Despite comparing it to a money market or high yield bank account as recently as September 29 and planning expansions to cater to euro, pound, or yen investors across the globe, Michael Saylor has admitted that he’s not been able to sell any of his $4.2 billion worth of stretch (STRC) at-the-market (ATM) offering.
On July 31, 2025, Saylor’s Strategy engaged Morgan Stanley, TD, Barclays, and other financial giants to sell up to tens of thousands of shares of STRC at prevailing market prices.
The company established this program on July 31, but hasn’t utilized it at all. Untapped, the entire $4.2 billion worth of its STRC ATM remains available for issuance and sale.
The only major sale of STRC at its initial public offering (IPO) was on July 29, when the company sold $2.52 billion. The total face value of STRC today is only slightly higher at $2.8 billion.
The slight increase is due to pricing adjustments after the initial offering of STRC whose 28,011,111 shares outstanding as of September 30 hadn’t increased since its July 29 IPO.
Bearish trading action in STRC since July
One possible explanation for why Saylor’s STRC ATM remains untapped, is that it’s been trading far below its intended $100 quasi-peg for most of its brief lifespan.
Since it started trading on July 30, STRC has traded between $92.20 and $100 and spent most of that time in the lower portion of that range.
STRC trades lower when investors are less confident in the ability of the company to restore its price to $100.
In recent days, Strategy made good on its dividend obligations, and STRC rallied back to near $100.
The company pays a generous 10.25% on the full $100 stated value for STRC holders regardless of their purchase prices, so Strategy sales of STRC at prices substantially lower than $100 raises less money for the company yet maintains its dividend obligations at $100 per share.
For this reason, Saylor might not have been motivated to tap the ATM while STRC struggled to regain its quasi-peg. The company could still utilize its STRC ATM in the future.
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Bullish forecasts for STRC despite $0 in ATM success
In total, Strategy has $8.2 billion in notional debt plus four types of dividend-paying preferred shares: STRK, STRF, STRD, and STRC.
Broadly speaking, STRK pays 8% with a convertibility right if Strategy common stock (MSTR) rallies above $1,000, STRF pays 10% with capital stack seniority, STRD is a higher-yielding junior, and STRC pays a variable rate (currently 10.25%) with a quasi-pegged USD price.
For the past few months, Saylor has been particularly vocal about STRC relative to these other offerings. During a Bloomberg interview, he declined a forecast of more types of preferred shares while broadcasting his intention to explore STRC offerings for foreign currencies.
He also compared STRC to “a high yield bank account that yielded 10% or more” or “a money market that gave them double or triple” even though STRC isn’t any sort of principal-guaranteed investment.
