[8-K] MicroStrategy Incorporated 8.00% Series A Perpetual Strike Preferred Stock Reports Material Event
MicroStrategy Incorporated ("Strategy") filed an 8-K to disclose two core operational updates covering the period 16-22 June 2025:
1. At-the-Market (ATM) equity programs. The company operates three open-ended ATM facilities with a combined size of US$44.1 billion. During the seven-day window, Strategy sold 166,566 shares of its 8.00 % Series A Strike preferred (STRK) and 84,354 shares of its 10.00 % Series A Strife preferred (STRF). These sales generated US$26.1 million in net cash after commissions. No Class A common shares (MSTR) were issued in the period, leaving US$18.63 billion of the US$21 billion common ATM still available. The STRK facility retains US$20.55 billion of remaining capacity while the STRF facility shows US$1.97 billion.
2. Bitcoin treasury strategy. Using a portion of the preferred stock proceeds, Strategy purchased an additional 245 bitcoin for an aggregate US$26.0 million at an average price of US$105,856 per coin (inclusive of fees). Cumulative holdings reached 592,345 bitcoin, acquired for US$41.87 billion at an average cost basis of US$70,681.
Additional disclosures. • The firm reminded investors that its website dashboard (www.strategy.com) serves as a Regulation FD channel for real-time updates on security prices, bitcoin activity, and key operating metrics. • All Item 7.01 information is furnished, not filed, and therefore not subject to Section 18 liability nor automatically incorporated into other SEC filings.
Key investor takeaways:
- Strategy continues to finance bitcoin purchases primarily through high-yield perpetual preferred stock, limiting immediate common share dilution.
- Net ATM proceeds this period were modest relative to the program’s multibillion-dollar capacity, indicating flexibility for future raises.
- The 8 % and 10 % dividend rates on preferred issuances create a fixed cash obligation that grows with additional issuance.
- Average bitcoin cost basis (US$70,681) remains materially below the week’s purchase price (US$105,856), illustrating the rising cost of incremental accumulation.
MicroStrategy Incorporated ("Strategy") ha presentato un modulo 8-K per comunicare due aggiornamenti operativi principali relativi al periodo dal 16 al 22 giugno 2025:
1. Programmi azionari At-the-Market (ATM). La società gestisce tre programmi ATM a capitale aperto per un valore complessivo di 44,1 miliardi di dollari USA. Durante la settimana, Strategy ha venduto 166.566 azioni delle sue azioni privilegiate Serie A Strike all'8,00% (STRK) e 84.354 azioni delle azioni privilegiate Serie A Strife al 10,00% (STRF). Queste vendite hanno generato 26,1 milioni di dollari USA netti dopo le commissioni. Nessuna azione ordinaria di Classe A (MSTR) è stata emessa nel periodo, lasciando 18,63 miliardi di dollari USA disponibili sui 21 miliardi del programma ATM per azioni ordinarie. La capacità residua per la struttura STRK è di 20,55 miliardi di dollari, mentre quella per STRF ammonta a 1,97 miliardi di dollari.
2. Strategia di tesoreria in bitcoin. Utilizzando una parte dei proventi delle azioni privilegiate, Strategy ha acquistato ulteriori 245 bitcoin per un totale di 26,0 milioni di dollari USA, a un prezzo medio di 105.856 dollari per moneta (comprese le commissioni). Le partecipazioni cumulative hanno raggiunto 592.345 bitcoin, acquistati per un totale di 41,87 miliardi di dollari USA con un costo medio di 70.681 dollari per bitcoin.
Ulteriori comunicazioni. • La società ha ricordato agli investitori che il suo cruscotto web (www.strategy.com) funge da canale conforme al Regulation FD per aggiornamenti in tempo reale sui prezzi delle azioni, sull’attività bitcoin e sulle principali metriche operative. • Tutte le informazioni dell’Item 7.01 sono fornite, non depositate, e quindi non soggette alla responsabilità della Sezione 18 né incorporate automaticamente in altri documenti SEC.
Punti chiave per gli investitori:
- Strategy continua a finanziare gli acquisti di bitcoin principalmente tramite azioni privilegiate perpetue ad alto rendimento, limitando la diluizione immediata delle azioni ordinarie.
