MicroStrategy Updates Its ATM Offering Programs and Bitcoin Purchases

MicroStrategy Incorporated (Nasdaq: MSTR), a leading provider of business intelligence and a pioneer in holding Bitcoin as a strategic asset among publicly traded companies, has announced significant updates regarding its At-the-Market (ATM) offering programs and its recent investments in Bitcoin. The company disclosed these developments in a recent filing with the U.S. Securities and Exchange Commission (SEC) via the Form 8-K, on May 5, 2025.

Expansion of ATM Programs for MicroStrategy in Bitcoin Strategy: Potential of 63 Billion Dollars

MicroStrategy, which also operates under the trade name Strategy, has established new ATM programs in 2025 and updated the pre-existing ones. These offerings involve the direct sale of equity securities on the market to raise capital flexibly. In particular:

* The company has unveiled two new programs, both At-the-Market, for an aggregate maximum offering price of 2 billion dollars. These programs are specifically designed to sell common shares, with the total number of shares to be sold yet determined.

* Moreover, Microstrategy has updated two previously announced ATM programs from 2024. One program, also At-the-Market, permits the sale of common shares for a maximum price of 750 million dollars, with the shares to be sold still to be determined. The other program, specifically for preferred shares, has been increased from an initial 1 billion dollars to 2 billion dollars in units of preferred shares, convertible preferred shares, or other preferred securities.

* In addition to the new programs and the updates to the 2024 programs, there are two other programs that are still active. One is an ATM program from 2023, with a remaining capacity of 500 million dollars for the sale of common shares, and the other is a program from 2020 for the issuance of mandatory convertible preferred shares, which is fully subscribed but still allows for the issuance of another billion dollars in preferred shares.

Overall, the net total raised by the active ATM programs between April 28 and May 4, 2025, amounts to 180.3 million dollars. These funds were primarily used to further expand the company’s reserves in Bitcoin.

New purchases of Bitcoin: almost 1900 BTC in a week

MicroStrategy has confirmed that it purchased 1,895 BTC between April 28 and May 4, 2025, for a total investment of 180.3 million dollars, financed by the revenues from the 2024 ATMs and STRK. The average purchase price was approximately 95,167 dollars per Bitcoin, including fees and expenses.

With this latest round of purchases, the company’s total reserves reach 555,450 BTC, for a cumulative investment of approximately 38.08 billion dollars. The weighted average purchase cost now stands at 68,550 dollars per Bitcoin.

The increase in holdings consolidates MicroStrategy’s position as the leading public company holding Bitcoin in the world, a key aspect of its business strategy, aimed at using BTC as an alternative store of value to cash.

In compliance with transparency regulations (Regulation FD), MicroStrategy has reminded that it keeps an updated public dashboard on its official website (www.strategy.com). This online space serves as a direct and non-exclusive communication channel to the public and investors. It contains updated data related to:

* The company’s standard capital structure, including common shares, preferred shares, debt securities, and treasury shares.

* Details of the company’s investments in Bitcoin, such as the number of coins, purchase price, and total investment.

* Financial performance and key metrics, reported according to U.S. GAAP.

* Latest company news and press releases.

* Links to SEC filings, including Forms 10-K, 10-Q, and 8-K.

Investors are encouraged to regularly consult this dashboard to stay informed about corporate activities, particularly regarding the trend of BTC reserves and related financial operations.

Market Implications and Long-Term Strategy

These moves fit into a coherent and long-term vision by MicroStrategy, which has embraced Bitcoin as a strategic balance sheet asset since 2020. The use of ATM programs to finance the accumulation of BTC allows the company to access fresh capital while maintaining operational flexibility and reducing the need for direct indebtedness.

The MSTR shares, traditionally correlated with the price of Bitcoin, continue to be used by the company not only as a financial instrument but also as a means to strengthen its exposure to the cryptocurrency market. Thus transforming MicroStrategy into a sort of stock proxy for institutional investors interested in BTC.

The issuance of preferred shares STRK and STRF (the latter not involved in recent operations) represents an additional channel for diversification in capital raising, allowing the company