[8-K] MicroStrategy Incorporated 8.00% Series A Perpetual Strike Preferred Stock Reports Material Event
MicroStrategy (Nasdaq: MSTR) filed an 8-K announcing a $2.52 billion capital raise. On 24 July 2025 the company signed an underwriting agreement with Morgan Stanley to issue 28,011,111 shares of new Variable-Rate Series A Perpetual Stretch Preferred Stock (ticker to be STRC) at $90 per share. Settlement is expected 29 July 2025, subject to customary conditions.
Estimated net proceeds: $2.474 billion after underwriting fees and expenses. Management states the cash will be used for “general corporate purposes, including the acquisition of bitcoin and working capital.”
The agreement contains standard reps & warranties, indemnities and termination clauses and is being executed from an automatic shelf registration (Form S-3ASR #333-284510). A press release detailing pricing accompanies the filing (Ex. 99.1).
MicroStrategy (Nasdaq: MSTR) ha presentato un modulo 8-K annunciando una raccolta di capitale da 2,52 miliardi di dollari. Il 24 luglio 2025 la società ha firmato un accordo di sottoscrizione con Morgan Stanley per emettere 28.011.111 azioni di nuove Azioni Preferenziali Perpetue a Tasso Variabile Serie A (simbolo STRC) al prezzo di 90 dollari per azione. Il regolamento è previsto per il 29 luglio 2025, soggetto a condizioni consuete.
Proventi netti stimati: 2,474 miliardi di dollari dopo commissioni e spese di sottoscrizione. La direzione dichiara che il denaro sarà utilizzato per “scopi aziendali generali, inclusa l’acquisizione di bitcoin e il capitale circolante.”
L’accordo include dichiarazioni standard, garanzie, indennizzi e clausole di risoluzione ed è eseguito tramite una registrazione automatica shelf (Modulo S-3ASR #333-284510). Un comunicato stampa con i dettagli sul prezzo accompagna il deposito (Ex. 99.1).
MicroStrategy (Nasdaq: MSTR) presentó un formulario 8-K anunciando una recaudación de capital de 2.52 mil millones de dólares. El 24 de julio de 2025, la empresa firmó un acuerdo de suscripción con Morgan Stanley para emitir 28,011,111 acciones nuevas de Acciones Preferentes Perpetuas Serie A de Tasa Variable (símbolo STRC) a 90 dólares por acción. Se espera que la liquidación sea el 29 de julio de 2025, sujeta a condiciones habituales.
Ingresos netos estimados: 2.474 mil millones de dólares después de comisiones y gastos de suscripción. La gerencia indica que el efectivo se utilizará para “propósitos corporativos generales, incluida la adquisición de bitcoin y capital de trabajo.”
El acuerdo contiene declaraciones estándar, garantías, indemnizaciones y cláusulas de terminación, y se ejecuta a partir de un registro automático shelf (Formulario S-3ASR #333-284510). Un comunicado de prensa con detalles sobre el precio acompaña la presentación (Ex. 99.1).
MicroStrategy (나스닥: MSTR)는 25억 2천만 달러 규모의 자본 조달을 발표하는 8-K를 제출했습니다. 2025년 7월 24일, 회사는 Morgan Stanley와 계약을 체결하여 28,011,111주의 새로운 가변 금리 시리즈 A 영구 스트레치 우선주 (티커 STRC)를 주당 90달러에 발행합니다. 결제는 2025년 7월 29일로 예상되며, 일반적인 조건에 따릅니다.
추정 순수익: 24억 7,400만 달러 (인수 수수료 및 비용 공제 후). 경영진은 현금이 “일반 기업 목적, 비트코인 매입 및 운전자본에 사용될 것”이라고 밝혔습니다.
본 계약은 표준 진술 및 보증, 면책 조항과 해지 조항을 포함하며, 자동 선반 등록(Form S-3ASR #333-284510)을 통해 실행됩니다. 가격 세부사항을 담은 보도자료가 제출서류(Ex. 99.1)에 첨부되어 있습니다.
