MicroStrategy Incorporated, the largest corporate holder of Bitcoin, has announced plans to sell up to $21 billion in common stock through an at-the-market (ATM) offering.
This strategic move is part of the company’s ongoing effort to bolster its Bitcoin holdings, reflecting its unwavering commitment to its Bitcoin-centric treasury strategy.
Recent Developments
In its first-quarter 2025 earnings report, MicroStrategy disclosed that it had successfully executed a record $21 billion common stock ATM, adding 301,335 Bitcoins to its balance sheet.
This significant increase brings the company’s total Bitcoin holdings to 553,555 as of April 28, 2025, with a total cost of $37.90 billion or approximately $68,459 per Bitcoin.
Despite missing earnings estimates, MicroStrategy reported a year-to-date “BTC Yield” of 13.7% and a “BTC Gain” of 61,497 Bitcoins. The company has raised its 2025 “BTC Yield” target from 15% to 25% and its “BTC $ Gain” target from $10 billion to $15 billion, reflecting its confidence in Bitcoin’s potential.
Market Impact
MicroStrategy’s stock experienced a mixed reaction following the earnings release, with a slight decline in trading. However, the company’s bold strategy and expanded Bitcoin holdings have maintained investor interest.
Over 70 public companies worldwide have adopted a similar “Bitcoin treasury standard,” further validating MicroStrategy’s approach.
The decision to sell up to $21 billion in stock is part of MicroStrategy’s broader capital plan, which includes raising both equity and fixed income capital. This plan aims to enhance shareholder value by leveraging Bitcoin’s growth potential while developing more efficient Bitcoin-backed financial markets.
Future Outlook
Analysts generally maintain an “Outperform” rating for MicroStrategy, with a one-year price target averaging $442.70. This suggests a potential upside of about 16% from the current trading price.
Despite the risks associated with Bitcoin price volatility, MicroStrategy’s strategic focus and execution have positioned it as a leader in the Bitcoin treasury space.
The company’s ability to navigate market dynamics and continue expanding its Bitcoin holdings will be closely watched by investors in the coming months.