Strategy said it sold 6.6 million shares and 1,690 bitcoin in a weekly at-the-market, or ATM, update, according to a report from Investing.com. The disclosure combines an equity sale with a reduction in the company’s bitcoin holdings.
ATM programs generally allow companies to sell shares into the public market over time rather than through a single fixed-price offering. Such programs can give issuers flexibility in raising capital, although the issuance of additional shares can increase the total number of shares outstanding.
Strategy, formerly known as MicroStrategy, is widely associated with a corporate strategy centered on bitcoin holdings. Its bitcoin purchases, financing activity and changes to its treasury position have been closely followed by investors because of the company’s unusually large exposure to the asset.
The reported sale of 1,690 bitcoin marks a notable transaction for a company whose approach to bitcoin has been a central part of its public profile. The weekly update also highlights how Strategy’s capital-markets activity and bitcoin treasury management can occur alongside one another.
