Strategy Shifts Capital Raise to Preferred Stocks as Common Share Issuance Loses Allure

Disclaimer: The analyst who wrote this piece owns shares of Strategy (MSTR).Over the past two weeks, Strategy (MSTR) has refrained from utilizing the at-the-market (ATM) equity program on its common shares to fund bitcoin BTC purchases, choosing instead to use the programs on its two perpetual preferred stocks.The choice most likely reflects the narrowing premium between the company's share price and its multiple net asset value (mNAV) or, more colloquially, the difference between its market cap and the value of its bitcoin holdings, and allows Strategy to raise funds to buy more BTC without diluting shareholders' stakes in the company.When the share price trades close to the underlying bitcoin asset value, issuing common shares via ATM becomes less attractive source: https://www.coindesk.com/markets/2025/06/10/strategy-shifts-capital-raise-to-preferred-stocks-as-common-share-issuance-loses-allure