MicroStrategy (Nasdaq : MSTR) a déposé un formulaire 8-K annonçant une levée de fonds de 2,52 milliards de dollars. Le 24 juillet 2025, la société a signé un accord de souscription avec Morgan Stanley pour émettre 28 011 111 actions nouvelles de actions préférentielles perpétuelles à taux variable série A (symbole STRC) au prix de 90 dollars par action. Le règlement est prévu pour le 29 juillet 2025, sous réserve des conditions habituelles.
Produit net estimé : 2,474 milliards de dollars après frais et commissions de souscription. La direction indique que les fonds seront utilisés à des « fins générales d’entreprise, y compris l’acquisition de bitcoins et le fonds de roulement ».
L’accord comprend des déclarations et garanties standard, des clauses d’indemnisation et de résiliation, et est exécuté dans le cadre d’un enregistrement automatique shelf (Formulaire S-3ASR #333-284510). Un communiqué de presse détaillant le prix accompagne le dépôt (Ex. 99.1).
MicroStrategy (Nasdaq: MSTR) hat ein 8-K eingereicht und eine Kapitalerhöhung von 2,52 Milliarden US-Dollar angekündigt. Am 24. Juli 2025 unterzeichnete das Unternehmen eine Zeichnungsvereinbarung mit Morgan Stanley zur Ausgabe von 28.011.111 neuen Aktien der Variable-Rate Series A Perpetual Stretch Preferred Stock (Ticker STRC) zu 90 US-Dollar pro Aktie. Die Abwicklung ist für den 29. Juli 2025 vorgesehen, vorbehaltlich üblicher Bedingungen.
Geschätzter Nettoerlös: 2,474 Milliarden US-Dollar nach Underwriting-Gebühren und -Kosten. Das Management gibt an, dass das Kapital für „allgemeine Unternehmenszwecke, einschließlich des Erwerbs von Bitcoin und Betriebskapital“ verwendet wird.
Die Vereinbarung enthält Standardzusicherungen, Gewährleistungen, Entschädigungen und Kündigungsklauseln und wird im Rahmen einer automatischen Shelf-Registrierung (Formular S-3ASR #333-284510) abgeschlossen. Eine Pressemitteilung mit Preisangaben begleitet die Einreichung (Ex. 99.1).
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Insights
TL;DR: $2.5 bn preferred raise bolsters liquidity for further bitcoin buys; dividend overhang tempers upside.
The offering materially increases MicroStrategy’s cash war-chest, giving it ~US$2.47 bn of fresh capital just three weeks after its July 2025 10-Q. Because the securities are perpetual preferreds, common-share dilution is avoided; however, the variable dividend will create a new cash outflow senior to equity. At $90 issue price the company is tapping markets at ~4% of its current equity value, indicating still-robust demand. Net effect is neutral to moderately positive—greater liquidity balanced by higher fixed obligations and continued exposure to bitcoin price volatility.
TL;DR: Preferred issuance shifts capital structure; adds interest-rate and crypto concentration risk.
The underwriting agreement is standard, but issuance of 28 m perpetual preferreds introduces a floating dividend liability whose future cost is uncertain. Proceeds are earmarked partly for bitcoin purchases, concentrating risk in a highly volatile asset class. Investors should watch dividend reset mechanics and covenant terms once published in the prospectus supplement. While the raise enhances liquidity, it increases structural subordination of common stock and exposes the firm to higher payout requirements if rates rise.
MicroStrategy (Nasdaq: MSTR) ha presentato un modulo 8-K annunciando una raccolta di capitale da 2,52 miliardi di dollari. Il 24 luglio 2025 la società ha firmato un accordo di sottoscrizione con Morgan Stanley per emettere 28.011.111 azioni di nuove Azioni Preferenziali Perpetue a Tasso Variabile Serie A (simbolo STRC) al prezzo di 90 dollari per azione. Il regolamento è previsto per il 29 luglio 2025, soggetto a condizioni consuete.
