Strategy Inc details ATM sales and bitcoin buys

Strategy Inc reported recent activity under its at-the-market equity program and updated its bitcoin holdings.

Rhea-AI Filing Summary

Strategy Inc reported recent activity under its at-the-market equity program and updated its bitcoin holdings. Between February 17 and February 22, 2026, the company sold 297,940 shares of its Class A common stock (MSTR) through the ATM, generating net proceeds of $39.7 million.

Over the same period, Strategy acquired 592 bitcoin for an aggregate purchase price of $39.8 million, at an average price of $67,286 per bitcoin. As of February 22, 2026, it held 717,722 bitcoin in total, with an aggregate purchase price of $54.56 billion and an average purchase price of $76,020. The company also highlighted a website dashboard that provides ongoing information about its securities, bitcoin activity, and key metrics.

Insights

Equity capital and crypto treasury analyst

Strategy is funding bitcoin purchases with new ATM equity, expanding its crypto treasury.

Strategy Inc used its at-the-market program to sell 297,940 MSTR shares for net proceeds of $39.7 million over February 17–22, 2026. This is direct equity issuance into the market, increasing share count while adding cash.

The company then applied $39.8 million to acquire 592 bitcoin at an average price of $67,286 per coin, explicitly tying purchases to ATM proceeds. As of February 22, 2026, holdings reached 717,722 bitcoin with an aggregate purchase price of $54.56 billion and average cost of $76,020.

This filing reinforces Strategy’s treasury approach of converting equity capital into bitcoin, as quantified in the updated holdings table. The company also points investors to its website dashboard as a recurring source for market prices, bitcoin activity, and key performance indicators.

8-K Event Classification

2 items: 7.01, 8.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many Strategy Inc (MSTR) shares were sold under the ATM in this update?

Strategy Inc sold 297,940 shares of its Class A common stock under the at-the-market program. These sales, made between February 17 and February 22, 2026, generated net proceeds of $39.7 million after sales commissions, according to the disclosed table.

How much bitcoin did Strategy Inc (MSTR) buy during the reported period?

Strategy acquired 592 bitcoin during the period from February 17 to February 22, 2026. The aggregate purchase price was $39.8 million, implying an average purchase price of $67,286 per bitcoin, inclusive of fees and expenses as stated in the disclosure.

What are Strategy Inc’s total bitcoin holdings and average cost as of February 22, 2026?

As of February 22, 2026, Strategy held 717,722 bitcoin in total. The aggregate purchase price for these holdings was $54.56 billion, corresponding to an average purchase price of $76,020 per bitcoin, including all related fees and expenses.

How are Strategy Inc’s bitcoin purchases linked to its ATM equity program?

The company states that bitcoin purchases were funded using proceeds from the sale of shares under its at-the-market program. Specifically, the filing notes that the bitcoin acquired during the period was purchased with ATM sale proceeds, directly connecting equity issuance to crypto accumulation.

What information does Strategy Inc’s online dashboard provide to investors?

Strategy’s website dashboard is described as a disclosure channel for broad public access to information. It includes market prices of its securities, bitcoin purchases and holdings, selected key performance indicators, and other supplemental data, helping satisfy the company’s Regulation FD disclosure practices.

What securities remain available for issuance under Strategy Inc’s ATM program?

The update lists remaining capacity, in millions, for several preferred series and Class A common stock. For example, the table shows $7,843.9 million available for issuance and sale under the ATM for MSTR Class A common shares, alongside large remaining amounts for each preferred series.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/23/2026 - 08:00 AM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 23, 2026

STRATEGY INC

(Exact name of registrant as specified in its charter)

Delaware		001-42509		51-0323571
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

1850 Towers Crescent Plaza Tysons Corner, Virginia		22182
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (703) 848-8600

(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)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	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:

Title of Each Class		Trading Symbol		Name of Each Exchange on which Registered
10.00% Series A Perpetual Strife Preferred Stock, $0.001 par value per share		STRF		The Nasdaq Global Select Market
Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share		STRC		The Nasdaq Global Select Market
8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per share		STRK		The Nasdaq Global Select Market
10.00% Series A Perpetual Stride Preferred Stock, $0.001 par value per share		STRD		The Nasdaq Global Select Market
Class A common stock, $0.001 par value per share		MSTR		The Nasdaq Global Select Market

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 February 23, 2026, Strategy Inc ("Strategy") announced an update with respect to sales made under its at-the-market offering program ("ATM") of the following securities:

		During Period February 17, 2026 to February 22, 2026									As of February 22, 2026
Security		Shares Sold			Notional Value (in millions) (1)			Net Proceeds (in millions) (2)			Available for Issuance and Sale (in millions)
STRF Stock			-		$	-		$	-		$	1,619.3
10.00% Series A Perpetual Strife Preferred Stock
STRC Stock			-		$	-		$	-		$	3,542.8
Variable Rate Series A Perpetual Stretch Preferred Stock
STRK Stock			-		$	-		$	-		$	20,331.6
8.00% Series A Perpetual Strike Preferred Stock
STRD Stock			-		$	-		$	-		$	4,014.8
10.00% Series A Perpetual Stride Preferred Stock
MSTR Stock			297,940		$	-		$	39.7		$	7,843.9
Class A Common Stock
Total								$	39.7

(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 February 23, 2026, Strategy announced updates with respect to its bitcoin holdings:

During Period February 17, 2026 to February 22, 2026										As of February 22, 2026
BTC Acquired (1)			Aggregate Purchase Price (in millions) (2)			Average Purchase Price (2)				Aggregate BTC Holdings			Aggregate Purchase Price (in billions) (2)			Average Purchase Price (2)
	592		$	39.8		$	67,286				717,722		$	54.56		$	76,020

(1) The bitcoin purchases were made using proceeds from the sale of shares under the 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.

Date: February 23, 2026				Strategy Inc (Registrant)
				By:		/s/ Thomas C. Chow
				Name:		Thomas C. Chow
				Title:		Executive Vice President & General Counsel

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