- I ricavi netti ATM di questo periodo sono stati modesti rispetto alla capacità multimiliardaria del programma, indicando flessibilità per future emissioni.
- I tassi di dividendo dell’8% e del 10% sulle emissioni privilegiate rappresentano un obbligo di cassa fisso che cresce con ulteriori emissioni.
- Il costo medio dei bitcoin (70.681 dollari) rimane significativamente inferiore al prezzo di acquisto della settimana (105.856 dollari), evidenziando l’aumento del costo per accumulo incrementale.
MicroStrategy Incorporated ("Strategy") presentó un formulario 8-K para divulgar dos actualizaciones operativas clave correspondientes al período del 16 al 22 de junio de 2025:
1. Programas de acciones At-the-Market (ATM). La compañía opera tres facilidades ATM abiertas con un tamaño combinado de 44,1 mil millones de dólares estadounidenses. Durante la semana, Strategy vendió 166,566 acciones de sus acciones preferentes Serie A Strike al 8.00 % (STRK) y 84,354 acciones de sus acciones preferentes Serie A Strife al 10.00 % (STRF). Estas ventas generaron 26,1 millones de dólares netos después de comisiones. No se emitieron acciones comunes Clase A (MSTR) en el período, quedando 18,63 mil millones de dólares disponibles de los 21 mil millones para el programa ATM de acciones comunes. La facilidad STRK mantiene una capacidad restante de 20,55 mil millones de dólares, mientras que la facilidad STRF muestra 1,97 mil millones de dólares.
2. Estrategia de tesorería en bitcoin. Usando una parte de los ingresos de las acciones preferentes, Strategy compró 245 bitcoins adicionales por un total de 26,0 millones de dólares a un precio promedio de 105,856 dólares por moneda (incluidas las comisiones). Las tenencias acumuladas alcanzaron 592,345 bitcoins, adquiridos por 41,87 mil millones de dólares con un costo promedio de 70,681 dólares por bitcoin.
Divulgaciones adicionales. • La empresa recordó a los inversionistas que su panel en línea (www.strategy.com) sirve como un canal conforme a la Regulación FD para actualizaciones en tiempo real sobre precios de valores, actividad de bitcoin y métricas operativas clave. • Toda la información del Ítem 7.01 es proporcionada, no presentada, y por tanto no está sujeta a la responsabilidad de la Sección 18 ni se incorpora automáticamente en otros documentos de la SEC.
Puntos clave para inversionistas:
- Strategy continúa financiando compras de bitcoin principalmente mediante acciones preferentes perpetuas de alto rendimiento, limitando la dilución inmediata de acciones comunes.
- Los ingresos netos del programa ATM en este período fueron modestos en relación con la capacidad multimillonaria del programa, indicando flexibilidad para futuras emisiones.
- Las tasas de dividendo del 8 % y 10 % en las emisiones preferentes crean una obligación de efectivo fija que crece con emisiones adicionales.
- El costo promedio de bitcoin (70,681 dólares) sigue siendo considerablemente inferior al precio de compra de la semana (105,856 dólares), ilustrando el aumento del costo para la acumulación incremental.
MicroStrategy Incorporated("Strategy")는 2025년 6월 16일부터 22일까지 기간에 대한 두 가지 핵심 운영 업데이트를 공개하기 위해 8-K를 제출했습니다:
1. 시장가격(ATM) 주식 프로그램. 회사는 총 441억 달러 규모의 세 개의 개방형 ATM 시설을 운영하고 있습니다. 일주일 동안 Strategy는 8.00% 시리즈 A 스트라이크 우선주(STRK) 166,566주와 10.00% 시리즈 A 스트라이프 우선주(STRF) 84,354주를 매각했습니다. 이 매각으로 수수료를 제외한 순현금 2,610만 달러를 창출했습니다. 이 기간 동안 클래스 A 보통주(MSTR)는 발행되지 않아 210억 달러 중 186.3억 달러의 보통주 ATM 잔여 용량이 남아 있습니다. STRK 시설은 205.5억 달러의 잔여 용량을 유지하고 있으며, STRF 시설은 19.7억 달러를 보유하고 있습니다.
2. 비트코인 재무 전략. 우선주 수익금의 일부를 사용하여 Strategy는 총 2,450만 달러에 평균 가격 105,856달러(수수료 포함)로 245 비트코인을 추가 구매했습니다. 누적 보유량은 592,345 비트코인으로, 총 418.7억 달러에 평균 단가 70,681달러로 매입했습니다.
