Strategy SEC Filings

Strategy Inc reported weekly updates on its at-the-market programs and bitcoin activity. From October 20–26, 2025, the company sold 175,634 STRF shares for a notional value of $17.6 million and net proceeds of $19.4 million; 191,404 STRK shares for a notional value of $19.1 million and net proceeds of $17.0 million; and 87,462 STRD shares for a notional value of $8.7 million and net proceeds of $7.0 million.

As of October 26, 2025, remaining availability under the ATMs included $1,668.4 million for STRF, $4,200.0 million for STRC, $20,345.0 million for STRK, $4,136.1 million for STRD, and $15,908.8 million for MSTR, each within previously announced program sizes.

During the same period, the company acquired 390 BTC for an aggregate purchase price of $43.4 million at an average price of $111,117 per bitcoin. As of October 26, 2025, bitcoin holdings were 640,808 BTC with an aggregate purchase price of $47.44 billion and an average purchase price of $74,032, inclusive of fees and expenses. The company noted these BTC purchases were funded using proceeds from the STRF, STRK, and STRD ATMs.

Strategy Inc (MSTR) director reported open‑market purchases. On 10/16/2025, the reporting person purchased 11,780 shares of Series A Perpetual Stretch Preferred Stock at $97.946. On 10/17/2025, they purchased 12,000 shares of the same series at a weighted average price of $96.875.

Following these transactions, the director beneficially owned 29,335 shares of the Series A Perpetual Stretch Preferred Stock directly. Additional direct holdings reported include 10,000 shares of Series A Perpetual Strife Preferred Stock, 5,000 shares of Series A Perpetual Stride Preferred Stock, and 28,000 shares of Class A Common Stock.

The price on 10/17/2025 reflects multiple trades within a $96.86–$96.90 range, with full trade‑by‑trade details available upon request.

Strategy Inc announced that on October 13, 2025 it issued a press release with updates to its at-the-market offering programs and bitcoin holdings. The press release is included as Exhibit 99.1.

The company also highlighted its website dashboard as a broad disclosure channel for market prices, bitcoin purchases and holdings, KPI metrics, and other supplemental information. Information provided under Item 7.01 is furnished and not deemed filed under the Exchange Act.

An executive at Strategy Inc (MSTR) exercised options and sold shares on 10/07/2025. The reporting person exercised an employee stock option to acquire 30,000 Class A shares at an exercise price of $40.46 and immediately sold 30,000 Class A shares in multiple transactions at weighted-average prices between $355.48 and $359.20 (reported weighted averages: $356.051, $357.139, $358.045, $358.82). After these transactions the reporting person’s direct Class A ownership falls to 12,726 shares. The report also lists ownership of several series of preferred stock and shows 99,100 remaining option shares subject to the employee stock option.

Rule 144 notice filed for MSTR reports a proposed sale of 30,000 Class A shares through Fidelity Brokerage Services with an aggregate market value of $10,721,038.21. The filing states the shares were acquired as an option granted on 02/17/2022 and are listed for sale with an approximate sale date of 10/07/2025 on NASDAQ. The same person, Wei‑Ming Shao, also sold Class A shares in five transactions during the prior three months, totaling $34,190,308.82 in gross proceeds across 84,400 shares listed in the table. The filer certifies no undisclosed material adverse information and signs the statutory representation required by the form.

MicroStrategy (MSTR) adopted ASU 2023-08 effective January 1, 2025, which requires bitcoin to be measured at fair value with changes recorded in earnings. The company applied a cumulative-effect increase to retained earnings of $12.745B. For the three months ended September 30, 2025 MicroStrategy reported an unrealized gain on digital assets of $3.89B, partially offset by a related deferred tax expense of $1.12B. Earlier quarterly swings included an unrealized loss of $5.91B (quarter ended March 31, 2025) and an unrealized gain of $14.05B (quarter ended June 30, 2025), illustrating high quarter-to-quarter volatility driven by bitcoin prices.

The company disclosed a secured loan carrying one-year Secured Overnight Financing Rate plus 4.24%, secured by non-bitcoin assets, maturing in 2026, with an outstanding principal of $21.1M and net carrying value of $20.8M as of September 30, 2025. MicroStrategy cautioned that unrealized gains are non-cash, may not improve liquidity, and that future unrealized losses could materially affect results and comparability with prior periods due to the new accounting adoption. The filing also notes litigation references (the Dodge class action) and tax uncertainty related to certain preferred stock structures under "fast-pay stock" rules.

Strategy Inc (MSTR) reports that Accounting Standards Update 2023-08 will require it to measure its bitcoin holdings at fair value on the statement of financial position and to recognize gains and losses from changes in bitcoin fair value in net income each reporting period. The filing notes the company had a significant unrealized gain on digital assets as of June 30, 2025, and that management expects the company will become subject to the Corporate Alternative Minimum Tax (CAMT) in tax years beginning in 2026. The report references the companys Form 10-Q filed August 5, 2025, and contains standard forward-looking statement disclaimers.