How much did Strategy raise through its ATM program in early April 2026?

Strategy reported net proceeds of $102.6 million from STRC stock and $72.0 million from MSTR Class A common stock sold between April 1 and April 5, 2026. The total notional value of shares sold in that period was $174.6 million. Shares sold in that period include some shares sold but not yet settled as of April 5, 2026.

How much bitcoin did Strategy buy and how was it funded?

Strategy acquired 4,871 bitcoin between April 1 and April 5, 2026, for an aggregate purchase price of $329.9 million, with an average purchase price of $67,718 per bitcoin. The filing states that these purchases were made using proceeds from sales of shares under the ATM program. No bitcoin was acquired between March 30 and March 31, 2026. Aggregate holdings were 766,970 BTC as of April 5, 2026.

What was the impact of bitcoin prices on Strategy's first-quarter 2026 results?

For the quarter ended March 31, 2026, Strategy recorded a $14.46 billion unrealized loss on digital assets and a $2.42 billion associated deferred tax benefit. The carrying value of its digital assets was $51.65 billion at March 31, 2026. The filing attributes the loss to bitcoin's fair value falling below its cost basis at quarter end. The filing also states that these figures have not been audited or reviewed by KPMG LLP.

What deferred tax items does Strategy disclose?

Strategy recorded a $1.73 billion deferred tax asset related to the unrealized bitcoin loss and established a $1.73 billion valuation allowance against it, so the net effect is zero. It also has about $0.5 billion of deferred tax assets from its software operations and expects to establish an additional $0.5 billion valuation allowance against them, because bitcoin's fair value is below its cost basis.

How much capacity remains under Strategy's ATM program?

As of April 5, 2026, the filing shows $22,645.5 million available for issuance under the STRC offering and $27,096.1 million under the MSTR offering. Remaining capacity for STRK is $2,100.0 million, for STRD is $4,014.8 million, and for STRF is $1,619.3 million. The March 23, 2026 announcement added a new $21.0 billion STRC increase and a $21.0 billion MSTR increase, which may begin once existing capacity is substantially depleted.

Strategy 8-K: Regulation FD

01—Abstract

Summary

Summary of the 8-K filed April 6, 2026. Cited figures are marked; the original filing is the authoritative source.

Strategy Inc (MSTR) reported in this Form 8-K, filed April 6, 2026, that it sold $299.3 million^a of securities under its at-the-market (ATM) program between March 30 and March 31, 2026, and a further $174.6 million between April 1 and April 5, 2026.

Nearly all of the issuance was STRC preferred stock, with smaller amounts of MSTR Class A common stock. Net proceeds were $227.3 million^b from STRC in the first period and $102.6 million in the second, plus $72.0 million from MSTR common stock in each period. The company said it used the ATM proceeds to buy bitcoin.

Between April 1 and April 5 it acquired 4,871 BTC for an aggregate purchase price of $329.9 million^c, raising aggregate holdings to 766,970 BTC from 762,099 BTC at March 31, 2026. No bitcoin was acquired in the March 30–31 period. The filing also gave first-quarter 2026 accounting figures.

Strategy recorded a $14.46 billion^d unrealized loss on digital assets and a $2.42 billion associated deferred tax benefit for the quarter. Its digital asset carrying value was $51.65 billion at March 31, 2026. Because the cost basis of its bitcoin exceeded fair value at that date, it recorded a $1.73 billion deferred tax asset on the bitcoin loss and an offsetting $1.73 billion valuation allowance.

It also holds about $0.5 billion of deferred tax assets from its software operations and expects to establish an additional $0.5 billion valuation allowance against them. These figures have not been audited or reviewed by KPMG LLP. On March 23, 2026, Strategy had announced a new $21.0 billion STRC offering, a new $21.0 billion MSTR offering, the termination of its prior STRK offering, and a new $2.1 billion STRK offering.

As of April 5, 2026, remaining ATM capacity was $22,645.5 million for STRC and $27,096.1 million for MSTR, with the increases to be used once existing capacity is substantially depleted. Investors should note that the quarterly results depend heavily on bitcoin prices and that the filing contains forward-looking statements about deferred tax assets and valuation allowances.

02—Key points

Key Highlights

ATM issuance of $299.3 million (March 30–31) and $174.6 million (April 1–5), led by STRC preferred stock with 2,275,972 and 1,027,255 shares sold respectively.
Bitcoin holdings rose to 766,970 BTC as of April 5, 2026, after 4,871 BTC were bought for $329.9 million between April 1 and April 5, all funded by ATM sales.
Q1 2026 unrealized loss on digital assets of $14.46 billion, offset by a $2.42 billion associated deferred tax benefit.
Digital asset carrying value of $51.65 billion at March 31, 2026, with aggregate bitcoin cost of $57.69 billion and average purchase price of $75,694 per bitcoin.
$1.73 billion deferred tax asset on bitcoin losses fully offset by a $1.73 billion valuation allowance; an additional $0.5 billion valuation allowance is expected on software-related deferred tax assets.
Remaining ATM capacity as of April 5, 2026 of $22,645.5 million for STRC and $27,096.1 million for MSTR, plus $2,100.0 million for STRK and $4,014.8 million for STRD, with the $21.0 billion STRC and MSTR increases announced March 23 available once existing capacity is substantially depleted.
Q1 2026 financial information has been prepared by management and has not been audited or reviewed by KPMG LLP.

03—Questions

Frequently Asked Questions

How much did Strategy raise through its ATM program in early April 2026?
Strategy reported net proceeds of $102.6 million from STRC stock and $72.0 million from MSTR Class A common stock sold between April 1 and April 5, 2026. The total notional value of shares sold in that period was $174.6 million. Shares sold in that period include some shares sold but not yet settled as of April 5, 2026.
How much bitcoin did Strategy buy and how was it funded?
Strategy acquired 4,871 bitcoin between April 1 and April 5, 2026, for an aggregate purchase price of $329.9 million, with an average purchase price of $67,718 per bitcoin. The filing states that these purchases were made using proceeds from sales of shares under the ATM program. No bitcoin was acquired between March 30 and March 31, 2026. Aggregate holdings were 766,970 BTC as of April 5, 2026.
What was the impact of bitcoin prices on Strategy's first-quarter 2026 results?
For the quarter ended March 31, 2026, Strategy recorded a $14.46 billion unrealized loss on digital assets and a $2.42 billion associated deferred tax benefit. The carrying value of its digital assets was $51.65 billion at March 31, 2026. The filing attributes the loss to bitcoin's fair value falling below its cost basis at quarter end. The filing also states that these figures have not been audited or reviewed by KPMG LLP.
What deferred tax items does Strategy disclose?
Strategy recorded a $1.73 billion deferred tax asset related to the unrealized bitcoin loss and established a $1.73 billion valuation allowance against it, so the net effect is zero. It also has about $0.5 billion of deferred tax assets from its software operations and expects to establish an additional $0.5 billion valuation allowance against them, because bitcoin's fair value is below its cost basis.
How much capacity remains under Strategy's ATM program?
As of April 5, 2026, the filing shows $22,645.5 million available for issuance under the STRC offering and $27,096.1 million under the MSTR offering. Remaining capacity for STRK is $2,100.0 million, for STRD is $4,014.8 million, and for STRF is $1,619.3 million. The March 23, 2026 announcement added a new $21.0 billion STRC increase and a $21.0 billion MSTR increase, which may begin once existing capacity is substantially depleted.

04—Continue

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