Strategy Inc (NASDAQ: STRK) posts ATM, BTC holdings scale update

Rhea-AI Filing Summary

Strategy Inc reports recent at-the-market stock sales and bitcoin purchases for the week ended September 21, 2025. Through its STRF and MSTR ATM programs, the company sold 173,834 STRF preferred shares and 227,401 MSTR common shares, generating net proceeds of $100.0 million.

During the same period, Strategy acquired 850 bitcoin for an aggregate purchase price of $99.7 million, at an average price of $117,344 per bitcoin, funded by STRF and MSTR ATM proceeds. As of September 21, 2025, the company held 639,835 bitcoin acquired for an aggregate purchase price of $47.33 billion, implying an average purchase price of $73,971 per bitcoin.

The company also highlights its website dashboard as an ongoing source of information on its securities, bitcoin holdings, key metrics and other disclosures under Regulation FD.

Insights

Capital structure and digital assets analyst

Strategy is using ATM equity sales to fund large bitcoin accumulation.

Strategy Inc is actively issuing both preferred and common stock through at-the-market programs and channeling those proceeds into additional bitcoin. In the week of September 15–21, 2025, it raised $100.0M of net proceeds by selling 173,834 STRF preferred shares and 227,401 MSTR common shares.

Those proceeds were used to acquire 850 bitcoin at an average price of $117,344, lifting total holdings to 639,835 bitcoin with a stated aggregate purchase price of $47.33B and an average cost of $73,971. This ties the company’s balance sheet closely to bitcoin price movements, because a substantial amount of invested capital is now denominated in that asset.

The disclosure also points investors to the company’s website dashboard for ongoing data on market prices of its securities, bitcoin activity and key performance indicators, indicating that future updates on bitcoin holdings and ATM usage will likely appear there in addition to periodic SEC disclosures.

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.

Understanding 8-K Material Events →

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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): September 22, 2025

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 Updates

On September 22, 2025, Strategy Inc (“Strategy” or the “Company”) announced updates with respect to its at-the-market offering programs:

ATM Program Summary			During Period September 15, 2025 to September 21, 2025									As of September 21, 2025
				Shares Sold			Notional Value (in millions) (1)			Net Proceeds (in millions) (2)			Available for Issuance and Sale (in millions)
STRF ATM			173,834 STRF Shares			$17.4			$19.4			$1,730.1
$2.1 billion of 10.00% series A perpetual strife preferred stock, $0.001 par value per share (“STRF Shares”), established May 22, 2025
STRC ATM			-			-			-			$4,200.0
$4.2 billion of variable rate series A perpetual stretch preferred stock, $0.001 par value per share (“STRC Shares”), established July 31, 2025
STRK ATM			-			-			-			$20,368.8
$21 billion of 8.00% series A perpetual strike preferred stock, $0.001 par value per share (“STRK Shares”), established March 10, 2025
STRD ATM			-			-			-			$4,151.8
$4.2 billion of 10.00% series A perpetual stride preferred stock, $0.001 par value per share (“STRD Shares”), established July 7, 2025
MSTR ATM			227,401			-			$80.6			$16,025.3
$21 billion of class A common stock, $0.001 par value per share ("MSTR Shares"), established May 1, 2025
Total									$100.0

(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 22, 2025, Strategy announced updates with respect to its bitcoin holdings:

	During Period September 15, 2025 to September 21, 2025									As of September 21, 2025
	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)
	850		$	99.7		$	117,344			639,835		$	47.33		$	73,971

(1) The bitcoin purchases were made using proceeds from the STRF 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.

Date: September 22, 2025				Strategy Inc (Registrant)
				By:		/s/ W. Ming Shao
				Name:		W. Ming Shao
				Title:		Executive Vice President & General Counsel

FAQ

How much did Strategy Inc raise through its ATM programs in September 2025?

For the period September 15–21, 2025, Strategy Inc generated $100.0 million in net proceeds from its at-the-market stock offering programs, mainly via STRF and MSTR sales.

How many bitcoin did Strategy Inc buy in the week of September 21, 2025?

During the period September 15–21, 2025, Strategy Inc acquired 850 bitcoin for an aggregate purchase price of $99.7 million, at an average price of $117,344 per bitcoin.

What are Strategy Inc’s total bitcoin holdings as of September 21, 2025?

As of September 21, 2025, Strategy Inc held 639,835 bitcoin with an aggregate purchase price of $47.33 billion, reflecting an average purchase price of $73,971 per bitcoin.

Which securities did Strategy Inc sell under its ATM programs in this update?

In this update, Strategy Inc reports sales of 173,834 STRF preferred shares and 227,401 MSTR Class A common shares under its at-the-market programs.

How does Strategy Inc fund its bitcoin purchases according to this disclosure?

The company states that bitcoin purchases during the period were made using proceeds from the STRF ATM and MSTR ATM stock sales.

Where can investors find ongoing information on Strategy Inc’s bitcoin and securities data?

Strategy Inc maintains a dashboard on its website (www.Strategy.com) that provides information on its securities’ market prices, bitcoin purchases and holdings, KPI metrics, and other supplemental disclosures under Regulation FD.