**Title:** Michael Saylor’s Strategy (MSTR) Launches $2.1B ATM Program for Strife Preferred Stock
Bitcoin Magazine recently reported that Michael Saylor’s Strategy (MSTR) has introduced a $2.1 billion At-The-Market (ATM) equity program for its Strife (STRF) preferred stock. This move is a significant milestone in the company’s ongoing effort to establish a robust Bitcoin-backed financial framework.
CEO and President Phong Lee, together with Executive Chairman Michael Saylor, revealed this development during an investor update, underlining the positive year-to-date performance of their Bitcoin-linked securities, Strike (STRK), and Strife (STRF). The success of these instruments inspired Strategy to expand its fundraising approach and introduce the Strife ATM program.
Lee highlighted the impressive results achieved so far, with a 16.3% BTC yield and a $7.7 billion gain. Both Strike and Strife have exceeded expectations, with Strike rising by 24% and Strife by 16% from their initial prices. In comparison, traditional preferred shares in the market saw a 3–5% decline during the same period.
With Strike and Strife performing exceptionally well and nearing par value, Lee emphasized the high liquidity of these instruments, boasting significant daily trading volumes far surpassing comparable securities. The success of the previous $212 million issuance through Strike’s ATM program has set a positive precedent for the $2.1 billion Strife ATM program.
Strife, characterized by a 10% coupon and a top-tier position in Strategy’s capital structure, is considered the flagship product among the company’s preferred offerings. On the other hand, Strike appeals to “Bitcoin-curious” investors, offering an 8% coupon and exposure to Bitcoin’s upside potential through conversion options.
Strategy’s three ATM programs, which now include a $2.1 billion issuance for Strife, are strategically managed to adapt to market conditions and investor demand. According to Saylor, this dynamic framework enables the company to optimize Bitcoin acquisition and capital deployment efficiently.
Behind these strategic moves stands Strategy’s substantial Bitcoin treasury, holding over 576,000 BTC valued at approximately $60 billion. Saylor views this as the cornerstone of the company’s growth trajectory and stability.
While spot Bitcoin ETFs cater to investors seeking direct price exposure, Strategy’s nuanced suite of instruments provides diverse options tailored to varying risk appetites, return expectations, and regulatory considerations. The launch of the Strife ATM program is a testament to the company’s commitment to delivering innovative financial products in the crypto space.
In conclusion, Strategy’s introduction of the Strife ATM program marks a significant milestone in the company’s endeavor to build a robust Bitcoin-backed financial architecture. The success of this program, alongside the impressive performance of its Bitcoin-linked securities, underscores Strategy’s commitment to innovation and growth in the crypto space.
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