01—Abstract
Summary
Summary of the 8-K filed March 24, 2025. Cited figures are marked; the original filing is the authoritative source.
Strategy Inc (formerly MicroStrategy Incorporated, MSTR) disclosed in this March 24, 2025 Form 8-K that it sold 1,975,000 class A common shares under its Common ATM during March 17–23, 2025, for net proceeds of approximately $592.6 milliona, leaving about $3.57 billion available under that program as of March 23, 2025.
The company also sold 13,100 shares of its 8.00% series A perpetual strike preferred stock (STRK) under the STRK ATM for net proceeds of approximately $1.1 millionb, with about $20.99 billion remaining available under that program. The company used the proceeds from both at-the-market programs to buy approximately 6,911 bitcoins for approximately $584.1 million in cash, at an average price of approximately $84,529 per bitcoin, inclusive of fees and expenses. As of March 23, 2025, Strategy held approximately 506,137 bitcoins, acquired at an aggregate purchase price of approximately $33.7 billion, an average of approximately $66,608 per bitcoin.
The filing also references the company's website dashboard (www.strategy.com) as a Regulation FD disclosure channel for market prices of its securities, bitcoin purchases and holdings, and KPI metrics. The Item 7.01 information is furnished rather than filed.
02—Key points
Key Highlights
- Common ATM: 1,975,000 MSTR shares sold during March 17–23, 2025, for approximately $592.6 million in net proceeds; approximately $3.57 billion remains available as of March 23, 2025.
- STRK Preferred ATM: 13,100 STRK shares sold for approximately $1.1 million in net proceeds; approximately $20.99 billion remains available as of March 23, 2025.
- Bitcoin purchases: approximately 6,911 bitcoins acquired for approximately $584.1 million in cash at an average price of approximately $84,529 per bitcoin, funded by the Common ATM and STRK ATM proceeds.
- Total holdings: approximately 506,137 bitcoins as of March 23, 2025, acquired at an aggregate purchase price of approximately $33.7 billion.
- Average cost basis: approximately $66,608 per bitcoin across total holdings, inclusive of fees and expenses.
- Program capacity: the Common ATM and STRK ATM were each established for up to $21 billion in aggregate offering price, with the Common ATM entered into on October 30, 2024 and the STRK ATM on March 10, 2025.
- Disclosure: the company identifies its website dashboard at www.strategy.com as a Regulation FD disclosure channel, and the Item 7.01 information is furnished, not filed.
03—Questions
Frequently Asked Questions
How much capital did Strategy raise through its at-the-market programs in the week covered by this filing?
During March 17–23, 2025, Strategy sold 1,975,000 MSTR Class A common shares for approximately $592.6 million in net proceeds (less sales commissions) and 13,100 STRK preferred shares for approximately $1.1 million in net proceeds, for a combined approximately $593.7 million.
How much bitcoin did Strategy buy and at what price?
Strategy acquired approximately 6,911 bitcoins for approximately $584.1 million in cash during March 17–23, 2025, at an average price of approximately $84,529 per bitcoin, inclusive of fees and expenses. The filing states these purchases were made using proceeds from the Common ATM and STRK ATM.
What is Strategy's total bitcoin position and cost basis?
As of March 23, 2025, Strategy and its subsidiaries held approximately 506,137 bitcoins, acquired at an aggregate purchase price of approximately $33.7 billion, or an average of approximately $66,608 per bitcoin, inclusive of fees and expenses.
How much capacity remains under the company's equity offering programs?
As of March 23, 2025, approximately $3.57 billion of MSTR Class A common stock remained available under the Common ATM, and approximately $20.99 billion of STRK preferred stock remained available under the STRK ATM.
Where does Strategy disclose information for investors on an ongoing basis?
The company maintains a dashboard on its website, www.strategy.com, which it uses as a channel for broad, non-exclusionary distribution of information, including market prices of its outstanding securities, bitcoin purchases and holdings, KPI metrics, and other supplemental information. The company states investors should regularly review this dashboard.
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