Michael Saylor’s Strategy to raise up to $21B to purchase more Bitcoin

Michael Saylor’s Strategy, the world’s largest public corporate Bitcoin holder, is looking to raise up to $21 billion in fresh capital to purchase more BTC.

On March 10, Strategy announced that it had entered into a new sales agreement that would allow the firm to issue and sell shares of its 8% Series A perpetual strike preferred stock to raise funds for general corporate purposes, including potential Bitcoin (BTC) acquisitions.

As part of the agreement deal, dubbed the “ATM Program,” Strategy expects to make sales “in a disciplined manner over an extended period,” taking into account the trading price and volumes of the perpetual strike preferred stock at the time of sale.

“Strategy intends to use the net proceeds from the ATM Program for general corporate purposes, including the acquisition of Bitcoin and for working capital,” the firm said in the filing with the Securities and Exchange Commission (SEC).

The announcement comes amid Strategy holding 499,096 BTC ($41.2 billion), which it acquired for an aggregate amount of $33.1 billion at an average price of $66,423 per BTC.

The company previously disclosed plans to issue and sell shares of its class A common stock to raise up to $21 billion in equity and $21 billion in fixed-income securities over the next three years in order to accumulate more Bitcoin under its “21/21 plan.”

Strategy’s Bitcoin acquisitions in 2025 as of March 10. Source: Strategy

So far in 2025, Strategy has publicly announced six Bitcoin acquisitions, buying a total of 52,696 BTC since Jan. 13. The company’s current BTC yield amounts to 6.9% year-to-date, with Bitcoin trading at $82,972.

Strategy’s BTC yield — an indicator representing the percentage change of the ratio between its BTC holdings and assumed diluted shares — amounted to 74% in 2024.

In 2025, the company expects to reach a BTC yield target of 15%.

Strategy’s Bitcoin metrics. Source: Strategy

Formerly known as MicroStrategy, Strategy has emerged as one of the most prominent companies in the crypto industry after it announced its Bitcoin reserve strategy and purchased its first BTC in August 2020.

Strategy’s Bitcoin strategy laid the foundation for growing BTC adoption by many traditional finance (TradFi) companies, such as Elon Musk’s Tesla and Japanese Metaplanet.

Strategy’s co-founder, Michael Saylor, was among the attendees at the first White House Crypto Summit on March 7, 2025. Source: Michael Saylor

Saylor, Strategy’s co-founder and former CEO, is one of the key crypto industry leaders guiding the United States administration in becoming a major crypto economy.

A major Bitcoin advocate, Saylor is known for pushing the US government to boost its BTC holdings in its Strategic Bitcoin Reserve to acquire up to 25% of Bitcoin’s total supply or increase its current 200,000 BTC holdings to 525,000 BTC.

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