Strategy expands Bitcoin buying plan to $60B+ ATM, boosts STRC

Strategy (formerly MicroStrategy) expanded its Bitcoin buying plan via an SEC 8-K filed March 23, 2026. The company increased at-the-market (ATM) stock issuance capacity to over $60B, with total active capacity around $64.15B. This widens near-term funding flexibility for its BTC treasury strategy. Under the new framework, Strategy can issue and sell up to $21B of Class A common stock (MSTR), up to $21B of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), and up to $2.1B of another preferred (STRK). Strategy terminated an older STRK program and will continue using existing prospectuses for common stock (~$15.85B) and STRC (~$4.2B) until sold. The market-relevant shift is a clear tilt toward STRC. Authorized STRC shares were raised from 70,435,353 to 282,556,565, while authorized STRK shares were cut from 269,800,000 to 40,270,744. STRC is described as highly liquid (about ~$295.9M average daily volume). Strategy also holds 762,099 BTC, with an average cost near ~$75,700 per BTC (unrealized loss exceeding $3B). Trader takeaways: the Bitcoin buying plan expansion improves “funding capacity” optics, which can support near-term sentiment for BTC-linked equities. But STRC’s structure may add ongoing dividend-like obligations and raise dilution/credit-concern risk if issuance does not translate into timely BTC accumulation. Overall, this change is likely to keep market focus on the cash-flow trade-off between accelerating BTC buying power and managing STRC dividend burden and dilution.