추가 공시. • 회사는 투자자들에게 웹사이트 대시보드(www.strategy.com)가 증권 가격, 비트코인 활동 및 주요 운영 지표에 대한 실시간 업데이트를 위한 Regulation FD 채널로 활용된다고 알렸습니다. • 모든 항목 7.01 정보는 제출된 것이 아니라 제공된 것이므로 섹션 18 책임 대상이 아니며 다른 SEC 제출 문서에 자동으로 포함되지 않습니다.
투자자 주요 시사점:
- Strategy는 주로 고수익 영구 우선주를 통해 비트코인 구매 자금을 조달하여 보통주 희석을 제한하고 있습니다.
- 이번 기간의 순 ATM 수익은 수십억 달러 규모의 프로그램 용량에 비해 소규모로, 향후 자금 조달에 유연성을 보여줍니다.
- 8% 및 10% 우선주 배당률은 추가 발행 시 현금 의무가 증가하는 고정 비용입니다.
- 평균 비트코인 단가(70,681달러)는 이번 주 구매 가격(105,856달러)보다 훨씬 낮아 점진적 축적 비용이 상승하고 있음을 나타냅니다.
MicroStrategy Incorporated ("Strategy") a déposé un formulaire 8-K pour divulguer deux mises à jour opérationnelles clés couvrant la période du 16 au 22 juin 2025 :
1. Programmes d’actions At-the-Market (ATM). La société exploite trois facilités ATM à capital ouvert d’une taille combinée de 44,1 milliards de dollars US. Au cours de cette semaine, Strategy a vendu 166 566 actions de ses actions privilégiées Série A Strike à 8,00 % (STRK) et 84 354 actions de ses actions privilégiées Série A Strife à 10,00 % (STRF). Ces ventes ont généré 26,1 millions de dollars nets après commissions. Aucune action ordinaire de Classe A (MSTR) n’a été émise durant la période, laissant 18,63 milliards de dollars disponibles sur les 21 milliards du programme ATM d’actions ordinaires. La facilité STRK conserve une capacité restante de 20,55 milliards de dollars tandis que la facilité STRF affiche 1,97 milliard de dollars.
2. Stratégie de trésorerie en bitcoin. En utilisant une partie des produits des actions privilégiées, Strategy a acheté 245 bitcoins supplémentaires pour un total de 26,0 millions de dollars, à un prix moyen de 105 856 dollars par pièce (frais inclus). Les avoirs cumulés ont atteint 592 345 bitcoins, acquis pour 41,87 milliards de dollars à un coût moyen de 70 681 dollars par bitcoin.
Divulgations supplémentaires. • La société a rappelé aux investisseurs que son tableau de bord en ligne (www.strategy.com) sert de canal conforme au Regulation FD pour des mises à jour en temps réel sur les prix des titres, l’activité bitcoin et les principales métriques opérationnelles. • Toutes les informations de l’Item 7.01 sont fournies, non déposées, et ne sont donc pas soumises à la responsabilité de la Section 18 ni incorporées automatiquement dans d’autres dépôts auprès de la SEC.
Points clés pour les investisseurs :
- Strategy continue de financer ses achats de bitcoins principalement via des actions privilégiées perpétuelles à haut rendement, limitant ainsi la dilution immédiate des actions ordinaires.
- Les produits nets ATM de cette période sont modestes par rapport à la capacité pluri-milliardaire du programme, indiquant une flexibilité pour de futures levées de fonds.
- Les taux de dividende de 8 % et 10 % sur les émissions privilégiées créent une obligation de trésorerie fixe qui augmente avec les émissions supplémentaires.
- Le coût moyen du bitcoin (70 681 dollars) reste nettement inférieur au prix d’achat de la semaine (105 856 dollars), illustrant le coût croissant de l’accumulation supplémentaire.
