Michael Saylor’s Strategy (MSTR) opens up $2.1B ATM plan for Forrife preferred stock

The strategy has launched a $2.1 billion Market Stock (ATM) stock plan for its Conflict (STRF) preferred stock, marking another step in the company’s long-term strategy to build a Bitcoin-backed financial system.
The announcement was made by CEO and President Phong Lee along with Executive Chairman Michael Saylor during the investor update. According to Lee, strong year-end results from the company’s Securities Strike (Strk) and Chrife (STRF) connected to Bitcoin give the strategy confidence to expand its fundraising strategy.
“We are currently 16.3% in BTC this year with a target of 25%,” Lee said. “BTC Dollar earnings so far are $7.7 billion and are moving towards our $15 billion target.”
Since its launch, expectations for both instruments have exceeded expectations. The strike increased by 24% over its initial price of $80 to nearly $100. The rack-up rate was $85 two months ago and now trading is around $98.80, an increase of 16%. By contrast, similar structured preferences in the market during the same period fell by 3-5%.
In the past 30 days alone, strikes have increased by 17% and conflicts by 12%, both of which are close to par value. Lee highlighted the liquidity profile of these instruments, citing the average daily trading volume for daily strikes was $31 million and the conflict of $23 million. “That’s 60 times what we usually see in comparable preferences,” he noted.

The company previously issued $212 million through Strike’s ATM without adverse pricing pressure. Lee said the company believes that $2.1 billion of conflict ATMs could be executed in a similar way based on transaction volume and investor demand.
The quarrel is a permanent preferred stock with 10% coupons on top of the strategic capital stack. Saylor describes it as the “crown jewelry” of the company’s preferred product. “We are going to be ten times more cautious about conflicts,” he said. “Our goal is to see it as an investment-grade fixed income – a high-quality tool with strong protection.”
In contrast, the strike is positioned as what Saylor calls “Bitcoin Fun” investors. It comes with 8% coupons and includes upside potential via Bitcoin conversion. “Think of it as a stipend Bitcoin scholarship,” Saylor said.
Strategy now operates three ATM plans: MSTR equity and strikes $21 billion each, and conflicts of $2.1 billion. These are rebalanced every day, adjusting to market conditions, volatility and investor needs. According to Saylor, this dynamic structure enables companies to optimize Bitcoin acquisition and capital deployment across changing market environments.
Behind this strategy is the strategy of Bitcoin Treasury, which now totals 576,230 BTC, worth approximately $60 billion. “Permanent capital is the foundation of everything we are building,” Saylor said.
While spot Bitcoin ETFs cater to investors seeking direct price exposure, the strategy continues to offer more nuanced tools, each targeting different levels of risk, rewards, and compliance. Conflict ATM is the latest move in this broader strategy.