Strategy Raised $42 Billion to Buy More Bitcoin, Yet MSTR Cannot Crack $150

Strategy Inc (MSTR) is trading at $138.20, up 1.87%, after announcing a $42 billion capital-raising program and a separate purchase of 1,031 Bitcoin for approximately $76.6 million at an average price of $74,326 per coin. The company now holds 762,099 Bitcoin with a total cost basis of $57.69 billion.

The dual announcement — a new capital program and continued accumulation — reinforces Strategy’s approach of using equity markets to fund Bitcoin purchases at scale.

Strategy’s $42 Billion ATM Program Reloads Buying Power

Strategy filed an 8-K on March 23 announcing two new at-the-market programs: a $21 billion facility for its Class A common stock (MSTR) and a $21 billion facility for its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). A separate $2.1 billion $STRK preferred ATM was also filed, replacing a prior $STRK program terminated on March 22.

ATM programs allow the company to sell shares incrementally into the open market at prevailing prices, rather than through a single large offering. This structure limits dilution shock while giving management flexibility to raise capital as Bitcoin prices and equity valuations allow.

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The STRC preferred stock carries cumulative dividends that have risen to 11.50% annually as of March 2026, and authorized STRC shares were more than tripled — from 70.4 million to 282.6 million — to support the expanded program.

This announcement came a day after Michael Saylor’s post highlighting a 1,031 $BTC acquisition by Strategy. This $76 million purchase brought Strategy’s $BTC holdings to 762,099.

MSTR Price Is Yet To Reflect Inflows

Since the February 5 low near $104, the Chaikin Money Flow (CMF) has been making consistently higher readings. This is despite MSTR price remaining in a broadly sideways-to-recovering range.

This marks a bullish divergence, the first instance of which was observed between January 12 and February 5. MSTR price jumped 20% over the next two trading sessions following this divergence.

A similar macro divergence is being formed at the moment. Since January 12, CMF has been making higher lows, and the MSTR price is yet to reflect it, as it stands at $138, forming a lower low. This could prove to be bullish for the MSTR price if broader market cues help.

Bullish Momentum Might Be Fading Though

The MACD tells a more cautious story. After the February capitulation drove the histogram deep into negative territory, a recovery unfolded through late February and March, pushing the MACD line to 0.5030 and the signal line to 0.1041.

However, the histogram has since turned negative at -0.3989 — a sign that the gap between the MACD and signal lines is narrowing. A bearish crossover here would signal that the momentum from the February recovery is fading.

This is a bearish divergence on the MACD relative to the recent price highs. MSTR price reached a local high near $150–$151 on March 15–16. The MACD histogram peaked earlier and has been declining since, even as the price attempted one more push. That sequence — histogram peaking before price — precedes mean-reversion moves.

Combined with the CMF’s bullish divergence, the picture is mixed: underlying accumulation is present, but near-term momentum is weakening after the recent push.

MSTR Price Bounce Back Still Likely

The Bollinger Bands chart places MSTR at the middle band of $137.82 — precisely the zone where price is currently trading. The middle band is near-term support. The upper band at $149.30 is the first meaningful target, aligning with the $150.15 horizontal resistance level visible on the chart.

A close above $150.15 would open $157.71 as the next resistance level, followed by $166.12 — the major overhead structure. The 12-month analyst consensus price target of $284 implies substantial long-term upside if the ATM program successfully funds additional Bitcoin accumulation at scale.

On the downside, the lower Bollinger Band at $126.35 is the invalidation level. A daily close below $126.35 would confirm the bearish MACD crossover is overriding the CMF accumulation signal, exposing $121.73 and potentially $105 — the February low — as subsequent targets. The $133.64 horizontal support level provides an intermediate floor between the current price and the lower band.

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