Strategy Comes Off the Sidelines With $21B Preferred Stock ATM Offering

On the sidelines from purchasing additional bitcoin (BTC) for the past couple of weeks, Michael Saylor’s Strategy (STRK) is at it again.

The company during early Monday U.S. hours announced a $21 billion at-the-market (ATM) offering of its Series A preferred stock (STRK), proceeds of which would mostly be used for buying additional bitcoin.

The news gave a small boost to bitcoin, which — amid yet another panicky Sunday session — traded as low as $80,000 a few hours ago. It’s currently changing hands at just above $83,000.

Strategy by a mile is the largest corporate holder of bitcoin, with just shy of 500,000 tokens worth about $42 billion at bitcoin’s current price.

MSTR shares are lower by 5.5% in premarket action and down about 50% from a record high hit in late November.