• Strategy Inc. raised $2.03 billion through stock sales and used nearly all of it to buy 24,869 bitcoin in six days, boosting total holdings to 843,738 BTC.
  • The purchases, at an average price of $80,985 per bitcoin, mark the latest in a series of aggressive treasury moves funded by ATM equity programs.
  • The company still has tens of billions in remaining fundraising capacity, signaling further accumulation may follow.

Another $2B In, More Bitcoin on the Balance Sheet

Strategy Inc. has once again tapped equity markets to fund its bitcoin-buying spree, disclosing late Thursday that it raised $2.03 billion through its at-the-market stock offering programs over a six-day period. The company quickly deployed the proceeds, purchasing 24,869 bitcoin at an average price of approximately $80,985 per coin, according to a regulatory filing.

The latest acquisitions bring Strategy's total bitcoin holdings to 843,738 BTC, acquired at an aggregate cost of $26.9 billion, or roughly $31,900 per bitcoin. The company's aggressive treasury strategy, pioneered by executive chairman Michael Saylor, continues to attract both praise and scrutiny as it leans heavily on equity dilution to fund purchases.

A Well-Oiled Machine

The moves are part of a familiar playbook: sell shares via ATM programs, then convert the cash into bitcoin. Strategy has raised billions through such offerings over the past several quarters, with the pace accelerating in early 2026. The company's filing notes that it still has roughly $11 billion in remaining capacity under its various stock issuance programs, giving it ample firepower for future purchases.

“This is a structured, repeatable process,” said a person familiar with the company's strategy. “The market has come to expect these moves, and the funding has been readily available.”

Shares of Strategy, which have more than doubled over the past year, dipped slightly in after-hours trading following the announcement, though analysts attributed the move to profit-taking rather than concern about the strategy.

Market Implications

The rapid deployment of capital has helped support bitcoin prices during a period of relatively low volatility. Bitcoin was trading at around $82,000 late Thursday, up slightly on the week. Large corporate purchases, particularly from a well-known holder like Strategy, tend to reinforce bullish sentiment among retail and institutional investors alike.

Still, critics warn that the strategy exposes shareholders to bitcoin's notorious price swings and raises questions about corporate governance. “If bitcoin corrects sharply, the dilution from these ATM sales could magnify losses for existing holders,” said an analyst who asked not to be named.

What's Next?

With tens of billions in remaining capacity, Strategy is likely to continue its buying spree as long as market conditions remain favorable. The company has no plans to sell its bitcoin, according to recent statements, and views the asset as a long-term treasury reserve.

For now, the market seems willing to finance the strategy. Whether that appetite persists in a downturn remains an open question.

Correction: An earlier version of this article misstated the total bitcoin holdings. The correct figure is 843,738 BTC.