How Much Has Strategy Raised Through STRC? $10.15B and Counting
The complete financing record of Strategy's flagship preferred stock, aggregated from every weekly 8-K since July 2025.
As of 2026-07-26, Strategy (Nasdaq: MSTR) has raised $10.15B in net proceeds through STRC (“Stretch”), its variable-rate perpetual preferred stock — $2.47B from the July 2025 IPO and another $7.68B from ongoing at-the-market (ATM) sales. This article breaks that number down month by month, sourced entirely from Strategy's weekly 8-K filings with the SEC.
STRC is the largest of Strategy's five “digital credit” instruments and its primary financing engine for Bitcoin purchases. Because issuance happens continuously through the ATM program rather than in discrete offerings, the only way to track it is to aggregate the weekly disclosures — which is exactly what the chart below does.
Two channels: one IPO, then a continuous ATM
The IPO priced on July 25, 2025 at $90.00 per share against a $100 stated amount — 28,011,111 shares for $2,521M gross ($2,473.8M net). The deal was initially marketed at roughly $500M and was upsized about fivefold on demand.
Two days after closing, Strategy established a $4.2B at-the-market program that lets it sell new STRC shares directly into the market at prevailing prices. In March 2026 it added a second, $21B ATM authorization. Every Monday, Strategy's 8-K discloses exactly how many shares were sold the prior week and the net proceeds — the monthly table below sums those disclosures (trade-date basis).
STRC Capital Raised (IPO + ATM)
Cumulative net proceeds Strategy has raised through STRC — the July 2025 IPO plus ongoing at-the-market (ATM) sales, aggregated by month from weekly 8-K disclosures. USD millions.
›Show data table
| Month | Raised in month | Cumulative |
|---|---|---|
| 2025-07 | $2,473.8M | $2,473.8M |
| 2025-08 | — | $2,473.8M |
| 2025-09 | — | $2,473.8M |
| 2025-10 | — | $2,473.8M |
| 2025-11 | $157.4M | $2,631.2M |
| 2025-12 | — | $2,631.2M |
| 2026-01 | $420.4M | $3,051.6M |
| 2026-02 | $85.5M | $3,137.1M |
| 2026-03 | $1,784.8M | $4,921.9M |
| 2026-04 | $3,280.2M | $8,202.1M |
| 2026-05 | $1,949.1M | $10,151.2M |
| 2026-06 | — | $10,151.2M |
| 2026-07 | — | $10,151.2M |
From IPO to buybacks: the full timeline
Why the number matters
At the current 12.00% annualized rate, the ~104.6M STRC shares outstanding imply a dividend run-rate of roughly $1.26B a year on STRC alone — a real cash obligation that Strategy has funded partly by selling Bitcoin since mid-2026.
The remaining $17.5B of ATM capacity is the headroom for future raises, but it only works while STRC trades at or above its stated amount: selling below $100 raises the effective yield on every new dollar. That is why issuance stopped in June 2026 and buybacks started — the same mechanics running in reverse.
Frequently Asked Questions
How much money has Strategy raised through STRC in total?›
About $10.15B in net proceeds through July 26, 2026: $2,473.8M from the July 2025 IPO plus $7,677.4M from at-the-market (ATM) sales, per Strategy's weekly 8-K filings.
What is the STRC ATM program?›
An at-the-market facility that lets Strategy sell new STRC shares directly into the market at prevailing prices. Two authorizations exist — $4.2B (July 2025) and $21B (March 2026) — with roughly $17.5B still available.
Why did Strategy stop selling STRC in June 2026?›
STRC traded below its $100 stated amount. Issuing below par raises the effective cost of every new dollar raised, so Strategy halted ATM sales and instead announced a $1B buyback program for its preferred stocks on June 29, 2026.
How many STRC shares are outstanding?›
Roughly 104.6 million as of July 26, 2026 — 104.89M issued since the IPO, minus 288,930 shares repurchased in July 2026.
Official Sources
For information only — not investment advice. Preferred dividends are paid only if declared by the board, and none of these securities are collateralized by Strategy's Bitcoin holdings.