MicroStrategy Incorporated ("Strategy") hat ein 8-K eingereicht, um zwei wesentliche betriebliche Updates für den Zeitraum vom 16. bis 22. Juni 2025 offenzulegen:
1. At-the-Market (ATM) Aktienprogramme. Das Unternehmen betreibt drei offene ATM-Fazilitäten mit einer Gesamtgröße von 44,1 Milliarden US-Dollar. Innerhalb der siebentägigen Frist verkaufte Strategy 166.566 Aktien seiner 8,00 % Series A Strike Vorzugsaktien (STRK) und 84.354 Aktien seiner 10,00 % Series A Strife Vorzugsaktien (STRF). Diese Verkäufe generierten nach Provisionen einen Nettobetrag von 26,1 Millionen US-Dollar. Im Zeitraum wurden keine Stammaktien der Klasse A (MSTR) ausgegeben, wodurch von den 21 Milliarden US-Dollar des Stammaktien-ATM noch 18,63 Milliarden US-Dollar verfügbar bleiben. Die STRK-Fazilität weist eine verbleibende Kapazität von 20,55 Milliarden US-Dollar auf, während die STRF-Fazilität 1,97 Milliarden US-Dollar zeigt.
2. Bitcoin-Treasury-Strategie. Mit einem Teil der Erlöse aus den Vorzugsaktien erwarb Strategy weitere 245 Bitcoin für insgesamt 26,0 Millionen US-Dollar zu einem Durchschnittspreis von 105.856 US-Dollar pro Coin (einschließlich Gebühren). Die kumulierten Bestände erreichten 592.345 Bitcoin, erworben für 41,87 Milliarden US-Dollar bei einem durchschnittlichen Kostenbasis von 70.681 US-Dollar.
Weitere Offenlegungen. • Das Unternehmen erinnerte Investoren daran, dass das Dashboard auf der Website (www.strategy.com) als Regulation-FD-Kanal für Echtzeit-Updates zu Wertpapierpreisen, Bitcoin-Aktivitäten und wichtigen Betriebskennzahlen dient. • Alle Informationen zu Punkt 7.01 werden bereitgestellt, nicht eingereicht, und unterliegen daher nicht der Haftung gemäß Abschnitt 18 und werden nicht automatisch in andere SEC-Einreichungen aufgenommen.
Wesentliche Erkenntnisse für Investoren:
- Strategy finanziert Bitcoin-Käufe weiterhin hauptsächlich durch hochverzinsliche, unbefristete Vorzugsaktien, wodurch eine sofortige Verwässerung der Stammaktien begrenzt wird.
- Die Nettomittelzuflüsse aus dem ATM-Programm waren in diesem Zeitraum im Verhältnis zur milliardenschweren Kapazität moderat, was Flexibilität für zukünftige Kapitalerhöhungen anzeigt.
- Die Dividendenraten von 8 % und 10 % bei den Vorzugsaktien schaffen eine feste Barverpflichtung, die mit weiteren Ausgaben wächst.
- Die durchschnittliche Bitcoin-Kostenbasis (70.681 US-Dollar) liegt deutlich unter dem Kaufpreis der Woche (105.856 US-Dollar), was die steigenden Kosten der zusätzlichen Akkumulation verdeutlicht.
- Incremental capital raise: US$26.1 million of fresh proceeds enhance liquidity without common share dilution.
- Bitcoin accumulation continues: Holdings rise to 592,345 BTC, reinforcing the company’s strategic asset base.
- Large remaining ATM capacity: Over US$41 billion across facilities provides significant optionality for future funding.
- High-coupon preferred issuance: 8 %–10 % dividend rates increase fixed cash obligations as issuance scales.
- Rising acquisition cost: Latest bitcoin buy at US$105,856 per coin is well above the portfolio’s US$70,681 average cost, raising break-even risk.
Insights
TL;DR – Modest preferred issuance funds incremental bitcoin buy; leverage capacity and dividend burden both rise.
Program deployment. Only US$26 million was raised—<1 % of available capacity—showing management’s disciplined, just-in-time use of high-yield capital. The common ATM remains untouched, preserving flexibility in less expensive equity.
Capital structure impact. Preferred dividends at 8 %–10 % translate to annual coupon outlays of roughly US$2.6 million on this week’s issuance alone, a manageable figure today but one that will scale quickly if Strategy draws deeper into the US$22.5 billion of remaining preferred capacity.
Bitcoin strategy. Adding 245 BTC brings total holdings to 592,345 BTC. The incremental purchase price is 50 % above the historical cost basis, continuing the pattern of averaging up. Investors focused on mark-to-market gains should note that each additional coin acquired at higher prices dilutes unrealized upside but may accelerate headline exposure.
