Strategy, owned by Michael Saylor, the world’s largest listed Bitcoin holder, recently announced a financing plan of up to US$21 billion to further expand its Bitcoin reserves. According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on March 10, Strategy has signed a new stock sale agreement and plans to raise funds for business operations and Bitcoin (BTC) acquisitions by issuing 8% Series A perpetual preferred shares. This strategy, named the “ATM Plan,” emphasizes “long-term disciplined sales,” and the company will dynamically adjust the issuance rhythm based on the market price and trading volume of the preferred shares.
Currently, the total number of bitcoins held by Strategy has reached 499,096, with a total cost of approximately US$33.1 billion and an average purchase price of US$66,423 per coin. With the recent Bitcoin price breaking through $82,972, its holdings have seen unrealized profits of more than $8.2 billion, with an annualized return of 6.9%. According to the previously disclosed “21/21 Plan”, Strategy also plans to issue common stock and fixed income securities to raise US$21 billion each in the next three years to continue to increase its investment in Bitcoin. Since 2025, the company has publicly completed six Bitcoin acquisitions, purchased a total of 52,696 BTC, and set an annualized holding yield target of 15%.
As a benchmark company for Bitcoin “whale” holdings, Strategy’s predecessor MicroStrategy has prompted a number of traditional financial institutions to follow up on Bitcoin allocations since launching its Bitcoin reserve strategy in August 2020, including Tesla and Japan’s Metaplanet. Its founder Michael Saylor recently attended the first White House Crypto Summit as an industry leader, calling on the US government to increase its strategic bitcoin reserves from 200,000 to 525,000, striving to hold 25% of the world’s bitcoin circulation. This radical proposition is highly consistent with its corporate strategy and further consolidates Bitcoin’s asset status in the mainstream financial system.
Analysts pointed out that Strategy’s financing actions are closely related to the trend of the Bitcoin market. Although the current price of Bitcoin is at an all-time high, Saylor still emphasizes that “long-term holding is better than timing trading”, and its “ATM plan” may become a model for institutions to continue to increase their holdings of Bitcoin. As traditional capital flows into the crypto space at an accelerated pace, the consensus on Bitcoin as “digital gold” is being continuously strengthened.
