MicroStrategy, now rebranded as Strategy, has completed its record-setting $21 billion at-the-market (ATM) stock offering, cementing its position as the world’s largest corporate holder of bitcoin.
This bold move marks a new phase in the company’s aggressive Bitcoin treasury strategy and sets the stage for further expansion in both capital markets and digital assets.
Massive Capital Raise Powers Unprecedented Bitcoin Accumulation
The $21 billion equity raise, finalized in early May 2025, enabled MicroStrategy to add 301,335 bitcoin to its balance sheet during the first quarter alone. As of late April, the company holds 553,555 bitcoins, acquired at an average price of $68,459 per bitcoin.
At current market prices, this trove is valued at over $52 billion, representing roughly 2.6% of all bitcoin in existence.
Notably, every share issued through the ATM offering was directly tied to the company’s core goal: maximizing bitcoin per share and compounding long-term value for shareholders.
Strategic Shift: From “21/21 Plan” to “42/42 Plan”
With the original $21 billion target nearly achieved, MicroStrategy is already looking ahead. The company has unveiled the “42/42 Plan,” doubling its capital formation ambitions to $42 billion in both equity and fixed income.
This evolution signals a scalable, perpetual approach to bitcoin accumulation, leveraging structured capital markets to outpace traditional treasury strategies.
The company’s disciplined framework now prioritizes bitcoin-specific KPIs-such as BTC yield, torque, and net asset value (NAV) impact-over conventional metrics like EPS or EBITD.
What’s Next for MicroStrategy?
- Accelerated Bitcoin Purchases: With fresh capital and a higher BTC yield target (now 25% for 2025), MicroStrategy is poised to continue rapid bitcoin accumulation.
- Market Leadership: The company’s success may encourage more firms to adopt a bitcoin treasury standard, further legitimizing digital assets in corporate finance.
- Financial Product Innovation: Expect more bitcoin-linked instruments, potentially including new fixed-income products and creative equity offerings.
- Investor Focus: Shareholders will closely watch MicroStrategy’s ability to grow bitcoin per share and maintain its premium to bitcoin NAV, as well as the impact of fair value accounting on reported results.
MicroStrategy’s $21 billion stock offer is not just a milestone for the company-it’s a blueprint for how corporations can integrate digital assets into their core financial strategies, with global implications for capital markets and the future of corporate treasury management.