[6-K] Digi Power X Inc. Subordinate Voting Shares Current Report (Foreign Issuer)

Rhea-AI Filing Summary

MicroStrategy 8-K (28 Jul 25) – ATM & Bitcoin Update

Between 21-27 Jul 25 the Company sold no shares under any of its four at-the-market programs:

• MSTR common: $17.0 bn capacity remaining of $21 bn
• STRK 8.00% preferred: $20.5 bn of $21 bn
• STRF 10.00% preferred: $1.9 bn of $2.1 bn
• STRD 10.00% preferred: $4.2 bn of $4.2 bn

Total unused authorization ≈ $43.6 bn.

Bitcoin holdings: no purchases during the week; balance remains 607,770 BTC acquired for $43.61 bn (avg cost $71,756).

Item 7.01 information is being furnished, not filed. Management directs investors to its public dashboard for ongoing disclosures.

Positive

• No share sales occurred during the reporting week, avoiding immediate dilution.
• Transparent disclosure of ATM capacities and exact Bitcoin holdings (607,770 BTC, $43.61 bn).

Negative

• $43.6 bn of unused ATM authority represents potential future dilution across common and preferred classes.
• Continued concentration in Bitcoin with no additional asset diversification disclosed.

Insights

Financial Analyst

TL;DR: Neutral—no ATM usage or BTC buys; large issuance capacity still hangs over equity.

The 8-K confirms that MicroStrategy did not tap any of its four ATM programs in the past week, so near-term dilution was avoided. However, the Company retains authority to issue up to $43.6 bn across common and three preferred series, representing a sizeable overhang that could be activated quickly if market conditions permit. Bitcoin exposure is unchanged at 607,770 BTC costing $43.61 bn, maintaining the firm’s leverage to crypto price moves but also its balance-sheet volatility. With no operational or financial performance metrics disclosed, the filing is largely informational and does not alter our valuation model today.

Risk Analyst

TL;DR: Filing signals latent dilution risk and continued single-asset concentration.

Investors should note the contrast between $43.6 bn of unused issuance authority and a week of zero share sales—management is preserving optionality to raise capital rapidly. Each preferred series carries an 8-10 % coupon, implying potentially high future dividend obligations if activated. Meanwhile, the Company’s treasury remains overwhelmingly concentrated in Bitcoin; no diversification steps were taken this period. Overall, today’s disclosure is not impactful on its own but reiterates the structural risks inherent in MicroStrategy’s capital strategy.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2025

Commission File Number: 001-40527

DIGI POWER X INC.

(Translation of registrant’s name into English)

110 Yonge Street, Suite 1601, Toronto, Ontario M5C 1T4

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K

On July 28, 2025, the Registrant filed with the Canadian Securities Regulatory Authorities on the System for Electronic Data Analysis and Retrieval + a material change report that included a copy of a press release, a copy of which is attached hereto as Exhibit 99.1, and which is incorporated by reference to the Registrant’s Registration Statement on Form F-10, as amended (File No. 333-286520). The inclusion of any website address herein, including in any exhibit attached hereto, is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, each such website is not part of this Form 6-K or incorporated herein.

See “Exhibits” below.

Exhibits

Exhibit Number		Description
99.1		Material Change Report dated July 28, 2025

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	DIGI POWER X INC.
	By:	/s/ Michel Amar
		Name:	Michel Amar
		Title:	Chief Executive Officer
Date: July 28, 2025

2

FAQ

How many bitcoins does MicroStrategy (MSTR) hold as of 27 July 2025?

The Company holds 607,770 BTC purchased for $43.61 bn, at an average cost of $71,756 per bitcoin.

Did MicroStrategy sell any shares under its at-the-market programs during 21-27 July 2025?

No. The filing shows zero shares sold for MSTR common and all three preferred series.

What capacity remains under the common stock ATM program?

$17.04 bn of the $21 bn authorization is still available for issuance.

How much issuance capacity is left for the STRK 8.00% preferred stock?

The STRK ATM program retains $20.45 bn of the $21 bn size.

Are the Item 7.01 disclosures in this 8-K considered filed with the SEC?

No. They are furnished, not filed, and therefore are not subject to Section 18 liability.

Where can investors find real-time updates on MicroStrategy’s Bitcoin holdings?

The Company maintains a public dashboard at www.strategy.com for ongoing disclosures.