Whale Strategy Gobbles 15,355 BTC as $21B ATM Cash Hoard Nears Exhaustion

Bitcoin’s institutional feeding frenzy hits overdrive—just as the ATM money printer sputters.

Wall Street’s crypto ATM withdrawals slowed to a trickle after a record $21B capital raise. Meanwhile, one bold strategy just swallowed 15,355 BTC in a single gulp. Timing? Impeccable.

Because nothing says ’bull market’ like leveraged bets against dwindling liquidity. Just ask the 2008 mortgage traders—they’d be proud.

Strategy’s aggressive fundraising

Strategy stated that its recent BTC acquisition was funded through proceeds from its ongoing at-the-market (ATM) stock offerings. Between April 21 and April 27, the company sold over 4 million Class A common MSTR stock for $1.4 billion and 435,000 STRK preferred shares for $37.5 million.

With this raise, only $128.7 million remains from the original $21 billion MSTR ATM initiative launched in October 2024. This figure represents just 0.6% of the total program.

Vetle Lunde, a senior analyst at K33 Research, highlighted the pace of the program’s execution, noting that Strategy initially planned to run the ATM offering until the end of 2027. However, nearly the entire amount was raised within six months.

The MSTR ATM program stands as the largest in capital markets history. Over the period, Strategy raised approximately $20.87 billion, averaging about $3.48 billion per month. This capital influx has fueled the company’s aggressive Bitcoin accumulation strategy, setting a new benchmark for public market funding programs.