Disclosure & FD. The refresh of the public dashboard underscores management’s commitment to real-time transparency—a positive for information parity.
Net assessment. Incremental capital raise and BTC purchase are small in absolute terms but confirm ongoing execution of the leverage-to-bitcoin thesis. Balance-sheet risk inches higher due to fixed dividend costs, keeping the overall impact neutral.
MicroStrategy Incorporated ("Strategy") ha presentato un modulo 8-K per comunicare due aggiornamenti operativi principali relativi al periodo dal 16 al 22 giugno 2025:
1. Programmi azionari At-the-Market (ATM). La società gestisce tre programmi ATM a capitale aperto per un valore complessivo di 44,1 miliardi di dollari USA. Durante la settimana, Strategy ha venduto 166.566 azioni delle sue azioni privilegiate Serie A Strike all'8,00% (STRK) e 84.354 azioni delle azioni privilegiate Serie A Strife al 10,00% (STRF). Queste vendite hanno generato 26,1 milioni di dollari USA netti dopo le commissioni. Nessuna azione ordinaria di Classe A (MSTR) è stata emessa nel periodo, lasciando 18,63 miliardi di dollari USA disponibili sui 21 miliardi del programma ATM per azioni ordinarie. La capacità residua per la struttura STRK è di 20,55 miliardi di dollari, mentre quella per STRF ammonta a 1,97 miliardi di dollari.
2. Strategia di tesoreria in bitcoin. Utilizzando una parte dei proventi delle azioni privilegiate, Strategy ha acquistato ulteriori 245 bitcoin per un totale di 26,0 milioni di dollari USA, a un prezzo medio di 105.856 dollari per moneta (comprese le commissioni). Le partecipazioni cumulative hanno raggiunto 592.345 bitcoin, acquistati per un totale di 41,87 miliardi di dollari USA con un costo medio di 70.681 dollari per bitcoin.
Ulteriori comunicazioni. • La società ha ricordato agli investitori che il suo cruscotto web (www.strategy.com) funge da canale conforme al Regulation FD per aggiornamenti in tempo reale sui prezzi delle azioni, sull’attività bitcoin e sulle principali metriche operative. • Tutte le informazioni dell’Item 7.01 sono fornite, non depositate, e quindi non soggette alla responsabilità della Sezione 18 né incorporate automaticamente in altri documenti SEC.
Punti chiave per gli investitori:
- Strategy continua a finanziare gli acquisti di bitcoin principalmente tramite azioni privilegiate perpetue ad alto rendimento, limitando la diluizione immediata delle azioni ordinarie.
- I ricavi netti ATM di questo periodo sono stati modesti rispetto alla capacità multimiliardaria del programma, indicando flessibilità per future emissioni.
- I tassi di dividendo dell’8% e del 10% sulle emissioni privilegiate rappresentano un obbligo di cassa fisso che cresce con ulteriori emissioni.
- Il costo medio dei bitcoin (70.681 dollari) rimane significativamente inferiore al prezzo di acquisto della settimana (105.856 dollari), evidenziando l’aumento del costo per accumulo incrementale.
MicroStrategy Incorporated ("Strategy") presentó un formulario 8-K para divulgar dos actualizaciones operativas clave correspondientes al período del 16 al 22 de junio de 2025:
1. Programas de acciones At-the-Market (ATM). La compañía opera tres facilidades ATM abiertas con un tamaño combinado de 44,1 mil millones de dólares estadounidenses. Durante la semana, Strategy vendió 166,566 acciones de sus acciones preferentes Serie A Strike al 8.00 % (STRK) y 84,354 acciones de sus acciones preferentes Serie A Strife al 10.00 % (STRF). Estas ventas generaron 26,1 millones de dólares netos después de comisiones. No se emitieron acciones comunes Clase A (MSTR) en el período, quedando 18,63 mil millones de dólares disponibles de los 21 mil millones para el programa ATM de acciones comunes. La facilidad STRK mantiene una capacidad restante de 20,55 mil millones de dólares, mientras que la facilidad STRF muestra 1,97 mil millones de dólares.
