategys buying activity accelerated dramatically in November 2024, with 55,500 BTC purchased between November 18-24 and 51,780 BTC added between November 11-17. M

ore recently, the company acquired 20,356 BTC between February 18-23, 2025, bringing its total holdings to just under 500,000 Bitcoin.

This consistent buying has occurred regardless of price fluctuations, with Strategy making purchases at prices ranging from lows of $74,463 in early November to highs of $106,662 in mid-December.

Recent Bitcoin Purchases Facing $3 Billion Paper Loss

MicroStrategys Bitcoin acquisitions since November 2024 are currently underwater by approximately $3 Billion, according to analysis from Lookonchain.

The 246,876 BTC purchased during this period at an average price of $94,035 are now worth approximately $20.2 Billion at current market prices.

This performance gap has come primarily from Strategy‘s continued buying during Bitcoin’s price appreciation in late 2024 and early 2025.

Data shows the company made some of its largest purchases at prices well above current levels. This includes 10,107 BTC at $105,596 between January 21-26 and 5,262 BTC at $106,662 between December 16-22.

The buying pattern shows Strategys consistent dollar-cost averaging approach regardless of short-term price movements.

Despite these paper losses on recent acquisitions, Strategys overall Bitcoin investment remains in profit.

The companys full Bitcoin treasury of 499,096 BTC, acquired at an average price of $66,357, still shows substantial gains based on current prices.

These unrealized losses come as Bitcoin has pulled back from recent highs above $95,000. This has challenged the companys stated strategy of continual accumulation regardless of short-term price fluctuations.

Microstrategys Funding Strategy Raises Questions About Future Acquisition Plans

MicroStrategy decision to announce a $21 Billion ATM offering while sitting on billions in paper losses raises questions about the companys funding approach and future acquisition plans.

The offerings structure using 8% preferred shares convertible to common stock suggests the company is seeking to balance yield requirements from investors with its long-term Bitcoin strategy.

The timing of this capital raise follows several months of heavy Bitcoin buying that has strained the companys balance sheet.

According to Lookonchains data, Strategy spent approximately $23.2 Billion on Bitcoin in just the past four months.

The companys holdings approaching 500,000 BTC have made it a major force in the Bitcoin market, with purchases often coinciding with price movements.