How Strategy’s At-the-Market Share Programs Work, Explained

An at-the-market offering, or ATM, lets a company sell new shares gradually through sales agents instead of in one big offering. Strategy says it has entered into sales agreements with agents “pursuant to which the Company could issue and sell shares of certain series of its Preferred Stock and class A common stock through ATMs”, paying the agents commissions and reimbursing certain expenses.¹ Preferred stock is a type of share that pays a stated dividend ahead of common stock; STRF, STRC, STRK and STRD are four of Strategy’s preferred series.²

At September 30, 2026 Strategy was party to one “Omnibus Sales Agreement” with 18 named sales agents, under which it may sell STRF, STRC, STRK and STRD stock, class A common stock and any further preferred series it designates.²

The table shows shares sold and net proceeds, which means the cash received after sales commissions and expenses.¹ Dashes mean no shares were sold under that program in the period. The 10-Q also notes that for class A common stock the commissions and expenses are charged against “Additional paid-in capital” on the balance sheet.¹

No preferred stock was sold through the ATMs in the quarter. Class A common stock sales were 50,297,872 shares for net proceeds of $5,406.9 million.¹ In the third quarter of 2025 the class A figure was 5,712,041 shares and $2,199.4 million, and three preferred series (STRF, STRK and STRD) were also sold.¹

STRC stock was sold only in the first half: 75,307,642 shares for $7,518.3 million of net proceeds over the nine months. Class A common stock was 108,753,378 shares for $13,642.4 million. All programs together raised $21,163.7 million of net proceeds in the nine months of 2026 against $12,906.2 million in the same period of 2025.¹

The 10-Q’s bitcoin roll-forward footnotes state the uses for each quarter. In the second quarter of 2026, “$5.46 billion of the net proceeds from ATM sales of STRC Stock, and $0.96 billion of the net proceeds from ATM sales of class A common stock” bought bitcoin. In the third quarter, “$588.1 million of the net proceeds from ATM sales of class A common stock” bought bitcoin, and proceeds from the bitcoin sales “were used to fund $239.9 million of dividend payments on Preferred Stock and to repurchase $108.6 million of STRC Stock”.³ The filing’s Note 12 table and these footnotes do not state a use for the rest of the quarter’s $5,406.9 million. Preferred dividends paid in the quarter totalled $419.1 million; STRC dividends are payable semi-monthly and the other series quarterly.² For how the dividend, reserve and buyback mechanics work, see daily preferred dividends, Strategy’s USD Reserve and preferred stock buybacks.