MicroStrategy Pauses 13-Week BTC Buys and Launches $42B ATM Program for 11.5% Yield STRC
MicroStrategy paused its 13-week Bitcoin buying streak after accumulating roughly 90,831 BTC since December, leaving total holdings at 762,099 BTC at an average cost of $75,694 per token. Executive Chair Michael Saylor has instead highlighted preferred Stretch (STRC) shares yielding 11.5% as the company filed a $42 billion ATM program split evenly between common stock and STRC.
1. End of Bitcoin Buying Ritual
For the first time since late December, MicroStrategy skipped its customary weekly Bitcoin purchase signal, ending a 13-week accumulation streak that added about 90,831 BTC. Total Bitcoin holdings now stand at 762,099 coins, acquired at an average price of $75,694 each, with a Monday 8-K filing expected to confirm whether any purchases quietly occurred.
2. Shift to Preferred STRC Promotion
Executive Chair Michael Saylor diverted focus to the company’s perpetual preferred Stretch (STRC) shares, touting an 11.5% annualized dividend yield and lower volatility than major assets. The dividend has risen for seven consecutive months, resetting monthly to maintain near-par trading and requiring only a 2.13% annual Bitcoin return to sustain payouts indefinitely.
3. At-The-Market Equity Program Details
MicroStrategy filed a $42 billion at-the-market equity program on March 23, allocating $21 billion for common stock and $21 billion for STRC preferred shares. A separate $2.1 billion facility was also established for STRK preferred series, reflecting management’s strategic pivot toward preferred issuance as the primary funding source for future Bitcoin acquisitions.