Software intelligence firm MicroStrategy, now rebranded as Strategy, has unveiled an aggressive $2.1 billion stock offering to fuel its relentless Strategy BTC accumulation. The company, which has become the world’s largest corporate bitcoin holder, plans to use the proceeds to buy more BTC, reinforcing its position as a leader in institutional crypto adoption.
Strategy’s latest move to expand Bitcoin treasury
In a May 22 filing with the U.S. Securities and Exchange Commission (SEC), Strategy announced an at-the-market (ATM) equity offering of its 10.00% Series A Perpetual Strife Preferred Stock (STRF). The offering, managed by TD Securities, Barclays Capital, and The Benchmark Company, aims to raise up to $2.1 billion.
The filing states:
“Strategy intends to use the net proceeds from the ATM Program for general corporate purposes, including the acquisition of bitcoin, and for working capital.”
This latest capital raise follows Strategy’s well-documented Strategy BTC accumulation playbook, where the company leverages debt, equity, and convertible instruments to expand its bitcoin holdings.
Bitcoin buying spree continues
Just days before the announcement, Strategy revealed it had purchased an additional 7,390 BTC for approximately 764.9 million, averaging 103,498 per bitcoin. As of May 18, 2025, the company holds a staggering 576,230 BTC, acquired for around 40.18 billion of 69,726.
Year-to-date, Strategy’s bitcoin portfolio has yielded a 16.3% return, outperforming many traditional asset classes. This success has emboldened the company to push forward with its Strategy BTC accumulation strategy, despite bitcoin’s price volatility.
Michael Saylor’s billion-dollar bitcoin bet
Michael Saylor, Strategy’s executive chairman and a vocal bitcoin maximalist, has been the driving force behind the company’s aggressive Strategy BTC accumulation. He has repeatedly argued that bitcoin is the ultimate store of value, even predicting astronomical price targets.
In a recent interview, Saylor stated:
“Bitcoin is the only asset that appreciates over time while everything else depreciates. Our Strategy BTC accumulation is not just an investment—it’s a hedge against monetary inflation and a bet on the future of digital scarcity.”
Saylor has made bold projections, suggesting bitcoin could hit 13 million by 2045, with a bull case of 49 million and a bear case of 3 million. He also believes BTC’s market cap could reach 200 trillion, growing 20% annually, and that a Strategic Bitcoin Reserve could generate 16 trillion to 81 trillion for the U.S. Treasury by 2045.
Why Strategy’s Bitcoin bet matters
Strategy’s relentless Strategy BTC accumulation has turned the company into a proxy for bitcoin exposure in traditional markets. Institutional investors who cannot directly hold bitcoin often buy Strategy’s stock as a workaround, making the company a bellwether for crypto adoption.
Analysts have mixed views on the approach. Some praise Strategy’s conviction, while others warn of risks.
Cathie Wood, CEO of ARK Invest, commented:
“MicroStrategy—now Strategy—has taken a bold stance on bitcoin. Their Strategy BTC accumulation model is innovative, but it also exposes them to significant volatility. Still, in the long run, bitcoin’s scarcity could make this a winning strategy.”
Meanwhile, JPMorgan analysts cautioned:
“While bitcoin has upside potential, concentrating corporate treasury holdings in a single volatile asset carries substantial risk. Investors should be aware of the leverage effect if bitcoin prices decline sharply.”
What’s next for Strategy?
With this latest $2.1 billion raise, Strategy is signaling that its Strategy BTC accumulation is far from over. The company’s transformation from a software firm to a bitcoin-focused holding company reflects a broader trend of corporations diversifying into crypto.
As bitcoin adoption grows, Strategy’s aggressive moves could inspire other firms to follow suit. Whether this strategy pays off in the long term remains to be seen, but for now, Strategy is betting big—and doubling down.
