MicroStrategy strengthens its Bitcoin strategy: ATM for 21 billion dollars

MicroStrategy Incorporated, a global leader in business intelligence and a pioneer among publicly traded companies in holding Bitcoin as a strategic asset, has announced significant updates regarding its At-the-Market (ATM) offering programs and its recent investments in Bitcoin.

The official report was filed on May 5, 2025, with the U.S. Securities and Exchange Commission via the Form 8-K, a document that contains relevant information not previously communicated to investors.

Summary

• Expansion of ATM Programs for MicroStrategy in Bitcoin Strategy: Potential of 63 Billion Dollars
• New purchases of Bitcoin: almost 1900 BTC in a week
• Market Implications and Long-Term Strategy

Expansion of ATM Programs for MicroStrategy in Bitcoin Strategy: Potential of 63 Billion Dollars

MicroStrategy, which also operates under the trade name Strategy, has established new ATM programs in 2025 and updated the pre-existing ones. These offerings involve the direct sale of equity securities on the market to raise capital flexibly. In particular:

• The new “2025 Common ATM”, launched on May 1, 2025, provides for the offering of Class A common shares (MSTR Shares) for a maximum value of 21 billion dollars. As of May 4, no shares have yet been issued under this program, which remains fully available.
• The previous program “2024 Common ATM”, started on October 30, 2024, and now exhausted, led to the sale of 353,825 MSTR shares, with a net revenue of 128.5 million dollars. The related sales agreement was automatically concluded due to the exhaustion of available funds.
• The ATM program for preferred shares, named STRK ATM, launched on March 10, 2025, has so far generated 51.8 million dollars from the sale of 575,392 series A perpetual fixed-yield 8% preferred shares (STRK Shares). This program also has a maximum capacity of 21 billion dollars, of which 20.87 billion are still available.

Overall, the net total raised by the active ATM programs between April 28 and May 4, 2025, amounts to 180.3 million dollars. These funds were primarily used to further expand the company’s reserves in Bitcoin.

New purchases of Bitcoin: almost 1900 BTC in a week

MicroStrategy has confirmed that it purchased 1,895 BTC between April 28 and May 4, 2025, for a total investment of 180.3 million dollars, financed by the revenues from the 2024 ATMs and STRK. The average purchase price was approximately 95,167 dollars per Bitcoin, including fees and expenses.

With this latest round of purchases, the company’s total reserves reach 555,450 BTC, for a cumulative investment of approximately 38.08 billion dollars. The weighted average purchase cost now stands at 68,550 dollars per Bitcoin.

The increase in holdings consolidates MicroStrategy’s position as the leading public company holding Bitcoin in the world, a key aspect of its business strategy, aimed at using BTC as an alternative store of value to cash.

In compliance with transparency regulations (Regulation FD), MicroStrategy has reminded that it keeps an updated public dashboard on its official website (www.strategy.com).

This online space serves as a direct and non-exclusive communication channel to the public and investors. It contains updated data related to:

• Market prices of the securities MSTR, STRK, and STRF;
• Purchases and holdings of Bitcoin;
• Key performance indicators (KPI);
• Other supplementary information that may also contain relevant non-public communications.

Investors are encouraged to regularly consult this dashboard to stay informed about corporate activities, particularly regarding the trend of BTC reserves and related financial operations.

Market Implications and Long-Term Strategy

These moves fit into a coherent and long-term vision by MicroStrategy, which has embraced Bitcoin as a strategic balance sheet asset since 2020.

The use of ATM programs to finance the accumulation of BTC allows the company to access fresh capital while maintaining operational flexibility and reducing the need for direct indebtedness.

The MSTR shares, traditionally correlated with the price of Bitcoin, continue to be used by the company not only as a financial instrument but also as a means to strengthen its exposure to the cryptocurrency market.

Thus transforming MicroStrategy into a sort of stock proxy for institutional investors interested in BTC.

The issuance of preferred shares STRK and STRF (the latter not involved in recent operations) represents an additional channel for diversification in capital raising, allowing the company to maintain the balance between equity and fixed-income instruments.

The update of May 5, 2025, represents a clear example of the sophisticated strategy adopted by MicroStrategy to consolidate its leadership in the crypto sector, demonstrating how a publicly traded company can combine traditional finance and digital innovation.

With over 555,000 BTC in the portfolio, a potential value exceeding 35 billion dollars in case of a bull market, and a remaining fundraising capacity of up to about 63 billion dollars across various ATMs, MicroStrategy positions itself as a key player for financial observers, institutional investors, and cryptocurrency enthusiasts.

The market is now waiting for further developments. In particular regarding the use of the new ATM 2025 program and the evolution of the price of Bitcoin, factors that could significantly influence the company’s future stock and strategic performance.

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