- Strategy has dramatically scaled back its $20.33 billion STRK funding program after selling only 5% of authorized shares.
- The company’s first preferred stock offering struggled for demand, raising roughly $1.4 billion against a multi-billion-dollar goal.
- Strategy is shifting investor focus to its higher-yield STRC offering, which raised over $1.18 billion in a single week.
On March 22, 2026, the crypto-centric firm Strategy effectively shelved its ambitious $20.33 billion STRK at-the-market offering. According to the company’s filing, it sold just 14.02 million of 269.8 million authorized shares. Consequently, the program’s authorized share count was slashed by 85% from 269.8 million to 40.3 million.
The market barely noticed the news, as the company’s social media announcement focused elsewhere. Demand for the 8% perpetual preferred shares was weak from the start, MicroStrategy–Bitcoin-preferred-stock-offering-yield-4071d169″>according to reports. Sales peaked early, raising $563.4 million in January 2025 due to a steep 20% discount, but growth quickly stalled.
By the end of Q1 2025, STRK notional was $765 million. It crawled to just $1.4 billion by year-end, a 94.8% shortfall from its original $21 billion capacity. The stock now trades near $75.20, 25% below its $100 liquidation preference.
Meanwhile, Strategy simultaneously quadrupled its STRC offering authorization. The variable-rate preferred has proven far more popular, raising over $1.18 billion in a week. That single-week haul dwarfed STRK’s total twelve-month output, signaling a clear strategic pivot.
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