How to read Strategy's ATM issuance tracker

Strategy raises capital through at-the-market (ATM) equity programs — selling newly issued shares into the open market at prevailing prices, whenever conditions allow. The proceeds go straight into buying bitcoin. The issuance tracker turns every SEC-filed weekly update into a single running dashboard.

What an ATM program is

An ATM offering is a shelf registration that lets a company sell stock gradually over time — a few hundred million here, a few billion there — without the price impact of a big underwritten deal. Strategy files Form 8-K each week reporting how many shares it sold, at what average price, and what it received in net proceeds. Those filings are the source of record for the tracker.

What the tracker shows

Latest weekly raise

The most recent 8-K data: shares sold, average price, and net proceeds for that filing week. This updates automatically as soon as a new EDGAR filing is ingested and passes validation.

Per-security ATM table

Strategy runs separate ATM programs for common stock (MSTR) and each preferred series. The table shows each program's total authorized size, amount raised to date, and remaining capacity — the room left to raise under the current shelf registration.

Net proceeds and BTC holdings over time

A stacked chart pairing weekly net proceeds with Strategy's cumulative BTC holdings. The two lines together show how closely capital raises track bitcoin accumulation — in most weeks the proceeds are deployed into BTC within days of the filing date.

How to interpret dilution

Watch the issuance pace alongside the live mNAV on the main dashboard. Heavy issuance at a high premium is a positive signal for existing holders; the same pace at a sub-1 mNAV is destroying bitcoin-per-share.

Where the numbers come from

Every figure on the tracker comes from SEC EDGAR 8-K filings — no estimates, no interpolation, no analyst guesses. A new filing arrives each week (typically Monday or Tuesday), triggers automatic ingestion, and appears on the tracker once it clears validation. Holdings and program capacities between filings are not estimated; the tracker only shows what has been publicly filed.