Proventi netti stimati: 2,474 miliardi di dollari dopo commissioni e spese di sottoscrizione. La direzione dichiara che il denaro sarà utilizzato per “scopi aziendali generali, inclusa l’acquisizione di bitcoin e il capitale circolante.”
L’accordo include dichiarazioni standard, garanzie, indennizzi e clausole di risoluzione ed è eseguito tramite una registrazione automatica shelf (Modulo S-3ASR #333-284510). Un comunicato stampa con i dettagli sul prezzo accompagna il deposito (Ex. 99.1).
MicroStrategy (Nasdaq: MSTR) presentó un formulario 8-K anunciando una recaudación de capital de 2.52 mil millones de dólares. El 24 de julio de 2025, la empresa firmó un acuerdo de suscripción con Morgan Stanley para emitir 28,011,111 acciones nuevas de Acciones Preferentes Perpetuas Serie A de Tasa Variable (símbolo STRC) a 90 dólares por acción. Se espera que la liquidación sea el 29 de julio de 2025, sujeta a condiciones habituales.
Ingresos netos estimados: 2.474 mil millones de dólares después de comisiones y gastos de suscripción. La gerencia indica que el efectivo se utilizará para “propósitos corporativos generales, incluida la adquisición de bitcoin y capital de trabajo.”
El acuerdo contiene declaraciones estándar, garantías, indemnizaciones y cláusulas de terminación, y se ejecuta a partir de un registro automático shelf (Formulario S-3ASR #333-284510). Un comunicado de prensa con detalles sobre el precio acompaña la presentación (Ex. 99.1).
MicroStrategy (나스닥: MSTR)는 25억 2천만 달러 규모의 자본 조달을 발표하는 8-K를 제출했습니다. 2025년 7월 24일, 회사는 Morgan Stanley와 계약을 체결하여 28,011,111주의 새로운 가변 금리 시리즈 A 영구 스트레치 우선주 (티커 STRC)를 주당 90달러에 발행합니다. 결제는 2025년 7월 29일로 예상되며, 일반적인 조건에 따릅니다.
추정 순수익: 24억 7,400만 달러 (인수 수수료 및 비용 공제 후). 경영진은 현금이 “일반 기업 목적, 비트코인 매입 및 운전자본에 사용될 것”이라고 밝혔습니다.
본 계약은 표준 진술 및 보증, 면책 조항과 해지 조항을 포함하며, 자동 선반 등록(Form S-3ASR #333-284510)을 통해 실행됩니다. 가격 세부사항을 담은 보도자료가 제출서류(Ex. 99.1)에 첨부되어 있습니다.
MicroStrategy (Nasdaq : MSTR) a déposé un formulaire 8-K annonçant une levée de fonds de 2,52 milliards de dollars. Le 24 juillet 2025, la société a signé un accord de souscription avec Morgan Stanley pour émettre 28 011 111 actions nouvelles de actions préférentielles perpétuelles à taux variable série A (symbole STRC) au prix de 90 dollars par action. Le règlement est prévu pour le 29 juillet 2025, sous réserve des conditions habituelles.
Produit net estimé : 2,474 milliards de dollars après frais et commissions de souscription. La direction indique que les fonds seront utilisés à des « fins générales d’entreprise, y compris l’acquisition de bitcoins et le fonds de roulement ».
L’accord comprend des déclarations et garanties standard, des clauses d’indemnisation et de résiliation, et est exécuté dans le cadre d’un enregistrement automatique shelf (Formulaire S-3ASR #333-284510). Un communiqué de presse détaillant le prix accompagne le dépôt (Ex. 99.1).
MicroStrategy (Nasdaq: MSTR) hat ein 8-K eingereicht und eine Kapitalerhöhung von 2,52 Milliarden US-Dollar angekündigt. Am 24. Juli 2025 unterzeichnete das Unternehmen eine Zeichnungsvereinbarung mit Morgan Stanley zur Ausgabe von 28.011.111 neuen Aktien der Variable-Rate Series A Perpetual Stretch Preferred Stock (Ticker STRC) zu 90 US-Dollar pro Aktie. Die Abwicklung ist für den 29. Juli 2025 vorgesehen, vorbehaltlich üblicher Bedingungen.
