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Capital & dilution

Strategy ATM Issuance Tracker — MSTR Dilution

How fast is Strategy printing shares to buy bitcoin? This tracks every ATM raise across its common and preferred programs, straight from the filings.

Latest filing

Week of September 27, 2026

Raised $246.2M across 1 security · bought 1,665 BTC.

View 8-K on SEC.gov ↗
This filing's actions
BTC bought
1,665
BTC sold
—
Net BTC change
+1,665
Capital raised
$246.2M
Treasury snapshot
Total BTC held
847,666
Avg cost / BTC
$75,437
Aggregate cost
$63.95B
Sale proceeds
—

BTC treasury activity(21–27 September)

PeriodActionBTCAvg priceUSDHoldings after
21–27 SeptemberBought+1,665$85,681$142.7M847,666

Buys and sells are parsed directly from the filing's BTC-activity table — a filing can disclose purchases, sales, or both across one or more reporting periods. Direction is read from the filing, never inferred from a price move.

This week's issuance(21–27 September)

SecurityShares soldNet proceedsRemaining capacity
MSTRClass A common stock1,469,165$246.2M$18,844M
STRKStrike — 8% convertible preferred—none this week$2,100M
STRFStrife — 10% perpetual preferred—none this week$1,619M
STRCStretch — variable-rate preferred—none this week$17,511M
STRDStride — 10% perpetual preferred—none this week$4,015M
Full filing detail →All SEC filings →

Source: 8-K 0001193125-26-403417 · SEC EDGAR

Styled from latest SEC 8-K

Table layout and row grouping mirror the latest Strategy 8-K issuance table; values are reformatted for readability.

Issuance over time

The Cash Flow Battery

Strategy’s USD cash reserve — current balance and the week-over-week change from the latest ATM raise.

USD cash reserve · strategy.com
$5.10B
verified August 23, 2026
+$300M
+6.3% vs prev week
August 23, 2026
Current reserveUSD Reserve per strategy.com — board policy ≥ 12 months of preferred dividends + interest coverage$5.10B
Previous weekUSD Reserve prior to latest weekly update$4.80B
↑Weekly changeWeek-over-week USD Reserve change+$300M+6.3%

USD reserve is the “USD Reserve” figure from strategy.com (hand-verified August 23, 2026). Board policy: ≥ 12 months of preferred dividends + interest coverage. Previous week figure is updated manually alongside the current reserve.

The Capital Battery

Every instrument Strategy has used to fund its bitcoin treasury — common stock, the preferred stack, and convertible notes — sized by the capital each has raised across the whole BTC era. Toggle instruments to recompose the mix, or switch to a shorter range.

Capital raised · Since Aug 2020 · gross
$72.80B
+ $432M from BTC sales — asset sales, not counted in capital raised
to September 27, 2026

Composition of capital raised across Strategy’s bitcoin era. Percentages are of the shown instruments — toggle any off to recompute.

Hatched = a reconciled pre-2025 aggregate, not week-by-week data (see sources).

Mixed basis: preferred & ATM figures are net proceeds; notes are stated at principal (the conventional capital-raised basis for debt). Hatched aggregate lumps (pre-May-2025) are reconciled figures — the STRK pre-tracking portion is stated at gross sales price (ATM capacity basis).

Preferred layers show net proceeds raised (cash in the door). Hover a preferred tank for its notional outstanding — shares outstanding × $100 stated value, the figure strategy.com reports. The two differ because shares are sold at a discount or premium to par and issuance costs are netted out.

Converted notes are retired from debt; the shares issued raised no new cash.

Some early weekly figures were filed to a magnitude word, so totals are approximate.

