Strategy filed a Form 8-K Monday disclosing up to $44.1 billion in new at-the-market equity capacity across three instruments: $21 billion in Class A common stock, $21 billion in Variable Rate "Stretch" Preferred Stock, and $2.1 billion in "Strike" Preferred Stock.
The filings simultaneously terminated the prior STRK program - which had roughly $20.3 billion in remaining capacity - replacing it with the dramatically smaller new shelf.
MSTR shares gained approximately 2% on the announcement Monday morning, recovering some of the ground lost over the weekend as Bitcoin (BTC) fell below $69,000 following Trump's 48-hour Iran ultimatum.
What Changed in the Capital Structure
The most significant structural move is the STRC-versus-STRK rebalancing. Strategy filed a Certificate of Increase raising authorized STRC shares from 70.4 million to 282.6 million. Simultaneously, it filed a Certificate of Decrease cutting authorized STRK shares from 269.8 million to 40.3 million.
The STRK program was terminated March 22. STRC is now the company's primary preferred funding vehicle; the instrument carries a variable dividend rate that has risen to 11.5% annually from 9% at its mid-2025 launch.
Three new sales agents were added to the Omnibus Sales Agreement: Moelis & Company, A.G.P./Alliance Global Partners, and StoneX Financial, bringing the total agent count to 19. Morgan Stanley, Barclays, Cantor Fitzgerald, and Mizuho remain among the existing agents.
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Bitcoin Holdings and Remaining Capacity
As of March 22, Strategy held 762,099 BTC at an aggregate purchase price of $57.69 billion, averaging $75,694 per coin.
The company purchased an additional 1,019 BTC last week. Under previous programs, approximately $1.98 billion in STRC and $6.24 billion in MSTR common stock capacity remained before Monday's new shelves were filed.
Both prior MSTR and STRC programs will continue until exhausted before the new addenda take effect.
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