Strategy pauses ATM share sales, 8-K shows $0 raised

In its latest 8-K filing with the SEC, Strategy (formerly MicroStrategy) reported that its at-the-market equity program generated $0 in new share sales during the week of March 17–23. The disclosure suggests the company has paused its share-selling program for the first time since it began using ATM issuances to fund bitcoin purchases.

Key points:

• The 8-K covers the week of March 17–23, 2025, and shows no new shares sold under the ATM program.
• Strategy's market cap has grown to roughly $88 billion while its bitcoin holdings are worth about $44 billion — a roughly 2x premium to the bitcoin on its balance sheet.
• The company accumulated ~$22 billion in bitcoin over 12 consecutive weeks of ATM sales before this pause.
• If the pause holds into the next expected weekly 8-K, the market may read it as a signal that Strategy sees limited value in further dilution at current prices.

The filing stops a buying streak that had been a notable source of institutional demand for bitcoin, and the market is watching whether the pause is temporary or a strategic shift. (Bitfinex blog)