ATM programme

An at-the-market (ATM) programme is an agreement between an issuer and one or more brokers (sales agents) to sell newly issued shares directly into the market over time, at market prices. It is registered with a prospectus supplement, and sales are usually reported after the fact.

How Strategy uses it

Strategy runs ATM programmes for its class A common stock and for several preferred series. In the Q2 2026 10-Q it describes issuing preferred securities and common stock "through at-the-market equity offering programs ('ATMs')" (10-Q, filed 3 August 2026). Weekly 8-Ks report the shares sold and the net proceeds. As of 18 October 2026, $18.79bn remained available under the MSTR common stock ATM (8-K, 19 October 2026). Strategy has used common ATM proceeds to fund STRC repurchases and to top up its USD Reserve.

Why it matters to preferred holders

• Supply. Ongoing ATM sales add shares and can weigh on the price.
• Liquidation preference. For Strategy's series, ATM sales of a series in the prior 10 trading days can lift that series' liquidation preference to the last sale price.
• Par discipline. Strive has said it will not sell SATA below $100. Since 13 October 2026 this has been a binding term (8-K).

Other issuers

The Smarter Web Company admitted 100,000 MORE preferred shares on 14 October 2026 into an ATM facility held for Tennyson Capital, alongside 111,112 shares sold in the offering. Dividends on the ATM shares are waived until they are sold (first day of dealings RNS, 14 October 2026).

What to check in the filing

• The size of the programme and the amount remaining
• Any price floor on sales
• Weekly or periodic sales disclosures