Strategy (formerly MicroStrategy) plans to raise up to $21 billion through the sale of Series A preferred shares as part of an ATM program.

The funds raised will be used for Bitcoin purchases and other corporate purposes.

According to the press release, the program allows the company to issue and sell 8% Series A preferred shares with no maturity date. The securities will be gradually sold, depending on market conditions.

As of March 10, Strategy holds 499,096 BTC (equivalent to $39.93 billion). The company has spent a total of $33.1 billion on Bitcoin acquisitions, with an average purchase price of $66,423 per BTC.

Previously, Strategy announced plans to issue and sell Class A common stock to raise up to $21 billion in stock and $21 billion in fixed-income securities over the next three years. These funds are intended to increase Bitcoin holdings as part of its “21/21” strategy.

On February 24, the company acquired 20,356 BTC for $1.99 billion, with an average price of $97,514 per coin. Despite this, Strategy’s stock (MSTR) fell by 5.86%, closing at $282.1.