How is Strategy funding its bitcoin purchases?

The filing states that the bitcoin acquired during the March 24–30, 2025 period was made using proceeds from the Common ATM, the STRK ATM and the STRF Offering.

How much capacity remains under Strategy's at-the-market programs?

As of March 30, 2025, $2.37 billion of MSTR Shares remained available for issuance and sale under the Common ATM, and $20.97 billion of STRK Shares remained available under the STRK ATM. Each program has a stated size of $21 billion.

What was the STRF offering and how much did it raise?

On March 25, 2025, the company completed a public offering of 8,500,000 shares of its 10.00% Series A Perpetual Strife Preferred Stock at $85.00 per share. The company expects net proceeds of approximately $711.2 million after underwriting discounts, commissions and estimated offering expenses.

What is Strategy's average cost basis for its bitcoin holdings?

As of March 30, 2025, aggregate bitcoin holdings were 528,185 BTC with an aggregate purchase price of $35.63 billion, for an average purchase price of $67,458 per bitcoin, inclusive of fees and expenses.

Where can investors find ongoing company disclosures?

The company maintains a dashboard on its website at www.strategy.com, which it describes as a disclosure channel for information on market prices of its securities, bitcoin purchases and holdings, KPI metrics and other supplemental information.

Strategy 8-K: Regulation FD

01—Abstract

Summary

Summary of the 8-K filed March 31, 2025. Cited figures are marked; the original filing is the authoritative source.

On March 31, 2025, MicroStrategy Incorporated d/b/a Strategy ("Strategy") disclosed updates to its at-the-market (ATM) offering programs and bitcoin holdings.

For the period March 24 to March 30, 2025, the Common ATM sold 3,645,528 MSTR Shares for net proceeds of $1.20 billion^a, and the STRK ATM sold 213,807 STRK Shares for net proceeds of $18.52 million. As of March 30, 2025, $2.37 billion of MSTR Shares and $20.97 billion of STRK Shares remained available for issuance and sale under the respective programs, each ATM having a stated size of $21 billion. Combined net proceeds for the period totaled $1.22 billion.

The filing also notes that on March 25, 2025, the company completed its public offering of 8,500,000 shares of 10.00% Series A Perpetual Strife Preferred Stock (STRF) at $85.00^b per share, with expected net proceeds of approximately $711.2 million. The company states that bitcoin purchases during the week were funded by proceeds from the Common ATM, STRK ATM and STRF Offering.

During March 24 to March 30, 2025, Strategy acquired 22,048 bitcoin for an aggregate purchase price of $1.92 billion^c, at an average purchase price of $86,969 (inclusive of fees and expenses). As of March 30, 2025, aggregate bitcoin holdings were 528,185 BTC, with an aggregate purchase price of $35.63 billion and an average purchase price of $67,458.

02—Key points

Key Highlights

Common ATM (MSTR Shares) sold 3,645,528 shares during March 24–30, 2025 for net proceeds of $1.20 billion; $2.37 billion of capacity remained as of March 30, 2025 under a $21 billion program established October 30, 2024.
STRK ATM (8.00% Series A perpetual strike preferred) sold 213,807 shares for net proceeds of $18.52 million; $20.97 billion remained available under a $21 billion program established March 10, 2025.
Completed public offering of 8,500,000 shares of 10.00% Series A Perpetual Strife Preferred Stock (STRF) on March 25, 2025 at $85.00 per share, with expected net proceeds of approximately $711.2 million.
Acquired 22,048 bitcoin during the week for an aggregate purchase price of $1.92 billion, at an average price of $86,969 including fees and expenses.
Aggregate bitcoin holdings reached 528,185 BTC as of March 30, 2025, with an aggregate purchase price of $35.63 billion and an average purchase price of $67,458.
Total combined net proceeds from the ATM programs for the period were $1.22 billion, with bitcoin purchases funded by the Common ATM, STRK ATM and STRF Offering.
Information is furnished under Item 7.01 (Regulation FD), with the company directing investors to its strategy.com dashboard for ongoing disclosures on securities prices, bitcoin holdings and KPIs.

03—Questions

Frequently Asked Questions

How is Strategy funding its bitcoin purchases?
The filing states that the bitcoin acquired during the March 24–30, 2025 period was made using proceeds from the Common ATM, the STRK ATM and the STRF Offering.
How much capacity remains under Strategy's at-the-market programs?
As of March 30, 2025, $2.37 billion of MSTR Shares remained available for issuance and sale under the Common ATM, and $20.97 billion of STRK Shares remained available under the STRK ATM. Each program has a stated size of $21 billion.
What was the STRF offering and how much did it raise?
On March 25, 2025, the company completed a public offering of 8,500,000 shares of its 10.00% Series A Perpetual Strife Preferred Stock at $85.00 per share. The company expects net proceeds of approximately $711.2 million after underwriting discounts, commissions and estimated offering expenses.
What is Strategy's average cost basis for its bitcoin holdings?
As of March 30, 2025, aggregate bitcoin holdings were 528,185 BTC with an aggregate purchase price of $35.63 billion, for an average purchase price of $67,458 per bitcoin, inclusive of fees and expenses.
Where can investors find ongoing company disclosures?
The company maintains a dashboard on its website at www.strategy.com, which it describes as a disclosure channel for information on market prices of its securities, bitcoin purchases and holdings, KPI metrics and other supplemental information.

04—Continue

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