Strategy Inc (MSTR) boosts ATM equity sales to fund major bitcoin buys
Rhea-AI Filing Summary
Strategy Inc reported major activity in its at-the-market offering and bitcoin strategy. Between January 12 and January 19, 2026, the company sold 2,945,371 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), 38,796 shares of its 8.00% Series A Perpetual Strike Preferred Stock (STRK), and 10,399,650 shares of its Class A common stock (MSTR) under its ATM program.
These ATM sales generated $2,125.0 million in net proceeds. Over the same period, Strategy acquired 22,305 bitcoin for an aggregate purchase price of $2,125.3 million, at an average price of $95,284 per bitcoin. As of January 19, 2026, the company held 709,715 bitcoin with an aggregate purchase price of $53.92 billion and an average purchase price of $75,979 per bitcoin. Strategy also highlighted its online dashboard as a key channel for ongoing disclosures.
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Insights
Strategy converts ATM equity capacity into large bitcoin purchases, deepening its BTC exposure.
Strategy Inc used its at-the-market equity program to raise substantial capital and direct it into bitcoin. During January 12–19, 2026, the company sold 2,945,371 STRC preferred shares, 38,796 STRK preferred shares, and 10,399,650 MSTR common shares, producing net proceeds of
The filing links these equity proceeds directly to bitcoin purchases. Over the same period, Strategy acquired 22,305 bitcoin for an aggregate purchase price of
This combination of ongoing equity issuance and growing bitcoin holdings means results and balance sheet metrics will be closely tied to both ATM usage and bitcoin market behavior. The company also points investors to its website dashboard for updated data on outstanding securities, bitcoin holdings, and key performance indicators.
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 Update
On January 20, 2026, Strategy Inc ("Strategy") announced an update with respect to sales made under its at-the-market offering program ("ATM") of the following securities:
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During Period January 12, 2026 to January 19, 2026 |
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As of January 19, 2026 |
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Security |
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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 Stock |
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- |
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$ |
- |
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$ |
- |
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$ |
1,619.3 |
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10.00% Series A Perpetual Strife Preferred Stock |
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STRC Stock |
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2,945,371 |
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$ |
294.5 |
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$ |
294.3 |
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$ |
3,628.4 |
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Variable Rate Series A Perpetual Stretch Preferred Stock |
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STRK Stock |
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38,796 |
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$ |
3.9 |
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$ |
3.4 |
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$ |
20,331.6 |
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8.00% Series A Perpetual Strike Preferred Stock |
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STRD Stock |
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- |
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$ |
- |
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$ |
- |
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$ |
4,014.8 |
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10.00% Series A Perpetual Stride Preferred Stock |
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MSTR Stock |
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10,399,650 |
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$ |
- |
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$ |
1,827.3 |
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$ |
8,427.4 |
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Class A Common Stock |
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Total |
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$ |
2,125.0 |
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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 January 20, 2026, Strategy announced updates with respect to its bitcoin holdings:
During Period January 12, 2026 to January 19, 2026 |
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As of January 19, 2026 |
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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 billions) (2) |
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Average Purchase Price (2) |
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22,305 |
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$ |
2,125.3 |
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95,284 |
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709,715 |
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53.92 |
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75,979 |
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(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.
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Date: January 20, 2026 |
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Strategy Inc (Registrant) |
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By: |
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/s/ Thomas C. Chow |
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Name: |
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Thomas C. Chow |
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Title: |
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Executive Vice President & General Counsel |
FAQ
What did Strategy Inc (MSTR) disclose about its at-the-market offering activity?
Strategy Inc disclosed that between January 12 and January 19, 2026, it sold 2,945,371 shares of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), 38,796 shares of 8.00% Series A Perpetual Strike Preferred Stock (STRK), and 10,399,650 shares of Class A common stock (MSTR) under its at-the-market offering program, generating $2,125.0 million in net proceeds.
How much bitcoin did Strategy Inc acquire and at what price?
During January 12–19, 2026, Strategy Inc acquired 22,305 bitcoin for an aggregate purchase price of $2,125.3 million, reflecting an average purchase price of $95,284 per bitcoin, inclusive of fees and expenses.
What are Strategy Incs total bitcoin holdings as of January 19, 2026?
As of January 19, 2026, Strategy Inc reported holding 709,715 bitcoin with an aggregate purchase price of $53.92 billion and an average purchase price of $75,979 per bitcoin.
How much capacity remains under Strategy Incs ATM program for each security?
As of January 19, 2026, remaining capacity under the ATM program included $3,628.4 million for STRC preferred stock, $20,331.6 million for STRK preferred stock, $4,014.8 million for STRD preferred stock, $1,619.3 million for STRF preferred stock, and $8,427.4 million for MSTR Class A common stock.
How are Strategy Incs bitcoin purchases funded according to the filing?
The company states that its bitcoin purchases during the period were made using proceeds from the sale of shares under the ATM, directly linking equity issuance to digital asset acquisition.
What is the purpose of Strategy Incs online dashboard mentioned in the 8-K?
Strategy Inc maintains a dashboard on its website as a disclosure channel for broad distribution of information, including market prices of its outstanding securities, bitcoin purchases and holdings, key performance indicators, and other supplemental data, and as one way of providing information in line with Regulation FD.
