Strategy raises $747.8M in its latest MSTR ATM sale

Another day, another nine-figure crypto play.

MSTR just pulled off a massive capital raise—$747.8 million to be exact—through its latest ATM offering. That's not pocket change, even by Wall Street standards.

The ATM isn't for cash withdrawals

Forget the corner machine. In finance-speak, 'ATM' stands for 'at-the-market'—a mechanism that lets companies sell shares directly into the trading market over time. It's a stealthy way to raise capital without the fanfare of a traditional secondary offering. MSTR just used it to turbocharge its war chest.

Why the big number matters

This isn't just about funding operations. It's a strategic bet. That capital is widely expected to fuel further accumulation of a certain decentralized asset, doubling down on a corporate strategy that's made MSTR a proxy for institutional crypto exposure. The move signals relentless conviction while traditional finance debates regulatory minutiae.

The cynical take

Let's be real—it's another masterclass in using legacy market mechanics to bankroll a parallel financial system. Wall Street sells the shares, the proceeds buy the asset, and everyone watches the hedge. The irony of using traditional equity sales to bet against traditional finance isn't lost on anyone paying attention.

The playbook is clear: raise, accumulate, repeat. While skeptics watch from the sidelines, the strategy keeps building its position. The market just handed it three-quarters of a billion dollars more to play with.

Strategy used MSTR common stock raise

This week’s raise issued another 4.35M MSTR shares, for $747.8M. While issuing MSTR causes dilution, the shares do not increase the company’s debt or dividend obligations. 

The only challenge to Strategy is the enthusiasm of users for more MSTR. However, the common stock was still seen as having a potential upside in the case of a BTC recovery. 

MSTR also established a recent local bottom just below $160. The shares traded at $164.82 following the service announcement. At the current BTC price, the value of MSTR issued is at around $51B, while the company’s BTC reserves stand above $60B.

The common stock is still able to raise funds, as traders expect a potential upturn if BTC recovers. For 2025 to date, the stocks have logged 50% in net losses, while BTC is down around 6% for the same period. 

Treasury companies retain relevance

In 2025, BTC treasury companies broke the 1M reserve barrier. It takes 32 BTC to become a part of the top 10 list, up from around 23 BTC earlier in 2025. 

Strategy is still the biggest holder, and some treasuries are just a rounding error. However, the treasury playbook still achieved returns in 2025.
Metaplanet recently opened up to international fundraising. The company achieved 29.6% in annualized returns, even after the loss of the initial hype. 

BTC treasuries also proved more appealing compared to a similar attempt to build up altcoin reserves. The only problem is that the treasury company HYPE led to BTC accumulation near peak prices. Unlike whales or strategic buyers, playbook companies do not attempt to buy the dip; instead, they do most of their reserve buying during periods of peak hype.

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