Strategy Eyes $21B Stock Sale To Fuel More Bitcoin Purchases

• Strategy plans to raise $21 billion through an at-the-market (ATM) sale of its preferred shares.
• The company will use the proceeds to boost its Bitcoin holding.
• Investing in strategy may provide quicker returns than the S&P 500.

Strategy is ramping up its Bitcoin-focused strategy with a new stock offering, aiming to buy further Bitcoin after a relatively calm period of BTC acquisitions.

With 499,096 BTC in holdings and a valuation of $86.5 billion, Strategy’s rapid accumulation and low P/E ratio position it as a unique player in both the crypto and financial sectors.

Strategy Launches Stock Sale

Strategy announced it will sell up to $21.0 billion in 8.00% Series A Perpetual Strike Preferred Stock through an at-the-market (ATM) program. Holders can convert these shares into Strategy’s Class A common stock at their discretion.

The company, led by Michael Saylor, intends to use the proceeds for general corporate purposes, including acquiring Bitcoin and funding working capital.

Under the sales agreement, shares may be sold via at-the-market offerings, negotiated transactions, or block trades, as legally permitted.

The preferred shares will be sold under a prospectus supplement filed with the U.S. Securities & Exchange Commission (SEC) on Monday as part of an automatic shelf registration statement that took effect in January 2025.

Latest BTC Acquisitions

The last time Strategy bought Bitcoin was in late February. The company added 20,356 Bitcoin for about $1.99 billion at an average price of $97,514 per BTC, yielding 6.9% year-to-date in 2025.

In 2024, under Michael Saylor’s leadership, Strategy acquired 258,320 BTC.

Strategy has also completed a $2 billion private offering of 0% convertible senior notes due 2030, with an option for an additional $300 million.

The notes, maturing on March 1, 2030, do not bear interest or accrue value. Investors can convert the assets under specific conditions before Dec. 3, 2029, obtaining cash, Class A stock, or both.

Investing in Strategy

As of March 10, the company—formerly MicroStrategy—holds 499,096 BTC , acquired for $33.1 billion at an average cost of $66,357 per BTC.

Strategy’s $86.5 billion valuation ($335 per share) gives it a P/E ratio of 6.58, based on $13.14 billion in “Bitcoin revenue” in 2024. This means earning back the investment would take just 6.5 years—exceptionally low for a high-growth company.

The P/E ratio indicates how many years, assuming consistent earnings, a company would need to generate enough earnings to recoup its initial investment.

The S&P 500’s P/E ratio is 30.68 in late February, implying a nearly 31-year payback period. The banking sector trades at 13–14 P/E, making Strategy’s faster return on investment particularly compelling, especially as it aims to become the first Bitcoin bank.