2. Estrategia de tesorería en bitcoin. Usando una parte de los ingresos de las acciones preferentes, Strategy compró 245 bitcoins adicionales por un total de 26,0 millones de dólares a un precio promedio de 105,856 dólares por moneda (incluidas las comisiones). Las tenencias acumuladas alcanzaron 592,345 bitcoins, adquiridos por 41,87 mil millones de dólares con un costo promedio de 70,681 dólares por bitcoin.
Divulgaciones adicionales. • La empresa recordó a los inversionistas que su panel en línea (www.strategy.com) sirve como un canal conforme a la Regulación FD para actualizaciones en tiempo real sobre precios de valores, actividad de bitcoin y métricas operativas clave. • Toda la información del Ítem 7.01 es proporcionada, no presentada, y por tanto no está sujeta a la responsabilidad de la Sección 18 ni se incorpora automáticamente en otros documentos de la SEC.
Puntos clave para inversionistas:
- Strategy continúa financiando compras de bitcoin principalmente mediante acciones preferentes perpetuas de alto rendimiento, limitando la dilución inmediata de acciones comunes.
- Los ingresos netos del programa ATM en este período fueron modestos en relación con la capacidad multimillonaria del programa, indicando flexibilidad para futuras emisiones.
- Las tasas de dividendo del 8 % y 10 % en las emisiones preferentes crean una obligación de efectivo fija que crece con emisiones adicionales.
- El costo promedio de bitcoin (70,681 dólares) sigue siendo considerablemente inferior al precio de compra de la semana (105,856 dólares), ilustrando el aumento del costo para la acumulación incremental.
MicroStrategy Incorporated("Strategy")는 2025년 6월 16일부터 22일까지 기간에 대한 두 가지 핵심 운영 업데이트를 공개하기 위해 8-K를 제출했습니다:
1. 시장가격(ATM) 주식 프로그램. 회사는 총 441억 달러 규모의 세 개의 개방형 ATM 시설을 운영하고 있습니다. 일주일 동안 Strategy는 8.00% 시리즈 A 스트라이크 우선주(STRK) 166,566주와 10.00% 시리즈 A 스트라이프 우선주(STRF) 84,354주를 매각했습니다. 이 매각으로 수수료를 제외한 순현금 2,610만 달러를 창출했습니다. 이 기간 동안 클래스 A 보통주(MSTR)는 발행되지 않아 210억 달러 중 186.3억 달러의 보통주 ATM 잔여 용량이 남아 있습니다. STRK 시설은 205.5억 달러의 잔여 용량을 유지하고 있으며, STRF 시설은 19.7억 달러를 보유하고 있습니다.
2. 비트코인 재무 전략. 우선주 수익금의 일부를 사용하여 Strategy는 총 2,450만 달러에 평균 가격 105,856달러(수수료 포함)로 245 비트코인을 추가 구매했습니다. 누적 보유량은 592,345 비트코인으로, 총 418.7억 달러에 평균 단가 70,681달러로 매입했습니다.
추가 공시. • 회사는 투자자들에게 웹사이트 대시보드(www.strategy.com)가 증권 가격, 비트코인 활동 및 주요 운영 지표에 대한 실시간 업데이트를 위한 Regulation FD 채널로 활용된다고 알렸습니다. • 모든 항목 7.01 정보는 제출된 것이 아니라 제공된 것이므로 섹션 18 책임 대상이 아니며 다른 SEC 제출 문서에 자동으로 포함되지 않습니다.
투자자 주요 시사점:
- Strategy는 주로 고수익 영구 우선주를 통해 비트코인 구매 자금을 조달하여 보통주 희석을 제한하고 있습니다.
- 이번 기간의 순 ATM 수익은 수십억 달러 규모의 프로그램 용량에 비해 소규모로, 향후 자금 조달에 유연성을 보여줍니다.
- 8% 및 10% 우선주 배당률은 추가 발행 시 현금 의무가 증가하는 고정 비용입니다.
- 평균 비트코인 단가(70,681달러)는 이번 주 구매 가격(105,856달러)보다 훨씬 낮아 점진적 축적 비용이 상승하고 있음을 나타냅니다.
