Strategy Inc (MSTR) uses ATM stock sales to buy 10,624 BTC, lifting holdings to 660,624
Rhea-AI Filing Summary
Strategy Inc reports recent activity under its at-the-market stock offering and related bitcoin purchases. Between December 1 and December 7, 2025, the company sold 442,536 shares of STRD preferred stock for a notional value of $44.3 million, generating net proceeds of $34.9 million, and 5,127,684 shares of MSTR common stock, generating net proceeds of $928.1 million. Total net proceeds from the ATM activity were $963.0 million.
Using proceeds from sales of STRD and MSTR shares, Strategy acquired 10,624 bitcoin during the same period for an aggregate purchase price of $962.7 million, at an average price of $90,615 per bitcoin. As of December 7, 2025, the company held an aggregate of 660,624 bitcoin purchased for a total of $49.35 billion, with an average purchase price of $74,696 per bitcoin. The company also highlights a public dashboard on its website that provides information on its securities, bitcoin holdings, and other metrics.
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Insights
Strategy converts ATM equity sales into sizable additional bitcoin holdings.
Strategy Inc reports that from December 1–7, 2025 it raised net proceeds of $963.0 million via its at-the-market program, mainly from selling 5,127,684 shares of MSTR common stock for net proceeds of $928.1 million and 442,536 shares of STRD preferred for $34.9 million. This represents meaningful equity issuance but is consistent with its ongoing capital markets activity.
The company used proceeds from STRD and MSTR share sales to acquire 10,624 bitcoin at an aggregate purchase price of $962.7 million, or an average of $90,615 per bitcoin. As of December 7, 2025, total holdings reached 660,624 bitcoin with an aggregate purchase price of $49.35 billion and an average purchase price of $74,696 per bitcoin. This further concentrates the balance sheet in bitcoin exposure.
The company also points to a public dashboard providing data on its securities and bitcoin metrics, which can help market participants track ongoing ATM usage and bitcoin accumulation. Future periodic disclosures and dashboard updates will show how much additional equity is issued and how bitcoin holdings evolve relative to these levels.
8-K Event Classification
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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(Commission File Number) |
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(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
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(Zip Code) |
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 8, 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 1, 2025 to December 7, 2025 |
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As of December 7, 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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- |
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$ |
- |
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$ |
- |
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$ |
1,637.3 |
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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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- |
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$ |
- |
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$ |
- |
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$ |
20,335.7 |
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8.00% Series A Perpetual Strike Preferred Stock |
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STRD Stock |
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442,536 |
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$ |
44.3 |
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$ |
34.9 |
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$ |
4,097.8 |
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10.00% Series A Perpetual Stride Preferred Stock |
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MSTR Stock |
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5,127,684 |
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$ |
- |
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$ |
928.1 |
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$ |
13,445.7 |
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Class A Common Stock |
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Total |
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$ |
963.0 |
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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 8, 2025, Strategy announced updates with respect to its bitcoin holdings:
During Period December 1, 2025 to December 7, 2025 |
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As of December 7, 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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10,624 |
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$ |
962.7 |
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90,615 |
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660,624 |
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49.35 |
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74,696 |
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(1) The bitcoin purchases were made using proceeds from the sale of shares of 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 8, 2025 |
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Strategy Inc (Registrant) |
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By: |
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/s/ Andrew Kang |
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Name: |
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Andrew Kang |
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Title: |
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Executive Vice President & Chief Financial Officer |
FAQ
How much did Strategy Inc (MSTR) raise through its at-the-market program in early December 2025?
What bitcoin purchases did Strategy Inc (MSTR) make using ATM proceeds in December 2025?
What are Strategy Inc’s total bitcoin holdings and average cost as of December 7, 2025?
How much STRD preferred stock did Strategy Inc sell under the ATM in early December 2025?
Where can investors find ongoing disclosure about Strategy Inc’s bitcoin holdings and securities?
What is the purpose of Strategy Inc’s website dashboard mentioned in the 8-K?
