American Bitcoin's $2.1 Billion ATMs: Strategic Fuel for a Bitcoin Bull Run

The Bitcoin bull cycle of 2025 is being powered by a confluence of strategic financing moves, institutional adoption, and regulatory tailwinds. At the forefront of this momentum is the $2.1 billion ATM initiative launched by Strategy (MSTR), a company formerly known as MicroStrategy. This program, structured as a perpetual preferred stock offering (STRF), represents a bold capital-raising strategy to accelerate Bitcoin accumulation while aligning with broader institutional trends.

Strategic Financing: The STRF ATM Program

Strategy’s $2.1 billion ATM program, launched in May 2025, is designed to issue 10% perpetual preferred stock (STRF) under favorable market conditions. This instrument offers a 10% annual cash dividend on a $100 stated amount, with quarterly payments, and is positioned as a senior security in Strategy’s capital stack [1]. By June 2025, the company had already raised $163.1 million through this program, with $1.936 billion remaining available for issuance [2].

The flexibility of the ATM structure allows Strategy to deploy capital efficiently, prioritizing Bitcoin acquisitions to bolster its treasury. As of July 2025, the company’s Bitcoin holdings had grown to over 180,000 BTC, with the STRF program explicitly targeting further expansion [3]. This approach mirrors the broader trend of institutional investors treating Bitcoin as a strategic reserve asset, akin to gold or treasuries.

Institutional Adoption and Regulatory Tailwinds

The STRF initiative is not an isolated move but part of a larger institutional shift toward Bitcoin. In Q2 2025, 83% of institutional investors signaled plans to increase crypto exposure, driven by stablecoin utility and regulatory clarity [4]. Landmark legislation, such as the GENIUS Act (approved by the Senate in June 2025), has provided a framework for stablecoin oversight, reinforcing confidence in digital assets [5]. Meanwhile, the Trump administration’s Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile executive orders have positioned Bitcoin as a critical component of national financial strategy [6].

Bitcoin Depot, the largest Bitcoin ATM operator in North America, further underscores this trend. Its Q2 2025 results showed a 6% revenue increase to $172.1 million and a 183% surge in net income to $12.3 million, driven by kiosk expansion and higher transaction volumes [7]. With 8,800 kiosks and partnerships with 7,700 retail locations, Bitcoin Depot’s infrastructure is democratizing access to Bitcoin, aligning with institutional demand for scalable on-ramps.

Strategic Implications for the Bull Cycle

The interplay between capital-raising initiatives like STRF and institutional adoption is creating a self-reinforcing cycle. By issuing preferred stock, Strategy can acquire Bitcoin at a discount to market price, enhancing its Bitcoin-per-share (BPS) metric and compounding value for shareholders. This strategy is particularly potent in a bull market, where rising Bitcoin prices amplify the returns on newly acquired assets.

Moreover, the growth of the Bitcoin ATM market—projected to expand at a 25.5% CAGR from 2026 to 2033—highlights the infrastructure’s role in mainstream adoption [8]. As retail and institutional investors gain easier access to Bitcoin, demand for the asset is likely to outstrip supply, further fueling price appreciation.

Risks and Considerations

While the strategic alignment is compelling, investors must remain cautious. The STRF preferred stock carries non-cumulative dividend terms, meaning missed payments could compound at 1% annually, up to 18% [9]. Additionally, Bitcoin Depot’s stock faced a 19.81% premarket decline in August 2025, reflecting investor concerns about growth sustainability [10]. Regulatory shifts, macroeconomic volatility, and market sentiment could also disrupt the bull narrative.

Conclusion

The $2.1 billion ATM initiative by Strategy and the operational success of Bitcoin Depot exemplify how strategic financing and infrastructure expansion are fueling Bitcoin’s bull cycle. As institutional adoption accelerates and regulatory frameworks solidify, these moves are not just capitalizing on the current upswing but laying the groundwork for a more mature, institutional-grade Bitcoin market. For investors, the key takeaway is clear: the bull run is being driven by both top-down institutional strategies and bottom-up infrastructure growth, creating a resilient foundation for long-term value creation.

Source:
[1] Strategy seeks to raise $2.1 billion from STRF stock offering to bolster its Bitcoin holdings [https://cryptoslate.com/strategy-seeks-to-raise-2-1-billion-from-strf-stock-offering-to-bolster-its-bitcoin-holdings/]
[2] 8-K [https://www.sec.gov/Archives/edgar/data/1050446/000095017025094137/mstr-20250707.htm]
[3] STRF or STRK? Comparing MSTR's Sales of Preferred Stock [https://www.coindesk.com/markets/2025/03/25/strf-or-strk-comparing-strategy-s-preferred-stock-offerings]
[4] Stablecoin Surge and Institutional Crypto Buying Spree [https://www.prnewswire.com/news-releases/stablecoin-surge-and-institutional-crypto-buying-spree-transform-september-markets-302545085.html]
[5] Ecosystem Update June 2025 [https://www.advancedblockchain.com/blogs/ecosystem-update-june-2025]
[6] Bitcoin Automated Teller Machine Market in 2025 [https://www.linkedin.com/pulse/bitcoin-automated-teller-machine-market-2025-tbslc/]
[7] Bitcoin Depot Reports Second Quarter 2025 Financial Results [https://www.globenewswire.com/news-release/2025/08/12/3131639/0/en/Bitcoin-Depot-Reports-Second-Quarter-2025-Financial-Results.html]
[8] Bitcoin ATM Market in 2025 [https://www.linkedin.com/pulse/bitcoin-automated-teller-machine-market-2025-tbslc/]
[9] STRF or STRK? Comparing MSTR's Sales of Preferred Stock [https://www.coindesk.com/markets/2025/03/25/strf-or-strk-comparing-strategy-s-preferred-stock-offerings]
[10] Bitcoin Depot Q2 2025 slides reveal strong metrics despite investor concerns [https://ca.investing.com/news/company-news/bitcoin-depot-q2-2025-slides-reveal-strong-metrics-despite-investor-concerns-93CH-4152023]