MicroStrategy Incorporated ("Strategy") a déposé un formulaire 8-K pour divulguer deux mises à jour opérationnelles clés couvrant la période du 16 au 22 juin 2025 :
1. Programmes d’actions At-the-Market (ATM). La société exploite trois facilités ATM à capital ouvert d’une taille combinée de 44,1 milliards de dollars US. Au cours de cette semaine, Strategy a vendu 166 566 actions de ses actions privilégiées Série A Strike à 8,00 % (STRK) et 84 354 actions de ses actions privilégiées Série A Strife à 10,00 % (STRF). Ces ventes ont généré 26,1 millions de dollars nets après commissions. Aucune action ordinaire de Classe A (MSTR) n’a été émise durant la période, laissant 18,63 milliards de dollars disponibles sur les 21 milliards du programme ATM d’actions ordinaires. La facilité STRK conserve une capacité restante de 20,55 milliards de dollars tandis que la facilité STRF affiche 1,97 milliard de dollars.
2. Stratégie de trésorerie en bitcoin. En utilisant une partie des produits des actions privilégiées, Strategy a acheté 245 bitcoins supplémentaires pour un total de 26,0 millions de dollars, à un prix moyen de 105 856 dollars par pièce (frais inclus). Les avoirs cumulés ont atteint 592 345 bitcoins, acquis pour 41,87 milliards de dollars à un coût moyen de 70 681 dollars par bitcoin.
Divulgations supplémentaires. • La société a rappelé aux investisseurs que son tableau de bord en ligne (www.strategy.com) sert de canal conforme au Regulation FD pour des mises à jour en temps réel sur les prix des titres, l’activité bitcoin et les principales métriques opérationnelles. • Toutes les informations de l’Item 7.01 sont fournies, non déposées, et ne sont donc pas soumises à la responsabilité de la Section 18 ni incorporées automatiquement dans d’autres dépôts auprès de la SEC.
Points clés pour les investisseurs :
- Strategy continue de financer ses achats de bitcoins principalement via des actions privilégiées perpétuelles à haut rendement, limitant ainsi la dilution immédiate des actions ordinaires.
- Les produits nets ATM de cette période sont modestes par rapport à la capacité pluri-milliardaire du programme, indiquant une flexibilité pour de futures levées de fonds.
- Les taux de dividende de 8 % et 10 % sur les émissions privilégiées créent une obligation de trésorerie fixe qui augmente avec les émissions supplémentaires.
- Le coût moyen du bitcoin (70 681 dollars) reste nettement inférieur au prix d’achat de la semaine (105 856 dollars), illustrant le coût croissant de l’accumulation supplémentaire.
MicroStrategy Incorporated ("Strategy") hat ein 8-K eingereicht, um zwei wesentliche betriebliche Updates für den Zeitraum vom 16. bis 22. Juni 2025 offenzulegen:
1. At-the-Market (ATM) Aktienprogramme. Das Unternehmen betreibt drei offene ATM-Fazilitäten mit einer Gesamtgröße von 44,1 Milliarden US-Dollar. Innerhalb der siebentägigen Frist verkaufte Strategy 166.566 Aktien seiner 8,00 % Series A Strike Vorzugsaktien (STRK) und 84.354 Aktien seiner 10,00 % Series A Strife Vorzugsaktien (STRF). Diese Verkäufe generierten nach Provisionen einen Nettobetrag von 26,1 Millionen US-Dollar. Im Zeitraum wurden keine Stammaktien der Klasse A (MSTR) ausgegeben, wodurch von den 21 Milliarden US-Dollar des Stammaktien-ATM noch 18,63 Milliarden US-Dollar verfügbar bleiben. Die STRK-Fazilität weist eine verbleibende Kapazität von 20,55 Milliarden US-Dollar auf, während die STRF-Fazilität 1,97 Milliarden US-Dollar zeigt.
2. Bitcoin-Treasury-Strategie. Mit einem Teil der Erlöse aus den Vorzugsaktien erwarb Strategy weitere 245 Bitcoin für insgesamt 26,0 Millionen US-Dollar zu einem Durchschnittspreis von 105.856 US-Dollar pro Coin (einschließlich Gebühren). Die kumulierten Bestände erreichten 592.345 Bitcoin, erworben für 41,87 Milliarden US-Dollar bei einem durchschnittlichen Kostenbasis von 70.681 US-Dollar.