Geschätzter Nettoerlös: 2,474 Milliarden US-Dollar nach Underwriting-Gebühren und -Kosten. Das Management gibt an, dass das Kapital für „allgemeine Unternehmenszwecke, einschließlich des Erwerbs von Bitcoin und Betriebskapital“ verwendet wird.
Die Vereinbarung enthält Standardzusicherungen, Gewährleistungen, Entschädigungen und Kündigungsklauseln und wird im Rahmen einer automatischen Shelf-Registrierung (Formular S-3ASR #333-284510) abgeschlossen. Eine Pressemitteilung mit Preisangaben begleitet die Einreichung (Ex. 99.1).
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
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Emerging growth company
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On July 24, 2025, MicroStrategy Incorporated® d/b/a Strategy™ (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Morgan Stanley & Co. LLC, as lead manager and representative of the several underwriters (the “Underwriters”), relating to the issuance and sale in an underwritten offering (the “Offering”) of 28,011,111 shares (the “Shares”) of the Company’s Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share (the “STRC Stock”), at a public offering price of $90 per share. The issuance and sale of the STRC Stock is scheduled to settle on July 29, 2025, subject to customary closing conditions. Certain terms of the STRC Stock are described in more detail in the Company’s press release announcing the pricing of the Offering, which is filed herewith as Exhibit 99.1 and incorporated herein by reference.
The Company estimates that the net proceeds from the Offering will be approximately $2.474 billion, after deducting the underwriting discounts and commissions and the Company’s estimated offering expenses. The Company intends to use the net proceeds from the Offering for general corporate purposes, including the acquisition of bitcoin and for working capital.
The Underwriting Agreement contains customary representations, warranties, and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties, and termination provisions.
The Offering is being made pursuant to an effective shelf registration statement on Form S-3ASR (Registration No. 333-284510) on file with the Securities and Exchange Commission (the “SEC”). The Offering will be made only by means of a prospectus supplement and an accompanying prospectus.
The foregoing description of the Underwriting Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the Underwriting Agreement, which is filed herewith as Exhibit 1.1 and incorporated herein by reference.
| Item 8.01 | Other Events. |
On July 25, 2025, the Company issued a press release relating to the pricing of the Offering. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference.
Neither this Current Report on Form 8-K nor the press release attached hereto constitute an offer to sell or the solicitation of an offer to buy any securities.
Forward-Looking Statements
Statements in this Current Report on Form 8-K and the press release attached hereto about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the estimated net proceeds of the offering, the anticipated timing of settlement, the anticipated use of any proceeds from the offering, the terms of the securities being offered and the Company’s intentions with respect to adjusting the STRC Stock monthly regular dividend rate per annum. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties related to market conditions and the completion of the offering on the anticipated terms or at all, the uncertainties related to the satisfaction of closing conditions for the sale of the securities being offered, the other factors discussed in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 5, 2025, the factors discussed under the header “Risk Factor Updates” in the Company’s current report on Form 8-K filed with the Securities and Exchange Commission on July 7, 2025 and the risks described in other filings that the Company may make with the Securities and Exchange Commission. Any forward-looking statements contained in this Current Report on Form 8-K and the press release attached hereto speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 1.1 | Underwriting Agreement, dated July 24, 2025, by and between the Company and Morgan Stanley & Co. LLC, as lead manager and representative of the several underwriters with respect to the Offering. | |
| 99.1 | Press Release of the Company, dated July 25, 2025. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
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: July 25, 2025 | MicroStrategy Incorporated (Registrant) | |||||
| By: | /s/ W. Ming Shao | |||||
| Name: | W. Ming Shao | |||||
| Title: | Executive Vice President & General Counsel | |||||