Sources & primary filings (20) — show

Since May 5, 2025

Total capital raised
≈ $31.45B
BTC purchased
+286,063
Weekly filings tracked
67
Remaining ATM capacity
≈ $44.1B
BTC sold
−6,948
Sale proceeds
$431.8M
Net BTC change
+279,115
Holdings reconciliation
Opening holdings — before the May 5, 2025 filing
553,555
+ BTC purchased — disclosed across 67 tracked filings
+286,063
− BTC sold — disclosed, same window
−6,948
± Reported outside tracked 8-Ks — see note
+14,996
= Holdings as of the September 28, 2026 filing
847,666

The ± line is BTC that entered or left holdings outside the itemized weekly disclosures this tracker ingests — e.g. activity reported in other SEC filings, or weeks where a filing stated new totals without an itemized purchase table. It is computed as closing − opening − net disclosed change, and shown signed so a gap in either direction is visible rather than smoothed over.

≈ 4 early filings stated dollar amounts to a magnitude (“approximately $75.1 million”) rather than to the dollar, so cumulative dollar totals are approximate. Per-week figures are stored exactly as filed. See methodology.

Remaining capacity by program

How much each program can still sell under its current authorization, as of the latest filing. A rise here means a new or expanded shelf was registered.

MSTR$18,844M
Class A common stock
$48.85B raised to date
STRK$2,100M
Strike — 8% convertible preferred
$1.16B raised to date
STRF$1,619M
Strife — 10% perpetual preferred
$1.16B raised to date
STRC$17,511M
Stretch — variable-rate preferred
$10.05B raised to date
−10,035,970 repurchased · net 65,820,369 outstanding
STRD$4,015M
Stride — 10% perpetual preferred
$1.16B raised to date

Preferred share repurchase program

Strategy's Board authorized a $1 billion Digital Credit Securities Repurchase Program on June 29, 2026. Unlike the ATM programs (which raise capital by selling new shares), this program spends existing cash to buy back and retire already-issued preferred stock.

SecurityPeriodShares repurchasedCost
STRCStretch — variable-rate preferredfirst repurchaseJuly 20, 2026–July 26, 2026288,930$25M ↗
STRCStretch — variable-rate preferredJuly 27, 2026–August 2, 2026912,143$81.2M ↗
STRCStretch — variable-rate preferredAugust 3, 2026–August 9, 20261,152,020$108.6M ↗
STRCStretch — variable-rate preferredAugust 10, 2026–August 16, 20261,388,720$132.2M ↗
STRCStretch — variable-rate preferredAugust 17, 2026–August 23, 20261,431,212$136.4M ↗
STRCStretch — variable-rate preferredAugust 24, 2026–August 30, 20261,557,177$151.8M ↗
STRCStretch — variable-rate preferredSeptember 14, 2026–September 20, 20261,771,238$174M ↗
STRCStretch — variable-rate preferredSeptember 21, 2026–September 27, 20261,534,530$151.7M ↗
Remaining repurchase capacity
$365Mof $1,000M authorized
63.5% used
Methodology. Numbers are parsed from Strategy's SEC Form 8-K filings (CIK 1050446) — the ATM Update and BTC Update tables — and stored exactly as filed. Each filing is validated for continuity (prior holdings + BTC bought − BTC sold must equal the ending holdings it reports) before publishing; anything that fails is held for manual review rather than shown here. EDGAR is the source of record. See full methodology.

Frequently asked

Where does this data come from?

Every per-filing figure is parsed directly from Strategy's SEC 8-K filings (CIK 1050446) and stored using the precision the filing provides — we never invent a number. We link the source filing on SEC.gov for each week. Derived totals, reconciliation adjustments, and approximate cumulative figures (caused by magnitude-rounded early filings) are explicitly labeled.

What is an ATM program?

An at-the-market (ATM) offering lets a company sell new shares straight into the open market over time. Strategy runs ATM programs for its common stock (MSTR) and each preferred series (STRK, STRF, STRC, STRD), using the proceeds largely to buy more bitcoin.

Why do some weeks show no sales?

A "—" means Strategy reported no sales of that security that week. When a whole week is missing from the chart, Strategy did not file a separate weekly 8-K for it; the running totals still reconcile at the next filing.

Is dilution bad?

Not necessarily. Issuance is dilutive to existing shareholders, but if shares are sold above the value of the bitcoin they buy, the raise is accretive to bitcoin-per-share. Track it here alongside holdings to judge for yourself.