Strategy Inc (NASDAQ: MSTR) boosts bitcoin stake with ATM sales
Rhea-AI Filing Summary
Strategy Inc reported recent activity in its at-the-market share offering programs and bitcoin holdings. Between September 22 and September 28, 2025, the company sold 101,713 STRF preferred shares, 5,000 STRD preferred shares, and 347,352 MSTR Class A common shares through its ATM programs, generating net proceeds of $128.1 million, including $116.4 million from MSTR shares alone.
Using proceeds from the STRF, STRD and MSTR ATM programs, Strategy acquired 196 bitcoin during the same period for an aggregate purchase price of
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Insights
Strategy continues using ATM programs to fund ongoing bitcoin accumulation.
Strategy Inc disclosed that, over the week of September 22–28, 2025, it raised net proceeds of
The company used proceeds from the STRF, STRD and MSTR ATMs to purchase 196 bitcoin at an aggregate cost of
Future updates on the company’s dashboard are highlighted as a regular channel for data on securities prices, bitcoin activity and key performance indicators, suggesting these periodic ATM and bitcoin reports are part of a continuing pattern rather than a one-off event. Subsequent filings and dashboard updates will provide additional detail on any further ATM usage and bitcoin accumulation.
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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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 Updates
On September 29, 2025, Strategy Inc (“Strategy” or the “Company”) announced updates with respect to its at-the-market offering programs:
ATM Program Summary |
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During Period September 22, 2025 to September 28, 2025 |
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As of September 28, 2025 |
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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 ATM
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101,713 STRF Shares |
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$10.2
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$11.3
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$1,718.8
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$2.1 billion of 10.00% series A perpetual strife preferred stock, $0.001 par value per share (“STRF Shares”), established May 22, 2025 |
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STRC ATM |
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$4,200.0
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$4.2 billion of variable rate series A perpetual stretch preferred stock, $0.001 par value per share (“STRC Shares”), established July 31, 2025 |
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STRK ATM
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$20,368.8
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$21 billion of 8.00% series A perpetual strike preferred stock, $0.001 par value per share (“STRK Shares”), established March 10, 2025 |
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STRD ATM
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5,000 STRD Shares |
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$0.5
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$0.4
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$4,151.4
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$4.2 billion of 10.00% series A perpetual stride preferred stock, $0.001 par value per share (“STRD Shares”), established July 7, 2025 |
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MSTR ATM |
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347,352 MSTR Shares |
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$116.4 |
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$15,908.8 |
$21 billion of class A common stock, $0.001 par value per share ("MSTR Shares"), established May 1, 2025 |
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Total |
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$128.1 |
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(1) The total face value of the shares of preferred stock sold, which is used to calculate dividends thereon.
(2) Net proceeds are presented net of sales commission.
BTC Update
On September 29, 2025, Strategy announced updates with respect to its bitcoin holdings:
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During Period September 22, 2025 to September 28, 2025 |
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As of September 28, 2025 |
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BTC Acquired (1) |
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Aggregate Purchase Price (in |
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Average Purchase Price (2) |
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Aggregate BTC Holdings |
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Aggregate Purchase Price(in |
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Average Purchase Price (2) |
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196 |
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$ |
22.1 |
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113,048 |
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640,031 |
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47.35 |
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73,983 |
(1) The bitcoin purchases were made using proceeds from the STRF ATM, STRD ATM and MSTR ATM.
(2) Aggregate and average purchase prices are inclusive of fees and expenses.
Item 7.01 Regulation FD Disclosure.
Strategy Dashboard
The Company also maintains a dashboard on its website (www.Strategy.com) as a disclosure channel for providing broad, non-exclusionary distribution of information regarding the Company to the public, including information regarding market prices of its outstanding securities, bitcoin purchases and holdings, certain KPI 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 the Company 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: September 29, 2025 |
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Strategy Inc (Registrant) |
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By: |
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/s/ W. Ming Shao |
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Name: |
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W. Ming Shao |
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Title: |
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Executive Vice President & General Counsel |
FAQ
How much did Strategy Inc (MSTR) raise through its ATM programs in late September 2025?
Between September 22 and September 28, 2025, Strategy Inc raised total net proceeds of $128.1 million through its at-the-market (ATM) offering programs, including
How many bitcoin did Strategy Inc buy during the September 22–28, 2025 period?
During the period from September 22 to September 28, 2025, Strategy Inc acquired 196 bitcoin for an aggregate purchase price of
What are Strategy Inc’s total bitcoin holdings as of September 28, 2025?
As of September 28, 2025, Strategy Inc reported aggregate bitcoin holdings of 640,031 BTC, with a total aggregate purchase price of
Which securities did Strategy Inc sell under its ATM programs in this update?
In this update, Strategy Inc sold 101,713 STRF 10.00% Series A Perpetual Strife Preferred shares, 5,000 STRD 10.00% Series A Perpetual Stride Preferred shares, and 347,352 MSTR Class A common shares under its ATM programs during the week of September 22–28, 2025.
How does Strategy Inc fund its bitcoin purchases according to this filing?
The filing states that bitcoin purchases during the period were made using proceeds from the STRF ATM, STRD ATM and MSTR ATM programs, linking the company’s equity and preferred stock issuance directly to its bitcoin acquisition strategy.
Where can investors find ongoing updates on Strategy Inc’s bitcoin holdings and securities data?
Strategy Inc maintains a dashboard on its website (www.Strategy.com) as a disclosure channel, providing information on market prices of its securities, bitcoin purchases and holdings, certain KPI metrics and other supplemental data, and uses it as one means of disclosing information under Regulation FD.
