Strategy Inc. Unveils $21 Billion Stock Sale to Fuel Bitcoin Buying Spree

Strategy Inc., formerly known as MicroStrategy, has announced a bold new financial move: the launch of a $21 billion at-the-market (ATM) equity offering. The company, already the world’s largest corporate holder of Bitcoin, intends to use the proceeds primarily to purchase additional Bitcoin and to support general corporate operations. This aggressive capital raise reaffirms Strategy’s high-conviction bet on Bitcoin as a central asset in its corporate treasury.

The announcement comes at a time of ongoing financial turbulence for Strategy. In its most recent earnings report for Q1 2025, the company disclosed a net loss of $4.22 billion, or $16.49 per share. This marks the fifth consecutive quarter of reported losses. The primary driver of this financial downturn was a $5.91 billion unrealized loss on the company’s substantial cryptocurrency holdings, following fluctuations in Bitcoin’s market price. The firm recently adopted fair value accounting, meaning its quarterly earnings are now directly affected by the mark-to-market valuation of its Bitcoin reserves.

Despite these losses, Strategy’s stock has performed remarkably well, gaining approximately 32% year-to-date. This performance starkly contrasts with broader market trends, including a nearly 6% year-to-date decline in the Nasdaq 100 index. Market analysts attribute this surge in investor confidence to Strategy’s unwavering commitment to Bitcoin, particularly as the asset continues to gain institutional traction.

Despite Losses, Strategy Remains Committed to Bitcoin Thesis

As of April 28, 2025, Strategy holds approximately 553,555 bitcoins, valued at around $37.9 billion. This accumulation strategy, pioneered by Executive Chairman Michael Saylor, positions the firm not only as a technology company but also as a de facto Bitcoin ETF alternative. Saylor, a vocal advocate of Bitcoin, maintains that the cryptocurrency is a superior store of value compared to traditional fiat currencies and even gold.

This latest fundraising initiative signals Strategy’s continued belief in Bitcoin’s long-term upside. The company’s move also aligns with broader trends of increasing institutional adoption of crypto assets, amid growing acceptance by regulatory bodies and financial institutions.

While skeptics have raised concerns over the volatility and financial risk tied to such a heavily Bitcoin-weighted balance sheet, Strategy appears undeterred. The company’s long-term approach suggests it is prepared to withstand short-term volatility in favor of capturing what it views as a generational opportunity in digital assets.

Strategy’s unprecedented $21 billion offering is more than a capital raise—it is a signal of intent. At a time when most corporations still treat crypto with caution, Strategy is doubling down, betting that Bitcoin’s trajectory is still in its early innings.