Weitere Offenlegungen. • Das Unternehmen erinnerte Investoren daran, dass das Dashboard auf der Website (www.strategy.com) als Regulation-FD-Kanal für Echtzeit-Updates zu Wertpapierpreisen, Bitcoin-Aktivitäten und wichtigen Betriebskennzahlen dient. • Alle Informationen zu Punkt 7.01 werden bereitgestellt, nicht eingereicht, und unterliegen daher nicht der Haftung gemäß Abschnitt 18 und werden nicht automatisch in andere SEC-Einreichungen aufgenommen.
Wesentliche Erkenntnisse für Investoren:
- Strategy finanziert Bitcoin-Käufe weiterhin hauptsächlich durch hochverzinsliche, unbefristete Vorzugsaktien, wodurch eine sofortige Verwässerung der Stammaktien begrenzt wird.
- Die Nettomittelzuflüsse aus dem ATM-Programm waren in diesem Zeitraum im Verhältnis zur milliardenschweren Kapazität moderat, was Flexibilität für zukünftige Kapitalerhöhungen anzeigt.
- Die Dividendenraten von 8 % und 10 % bei den Vorzugsaktien schaffen eine feste Barverpflichtung, die mit weiteren Ausgaben wächst.
- Die durchschnittliche Bitcoin-Kostenbasis (70.681 US-Dollar) liegt deutlich unter dem Kaufpreis der Woche (105.856 US-Dollar), was die steigenden Kosten der zusätzlichen Akkumulation verdeutlicht.
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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(State or other jurisdiction of incorporation) |
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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:
Title of Each Class |
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Trading |
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Name of Each Exchange on which Registered |
Class A common stock, par value $0.001 per share |
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MSTR |
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The Nasdaq Global Select Market |
8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per share |
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STRK |
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The Nasdaq Global Select Market |
10.00% Series A Perpetual Strife Preferred Stock, $0.001 par value per share |
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STRF
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The Nasdaq Global Select Market |
10.00% Series A Perpetual Stride Preferred Stock, $0.001 par value per share |
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STRD
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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 Updates
On June 23, 2025, MicroStrategy Incorporated d/b/a Strategy (“Strategy” or the “Company”) announced updates with respect to its at-the-market offering programs:
ATM Program Summary |
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During Period June 16, 2025 to June 22, 2025 |
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As of June 22, 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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Common ATM |
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$18,631.2 |
Securities Offered: Class A Common Stock, $0.001 par value per share (“MSTR Shares”) |
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Size: $21 billion |
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Established: May 1, 2025 |
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STRK ATM |
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166,566 STRK Shares |
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$16.7 |
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$17.4
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$20,551.0 |
Securities Offered: 8.00% series A perpetual strike preferred stock, $0.001 par value per share (“STRK Shares”) Size: $21 billion Established: March 10, 2025 |
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STRF ATM |
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84,354 STRF Shares
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$8.4 |
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$8.7
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$1,966.4
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Securities Offered: 10.00% series A perpetual strife preferred stock, $0.001 par value per share (“STRF Shares”) Size: $2.1 billion Established: May 22, 2025 |
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Total |
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$26.1 |
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(1) The total face value of the shares of preferred stock sold, which is used to calculate dividends thereon.
(2) Net proceeds are presented net of sales commission.
BTC Update
On June 23, 2025, Strategy announced updates with respect to its bitcoin holdings:
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During Period June 16, 2025 to June 22, 2025 |
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As of June 22, 2025 |
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BTC Acquired (1) |
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Aggregate Purchase Price (in millions) (2) |
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Average Purchase Price (2) |
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Aggregate BTC Holdings |
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Aggregate Purchase Price (in millions) (2) |
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Average Purchase Price (2) |
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245 |
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$ |
26.0 |
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$ |
105,856 |
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592,345 |
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$ |
41,867.5 |
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$ |
70,681 |
(1) The bitcoin purchases were made using proceeds from the STRK ATM and STRF 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: June 23, 2025 |
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MicroStrategy Incorporated (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 capital did MicroStrategy (MSTR) raise through its ATM programs this week?
What are MicroStrategy's total bitcoin holdings after the latest purchase?
What dividend rates apply to the newly issued preferred shares STRK and STRF?
Did the company issue any Class A common shares (MSTR) during the reported period?
Where can investors track ongoing bitcoin purchases and security prices?
What is the average purchase price of all bitcoin owned by MicroStrategy?
