Strategy Inc (NASDAQ: STRK) uses ATM sales to fund 4,048 BTC purchase, lifting holdings to 636,505 BTC
Rhea-AI Filing Summary
Strategy Inc reports recent activity in its at-the-market (ATM) equity programs and related bitcoin purchases. From August 26 to September 1, 2025, the company raised net proceeds of $471.8M across its ATM programs, including sales of 237,931 STRF preferred shares, 199,509 STRK preferred shares, 12,973 STRD preferred shares, and 1,237,000 MSTR common shares.
During the same period, Strategy acquired 4,048 bitcoin for an aggregate purchase price of $449.3M, using proceeds from the STRF, STRK, STRD and MSTR ATM programs. As of September 1, 2025, the company reports aggregate bitcoin holdings of 636,505 BTC with a total purchase price of $46.95B and an average purchase price of $73,765 per bitcoin.
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Insights
Strategy Inc raised $471.8M via ATM equity sales and used $449.3M to buy 4,048 BTC, expanding its bitcoin holdings to 636,505 BTC.
Strategy Inc provides a detailed snapshot of recent funding and deployment activity. Between August 26 and September 1, 2025, the company generated net proceeds of $471.8M from multiple at-the-market equity programs, including 237,931 STRF preferred shares, 199,509 STRK preferred shares, 12,973 STRD preferred shares and 1,237,000 MSTR common shares. These programs sit against large remaining capacities, such as $2.1B for STRF, $4.2B for STRC, $21B for STRK, $4.2B for STRD and $21B for MSTR.
The filing links this capital raising directly to bitcoin accumulation. Over the same period, Strategy acquired 4,048 BTC at an aggregate cost of $449.3M, implying an average purchase price of $110,981 per bitcoin. As of September 1, 2025, aggregate holdings stand at 636,505 BTC with a cumulative purchase price of $46.95B and an average purchase price of $73,765 per bitcoin, highlighting the scale of the company’s exposure to bitcoin price movements.
The company also emphasizes an online dashboard as a primary channel for ongoing disclosures about market prices of its securities, bitcoin purchases and holdings, and KPI metrics. Subsequent updates on this dashboard and in future filings will show how often Strategy taps its substantial remaining ATM capacity and how its large bitcoin position evolves relative to funding raised through equity issuance.
8-K Event Classification
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FAQ
What did Strategy Inc (STRK) disclose about its recent ATM equity sales?
How much bitcoin did Strategy Inc (STRK) buy in the latest period and at what cost?
What are Strategy Inc’s total bitcoin holdings as of September 1, 2025?
Which at-the-market programs does Strategy Inc (STRK) have and what capacities remain?
How are Strategy Inc’s bitcoin purchases funded according to this 8-K?
Where can investors find ongoing updates on Strategy Inc’s bitcoin holdings and KPIs?
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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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 Updates
On September 2, 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 August 26, 2025 to September 1, 2025 |
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As of September 1, 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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237,931 STRF Shares |
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$23.8
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$26.5
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$1,795.3
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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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199,509 STRK Shares |
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$20.0
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$19.0
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$20,391.3
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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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12,973 STRD Shares |
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$1.3
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$1.0
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$4,168.8
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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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1,237,000 MSTR Shares |
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$425.3 |
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$16,306.7 |
$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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$471.8 |
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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 2, 2025, Strategy announced updates with respect to its bitcoin holdings:
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During Period August 26, 2025 to September 1, 2025 |
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As of September 1, 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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4,048 |
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449.3 |
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110,981 |
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636,505 |
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46.95 |
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73,765 |
(1) The bitcoin purchases were made using proceeds from the STRF ATM, STRK 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 2, 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 |