Key Points
- Strategy₿ will use the net proceeds from the ATM Program to buy more BTC.
- BTC price rebounded from a dip to $80,000 levels to over $83,000 earlier.
Strategy₿ just announced a new program to acquire more Bitcoin. The announcement comes following a break in BTC acquisitions.
Meanwhile, BTC recorded intense price volatility, but today, the coin saw a slight reversal upwards.
Strategy₿ Announced $21 Billion STRK ATM Program
Earlier today, Michael Saylor made the announcement via X:
Strategy Announces $21 Billion $STRK At-The-Market Program $MSTR https://t.co/yTfmDuot3V
— Michael Saylor⚡️ (@saylor) March 10, 2025
The official press release revealed that Strategy₿ entered into a sales agreement pursuant to which the company may issue and sell shares of its 8% series A perpetual strike preferred stock, $0.001 par value per share, having an aggregate offering price of up to $21 billion.
This is called the ATM Program (At-The-Market Program).
According to the official notes, shares of the perpetual strike preferred stock are convertible by the holders into shares of the company’s class A common stock.
Also, Strategy₿ expected to make sales of perpetual strike preferred stock pursuant to the ATM Program “in a disciplined manner over an extended period.”
The company will reportedly use the net proceeds from the ATM Program for general corporate purposes, including acquiring more BTC and for working capital.
The announcement comes following a short Strategy₿ break in acquiring BTC. As of March 3, the company held 499,096 BTC worth about $41,4 billion at current prices.
BTC Rebounds Above $83,000
At the moment of writing this article, BTC is trading above $83,000. Today, the digital asset recorded intense volatility with its price dipping to $80,000 levels ahead of a reversal to current levels.
BTC Recent Price Decline Triggers
BTC recorded price declines amidst US tariffs fears, five consecutive days of continued outflows from BTC ETFs, and crypto liquidations.
On March 7, BTC ETFs recorded over $409 million in outflows, according to SoSoValue data, marking the fifth consecutive outflow day.
Also, during the past 24 hours, BTC recorded over $258 million in liquidations, over $199 million in long positions, and around $59 million in shorts.
The general crypto market recorded over $645 million in liquidations, over $489 million in long positions, and $156 million in shorts.
However, despite market volatility, the industry maintains optimism amidst global Bitcoin and crypto adoption. The US President just confirmed the Strategic BTC Reserve, while banks in the country and abroad are intensifying efforts to boost crypto adoption.
