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.
Week of August 16, 2026
Raised $333.7M across 1 security · reported no BTC treasury activity.
BTC treasury activity(10–16 August)
This week's issuance(10–16 August)
| Security | Shares sold | Net proceeds | Remaining capacity |
|---|---|---|---|
| MSTRClass A common stock | 3,458,866 | $333.7M | $21,703M |
| 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 |
Source: 8-K 0001193125-26-353240 · SEC EDGAR
Styled from latest SEC 8-KTable 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 reserve is the “USD Reserve” figure from strategy.com (hand-verified August 16, 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.
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— hide
- Debt0.750% Convertible Senior Notes due 2025 ($650M principal)8-K · Dec 2020 ↗
- Debt0.000% Convertible Senior Notes due 2027 ($1.05B principal)8-K · Feb 2021 ↗
- Debt6.125% Senior Secured Notes due 2028 ($500M principal)8-K · Jun 2021 ↗
- Debt0.625% Convertible Senior Notes due 2030 ($800M principal)8-K · Mar 2024 ↗
- Debt0.875% Convertible Senior Notes due 2031 ($603.75M principal)8-K · Mar 2024 ↗
- Debt2.250% Convertible Senior Notes due 2032 ($800M principal)8-K · Jun 2024 ↗
- DebtConversion of 0.750% Convertible Senior Notes due 2025 (−$650M principal; settled solely in Class A shares)Press · Jun 2024 ↗
- Debt0.625% Convertible Senior Notes due 2028 ($1.01B principal)Press · Sep 2024 ↗
- DebtRedemption of 6.125% Senior Secured Notes due 2028 (−$500M)8-K · 2024 ↗
- Debt0.000% Convertible Senior Notes due 2029 ($3.0B principal)8-K · Nov 2024 ↗
- STRKSTRK IPO — 8% Strike Preferred (7.3M sh × $80; ~$563.4M net)8-K · Feb 2025 ↗
- Debt0.000% Convertible Senior Notes due 2030 ($2.0B principal)8-K · Feb 2025 ↗
- DebtConversion of 0.000% Convertible Senior Notes due 2027 (−$1.05B principal; ~7.37M shares issued, $0.1M redeemed for cash)Press · Jan 2025 ↗
- STRFSTRF IPO — 10% Strife Preferred (8.5M sh × $85; ~$711.2M net)Press · Mar 2025 ↗
- MSTRMSTR common & pre-weekly equity (Aug 2020 – May 4 2025, aggregate)Reconciled to 8-K agg. cost ↗
- STRKSTRK ATM sales before weekly tracking (Mar 10 – May 4 2025, aggregate)8-K · May 2025 (ATM capacity used) ↗
- STRDSTRD IPO — 10% Stride Preferred (11.76M sh × $85; ~$979.7M net)Press · Jun 2025 ↗
- STRCSTRC IPO — Stretch Variable-Rate Preferred (28.01M sh × $90; ~$2.474B net)Press · Jul 2025 ↗
- DebtRepurchase of 0% Convertible Senior Notes due 2029 (−$1.5B principal; ~$1.38B cash)Press · May 2026 ↗
- Weekly ATM incrementsparsed from Strategy’s SEC Form 8-K ATM Update tables, May 5, 2025 → latest.SEC EDGAR ↗
Since May 5, 2025
- Opening holdings — before the May 5, 2025 filing
- 553,555
- + BTC purchased — disclosed across 63 tracked filings
- +283,448
- − BTC sold — disclosed, same window
- −6,948
- ± Reported outside tracked 8-Ks — see note
- +10,392
- = Holdings as of the August 10, 2026 filing
- 840,447
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.
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.
| Security | Period | Shares repurchased | Cost |
|---|---|---|---|
| STRCStretch — variable-rate preferredfirst repurchase | July 20, 2026–July 26, 2026 | 288,930 | $25M ↗ |
| STRCStretch — variable-rate preferred | July 27, 2026–August 2, 2026 | 912,143 | $81.2M ↗ |
| STRCStretch — variable-rate preferred | August 3, 2026–August 9, 2026 | 1,152,020 | $108.6M ↗ |
| STRCStretch — variable-rate preferred | August 10, 2026–August 16, 2026 | 1,388,720 | $132.2M ↗ |
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.