Strategy Expands STRC Offering Window, Raises Over $378 Million in a Single Day

Strategy filed an 8-K form with the U.S. Securities and Exchange Commission (SEC) on Monday, disclosing that it raised approximately $378 million through the issuance of variable rate perpetual preferred stock STRC (branded as “Stretch”). Simultaneously, the company made a key revision to its existing “at-the-market” (ATM) offering program: allowing two agents to simultaneously conduct STRC stock sales outside of U.S. trading hours—i.e., before the market opens and after it closes. Previously, only one agent was permitted to execute such transactions per day. STRC, launched in July 2025, pays monthly cash dividends, with an annualized yield set at 11.5% in March 2026. The security is a significant funding instrument for Strategy's Bitcoin reserve program, with the company also using common stock MSTR and three other classes of preferred stock (STRD, STRF, STRK) to support its crypto asset accumulation.

This rule change enables Strategy to flexibly raise capital during non-trading hours for the first time. Market observer Ragnar noted on X that this move is expected to improve daily capital raising efficiency and accelerate the pace of Bitcoin purchases. Analysts generally believe that this structural optimization significantly reduces operational friction between stock issuance and Bitcoin acquisition. Previously, the market expected STRC to raise approximately $303 million in a single week, corresponding to about 4,300 Bitcoins. However, the actual fundraising reached $378 million, exceeding expectations by 25%. This achievement, coupled with the company's concurrent disclosure of a $1.3 billion bulk Bitcoin purchase, marks a historic buying record. Nearly $900 million of the funds came from the issuance of MSTR common stock.

As of now, Strategy reports an average cost price of $75,862 per Bitcoin, while the market price remains below that level. Nevertheless, investor demand for STRC continues to rise, setting a historical single-day issuance record. Notably, Strategy cumulatively raised $25.3 billion through equity financing in 2025, significantly expanding its diluted share capital. Some analysts point out that its preferred stock's annual dividend obligations have surpassed the company's operating cash flow, raising discussions about the sustainability of its financial structure. Whether this model can be replicated by other companies while avoiding high leverage and high dilution risks remains a focus of industry attention.