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Strategy has launched a $2.1 billion At-The-Market (ATM) fairness program for its Strife (STRF) most well-liked inventory, marking one other step within the agency’s long-term technique to construct a Bitcoin-backed monetary structure.
The announcement was made by CEO and President Phong Lee throughout an investor replace alongside Government Chairman Michael Saylor. In line with Lee, robust year-to-date outcomes from the agency’s Bitcoin-linked securities Strike (STRK) and Strife (STRF) gave Technique the arrogance to broaden its fundraising technique.
“We’re at the moment at 16.3% BTC yield for the yr, towards a 25% goal,” Lee stated. “BTC greenback achieve is $7.7 billion to this point, on monitor towards our $15 billion goal.”
Each devices have outperformed expectations since launch. Strike is up 24% from its preliminary worth of $80 to just about $100. Strife, which was priced at $85 simply two months in the past, now trades round $98.80, a 16% improve. By comparability, equally structured preferreds available in the market have declined by 3–5% over the identical interval. 
Within the final 30 days alone, Strike rose 17% and Strife 12%, bringing each near par worth. Lee emphasised the liquidity profile of those devices, citing common day by day buying and selling volumes of $31 million for Strike and $23 million for Strife. “That’s 60x what we sometimes see in comparable preferreds,” he famous.
The corporate beforehand issued $212 million via Strike’s ATM, with no antagonistic pricing stress. Primarily based on the buying and selling quantity and investor demand, Lee stated the corporate believes the $2.1 billion Strife ATM could be executed similarly.
Strife is a perpetual most well-liked inventory with a ten% coupon and sits on the prime of Technique’s capital stack. Saylor described it as “the crown jewel” of the corporate’s most well-liked choices. “We’re going to be ten instances as cautious with Strife,” he stated. “Our objective is for it to be seen as investment-grade mounted revenue — a high-quality instrument with sturdy protections.”
Strike, against this, is positioned for what Saylor referred to as “Bitcoin-curious” traders. It carries an 8% coupon and consists of upside via Bitcoin conversion. “Consider it like a Bitcoin fellowship with a stipend,” Saylor stated.
Technique now operates three ATM applications: $21 billion every for MSTR fairness and Strike, and $2.1 billion for Strife. These are rebalanced day by day, with issuance adjusted based mostly on market circumstances, volatility, and investor demand. In line with Saylor, this dynamic construction permits the corporate to optimize Bitcoin acquisition and capital deployment throughout altering market environments.
Behind this technique sits Technique’s Bitcoin treasury, now totaling 576,230 BTC — roughly $60 billion in worth. “That everlasting capital is the muse for the whole lot we’re constructing,” Saylor stated.
Whereas spot Bitcoin ETFs cater to traders on the lookout for direct worth publicity, Technique continues to supply a extra nuanced set of devices — every focusing on totally different ranges of danger, return, and compliance. The Strife ATM is the newest transfer in that broader technique.