What they did (Jan 5–11, 2026)

  • Sold MSTR common via ATM: 6,827,695 shares → $1,128.5M net proceeds
  • Sold STRC preferred via ATM: 1,192,262 shares → $119.1M net proceeds
  • Total cash raised (net): $1,247.6M
  • Used ATM proceeds to buy BTC: 13,627 BTC for $1,247.1M at $91,519/BTC avg
  • New total stack: 687,410 BTC with $51.80B aggregate cost basis ($75,353/BTC avg)  

Why this is so bullish for MSTR (the mechanism is working)

1) The “Bitcoin accumulation machine” is executing at industrial scale

They raised ~$1.25B in one week and turned it into 13,627 BTC basically immediately.

That’s roughly ~1,947 BTC/day of buying pace during that week. When your core strategy is “stack BTC,” this is the cleanest possible proof of execution. 

2) The ammo left is enormous (future buying power)

The filing also shows remaining ATM capacity (“Available for Issuance and Sale”) across common + multiple preferred programs:

  • STRF: $1,619.3M
  • STRC: $3,923.1M
  • STRK: $20,335.0M
  • STRD: $4,014.8M
  • MSTR common: $10,256.7M

That’s about $40.15B of potential issuance capacity still sitting there. 

At ~$91.5k/BTC, $40.15B is theoretically on the order of ~438k BTC of purchasing power (prices will change, execution depends on market demand, etc.). But the headline is: the runway is massive.

3) They’re not relying on only one funding lever

They financed BTC purchases using both:

  • common stock ATM (MSTR)
  • preferred stock ATM (STRC)

…and they still have other preferred series untouched that week (STRF/STRK/STRD show no sales during the period). That’s a big deal because it means they can choose the best capital source depending on market conditions (equity appetite vs yield appetite), instead of being forced to dilute common every time. 

4) The “accretion flywheel” can be in play

The bull thesis for MSTR isn’t just “they buy BTC.” It’s:

if the market prices MSTR richly enough, issuing shares to buy BTC can increase BTC exposure per share over time.

This filing gives you the raw ingredients:

  • Net proceeds per MSTR share sold ≈ $1,128.5M / 6.8277M ≈ $165/share
  • At $91,519/BTC, that’s roughly $165 / $91,519 ≈ 0.0018 BTC funded per newly issued share (during that week’s execution).  

Whether that’s good for existing holders depends on the relationship between:

  • MSTR’s trading valuation
  • BTC NAV per share
  • and the cost/terms of capital
    …but the key bullish point is: they’re actively running the playbook and the market is absorbing it.

5) Their stack is already huge, and the cost basis is lower than recent buys

They now report 687,410 BTC at $75,353 avg cost, while this week’s buys were at $91,519. Translation: they built the position earlier and are still pressing size. If BTC stays above their average cost, the balance sheet torque is obvious. 

The “don’t get reckless” footnotes (still important)

  • Dilution is real: 6.83M shares in a week is not nothing. The bet is that BTC added + any valuation premium effect outweighs dilution.
  • Preferred dividends are obligations: preferred can reduce common dilution, but it introduces required payouts and structural risk.
  • Everything is BTC-volatility-driven: if BTC dumps hard, the whole machine (stock price + ability to raise) can tighten.

If you want, tell me MSTR’s approximate share count around that date (or paste it from the 10‑Q/10‑K), and I’ll compute a clean “BTC-per-share before vs after” style view from just this weekly update.