ATM Offering
At-the-market equity issuance used by treasury companies to fund BTC purchases.
Definition
An ATM Offering (At-The-Market) is a financing mechanism through which a listed company issues new shares directly into the secondary market at the prevailing market price. Strategy has used this mechanism extensively to raise billions of dollars for Bitcoin purchases. When the company's mNAV trades above 1x, issuing shares at that price allows it to buy more BTC than the dilution costs existing shareholders, creating per-share value measured in BTC.
In Context
In 2024, Strategy used a $42,000 million ATM Offering to buy BTC above $100,000.
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