MicroStrategy Inc ( MSTR ) shares are trading lower Monday after the company announced a $21 billion at-the-market offering program to issue and sell Series A preferred stock.

What Happened: Before the market open on Monday, Strategy announced it entered into a sales agreement under which the company may issue and sell shares of its 8% series A perpetual strike preferred stock having an aggregate offering price of up to $21 billion.

Strategy said it plans to sell its perpetual strike preferred stock over an extended period of time. Shares of the perpetual strike preferred stock can be converted into shares of Strategy’s class A common stock. The company plans to use net proceeds from the program for general corporate purposes, including to acquire more Bitcoin (CRYPTO: BTC).

Strategy noted that it did not sell any shares of its class A common stock under the program or purchase any bitcoin between March 3 and March 9. As of March 9, Strategy and its subsidiaries held a total of approximately 499,096 bitcoin, acquired for an aggregate purchase price of approximately $33.1 billion, or $66,357 per bitcoin.

Strategy shares may also be facing selling pressure on Monday amid a decline in the price of bitcoin. Bitcoin was down about 1.5% over a 24-hour period trading around $83,385 at the time of publication. Bitcoin is now down about 10.5% over the past week, according to Benzinga Pro.

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MSTR Price Action: Strategy shares were down 8.37% at $263.14 at the time of publication Monday, according to Benzinga Pro.