Strategy Inc (NASDAQ: MSTR) details $989M ATM raise and 671,268 BTC
Rhea-AI Filing Summary
Strategy Inc reported an update on recent activity under its at-the-market equity offering program and on its bitcoin holdings. Between
Over the same period, Strategy acquired 10,645 bitcoin for an aggregate purchase price of
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Insights
Strategy raised nearly
Strategy Inc used its at-the-market equity offering program intensively over the week of
This level of ATM usage indicates a meaningful increase in the company’s equity capital over a short period. Issuing additional preferred and common shares increases the overall share count, spreading future earnings and asset claims over more securities. Because the proceeds were substantially directed into bitcoin purchases, the company’s capital structure is becoming more tightly linked to the performance of its digital asset holdings rather than to traditional operating cash flows.
Bitcoin holdings rose to 671,268 BTC as nearly all new capital funded recent purchases.
During the same
As of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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Registrant’s telephone number, including area code:
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Name of Each Exchange on which Registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
ATM Update
On December 15, 2025, Strategy Inc ("Strategy") announced an update with respect to sales made under its at-the-market offering program ("ATM") of the following securities:
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During Period December 8, 2025 to December 14, 2025 |
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As of December 14, 2025 |
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Security |
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Shares Sold |
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Notional Value (in millions) (1) |
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Net Proceeds (in millions) (2) |
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Available for Issuance and Sale (in millions) |
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STRF Stock |
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163,306 |
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$ |
16.3 |
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$ |
18.0 |
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$ |
1,619.3 |
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10.00% Series A Perpetual Strife Preferred Stock |
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STRC Stock |
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- |
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$ |
- |
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$ |
- |
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$ |
4,042.4 |
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Variable Rate Series A Perpetual Stretch Preferred Stock |
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STRK Stock |
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7,036 |
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$ |
0.7 |
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0.6 |
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$ |
20,335.0 |
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8.00% Series A Perpetual Strike Preferred Stock |
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STRD Stock |
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1,029,202 |
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$ |
102.9 |
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$ |
82.2 |
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$ |
4,014.8 |
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10.00% Series A Perpetual Stride Preferred Stock |
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MSTR Stock |
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4,789,664 |
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$ |
- |
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$ |
888.2 |
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12,556.6 |
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Class A Common Stock |
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Total |
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$ |
989.0 |
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(1) The total face value of the shares of preferred stock sold, which is used to calculate dividends thereon.
(2) Net proceeds are presented net of sales commission.
BTC Update
On December 15, 2025, Strategy announced updates with respect to its bitcoin holdings:
During Period December 8, 2025 to December 14, 2025 |
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As of December 14, 2025 |
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BTC Acquired (1) |
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Aggregate Purchase Price (in millions) (2) |
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Average Purchase Price (2) |
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Aggregate BTC Holdings |
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Aggregate Purchase Price (in billions) (2) |
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Average Purchase Price (2) |
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10,645 |
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$ |
980.3 |
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92,098 |
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671,268 |
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50.33 |
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74,972 |
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(1) The bitcoin purchases were made using proceeds from the sale of shares of STRF Stock, STRK Stock, STRD Stock and MSTR Stock under Strategy's ATM.
(2) Aggregate and average purchase prices are inclusive of fees and expenses.
Item 7.01 Regulation FD Disclosure.
Strategy Dashboard
Strategy also maintains a dashboard on its website (www.strategy.com) as a disclosure channel for providing broad, non-exclusionary distribution of information regarding Strategy to the public, including information regarding market prices
of its outstanding securities, bitcoin purchases and holdings, certain key performance indicator metrics and other supplemental information, and as one means of disclosing non-public information in compliance with its disclosure obligations under Regulation FD. Investors and others are encouraged to regularly review the information that Strategy makes public via the website dashboard.
Furnished Information
The information disclosed pursuant to Item 7.01 in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: December 15, 2025 |
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Strategy Inc (Registrant) |
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By: |
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/s/ Thomas C. Chow |
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Name: |
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Thomas C. Chow |
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Title: |
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Executive Vice President & General Counsel |
FAQ
What did Strategy Inc (MSTR) disclose about its at-the-market equity offering?
Strategy Inc reported that between
How many shares did Strategy Inc (MSTR) sell under its ATM program during December 8–14, 2025?
The company sold 163,306 STRF shares, 7,036 STRK shares, 1,029,202 STRD shares and 4,789,664 MSTR Class A common shares during the period.
How much net cash did Strategy Inc (MSTR) raise and how was it used?
Strategy raised net proceeds of
What are Strategy Incs total bitcoin holdings as of December 14, 2025?
As of
What prices did Strategy Inc (MSTR) pay for bitcoin in the latest purchases?
During the period from
Where can investors find ongoing updates on Strategy Incs bitcoin and securities activity?
Strategy maintains a dashboard on its website at www.strategy.com that provides information on market prices of its securities, bitcoin purchases and holdings, key performance indicators and other supplemental data.
