Strategy’s $989M ATM Sales Stir Dilution Talk as MSTR Sits in 2024 Support

Strategy’s latest bitcoin buy and ATM issuance update triggered fresh debate on X about dilution and capital raising, while traders pointed to key MSTR levels near $231 and a $340 “volume shelf” target. The company’s filings and chart commentary outlined new share sales, preferred issuance, and the price levels traders now track for a rebound.

Strategy Buys 10,645 Bitcoin, Lifts Holdings to 671,268 BTC

Strategy said it bought 10,645 bitcoin for about $980.3 million, paying an average of about $92,098 per coin, according to a company press release dated Dec. 15, 2025.The purchase pushed Strategy’s bitcoin holdings to 671,268 BTC as of Dec. 14, 2025, the company said. That implies it held 660,623 BTC before the latest buy, based on the totals it reported.

Strategy said it acquired its full bitcoin position for about $50.33 billion in aggregate. It reported an average acquisition price of about $74,972 per bitcoin across its holdings, using its stated cost and coin totals.

The company also said it achieved “BTC Yield” of 24.9% year to date for 2025. Strategy uses that metric to report performance tied to its bitcoin strategy, and it included the figure alongside the updated purchase and holdings numbers.

In its post, Strategy referenced several tickers tied to the company and related securities, including $MSTR and $STRC, alongside $BTC.

Online Criticism Follows Strategy ATM Disclosure

The disclosure prompted commentary on X from market participants, including a post by user Rho Rider, after Strategy Inc. released details of equity and preferred stock sales completed under its at the market, or ATM, offering program.

In a filing dated Dec. 15, Strategy said it sold 4,789,664 shares of its Class A common stock between Dec. 8 and Dec. 14. The company reported net proceeds of about $888.2 million from those common stock sales, after commissions.

Strategy ATM Update Filing. Source: Strategy Form 8 K

The filing also detailed sales of several preferred stock instruments during the same period. Strategy reported selling 163,306 shares of STRF preferred stock, 7,036 shares of STRK preferred stock, and 1,029,202 shares of STRD preferred stock. Net proceeds from preferred stock sales totaled about $100.8 million, according to the filing.

Overall, Strategy said total net proceeds from all securities sold during the period reached about $989 million. The company reported no sales of STRC preferred stock during the window, while several preferred share programs remained available for future issuance as of Dec. 14.

In his post on X, Rho Rider criticized the transactions as dilutive to common shareholders and argued that preferred stock issuance could further pressure common equity through dividend obligations. He also questioned the timing of the company’s capital activity.

Strategy did not address those claims directly in the filing, which focused on reporting completed sales, proceeds, and available issuance capacity under its ATM programs

Analyst Flags $340 “Volume Shelf” as Strategy Stock Sits in 2024 Support Zone

A TradingView chart shared by trader Donald Dean on X showed Strategy Inc. (MSTR) trading inside a broad support area first established in mid 2024, as the stock stayed in a lower range after months of decline. Dean wrote that MSTR is “churning in the support area” and set a price target of $340, pointing to a visible “volume shelf” on the chart.

MSTR Strategy daily chart. Source: TradingView, Donald Dean via X

The daily price panel on the screenshot showed MSTR printing an open near $176.00, a high near $176.50, a low near $160.54, and a close near $162.47. The session marked a drop of about $13.98, or 7.92%, with volume shown near 15.92 million shares.

Dean said MSTR would need to reclaim $231 to “get moving,” while the chart also marked higher reference levels around $387.24 and $424.00, alongside prior highs labeled near $457.22 and $543.00. He also wrote that bitcoin has struggled to set new highs and described it as “extremely oversold,” linking that backdrop to his view of MSTR’s setup.