Strategy Inc. has issued $20.9 billion in common and preferred stock this year, placing it fourth among the largest U.S. equity issuers behind SpaceX, Alphabet, and Intel, according to a chart CEO Phong Le posted on X. The bitcoin treasury company keeps funding purchases and preferred-stock obligations through repeated stock sales, even as it awaits a decision on its eligibility for the MSCI index.
Strategy Reaches the Top Four
Strategy Inc. (Nasdaq: MSTR) has issued $20.9 billion in stock this year, according to a chart CEO Phong Le posted Sept. 3 on X, ranking it fourth among the largest U.S. equity issuers. The chart cited ECM Analytics, Dealogic, Capital IQ, and company filings as sources.
Le's chart put SpaceX first at $86.3 billion, with Alphabet, Google's parent company, second at $25.7 billion and Intel third at $23 billion. SpaceX separately reported that its June IPO generated about $85.7 billion in net proceeds after underwriting commissions and offering costs, accounting for nearly all of its charted total.
How Strategy Raised and Used the Capital
Strategy's total reflects repeated sales of MSTR common shares and several preferred stocks rather than one large offering. Its latest Form 8-K showed $602.8 million in net MSTR proceeds from Aug. 24 through Aug. 30, illustrating how its at-the-market program raises capital in smaller installments.
The company put $369.7 million of that week's proceeds into bitcoin, $151.8 million into repurchases of Stretch preferred stock, $50.7 million into Stretch dividends, and $30.0 million into its dollar liquidity account. It ended the period with $5.10 billion in its dollar reserve and $1.61 billion in additional cash.
Those weekly proceeds show the company's broader practice of issuing securities when management considers market conditions favorable. Strategy's Digital Credit Capital Framework lets management shift between issuance and repurchases while keeping a dollar reserve for preferred dividends and debt interest, preserving bitcoin as its primary treasury asset. The $20.9 billion figure combines primary common equity and preferred issuance, and Strategy now offers MSTR alongside five preferred securities tied to one corporate capital structure, though none gives shareholders direct ownership of its bitcoin.
Dilution Risk and the MSCI Test
Equity issuance has funded bitcoin purchases, dividends, liquidity, and preferred-stock repurchases, giving Strategy several ways to manage its balance sheet. But the model also exposes shareholders to dilution and financing costs as the company faces an MSCI index eligibility test that could affect its place in widely tracked global benchmarks. MSCI's consultation closes Sept. 30, with a decision expected by Oct. 16.
Strategy's scale sets it apart from companies that allocate only a small portion of their reserves to cryptocurrency. The company held 845,050 BTC as of Aug. 30 after buying 4,603 BTC with proceeds from common-stock sales during the preceding week.
Source: Bitcoin News
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