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Strategy 8-K Report, Regulation FD Disclosure (Apr 21, 2025)

Reports
Regulation FD·Other Events
Filing Date
Filed April 21, 2025
Period End
April 21, 2025
In the record · 2016–202610-K1110-Q338-K265

MSTR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 265 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Jul ’20Jul ’20
  2. Material agreement8-K · Sep ’22Sep ’22
  3. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed April 21, 2025. Cited figures are marked; the original filing is the authoritative source.

On April 21, 2025, MicroStrategy Incorporated, doing business as Strategy, disclosed updates to its at-the-market (ATM) offering programs and its bitcoin holdings for the period April 14 to April 20, 2025.

Under the Common ATM, the company sold 1,755,000 MSTR Shares for net proceeds of $547.7 milliona during the period, with $1.53 billion of MSTR Shares still available for issuance and sale as of April 20, 2025. The Common ATM has a size of $21 billion and was established on October 30, 2024. Under the STRK ATM, the company sold 91,213 shares of its 8.00% series A perpetual strike preferred stock for $7.8 million in net proceeds, leaving $20.96 billion available.

That ATM has a size of $21 billionb and was established on March 10, 2025. Total net proceeds from both programs during the period were $555.5 million. The filing also reports that the company acquired 6,556 bitcoin during the period, using proceeds from the Common ATM and STRK ATM, at an aggregate purchase price of $555.8 million and an average purchase price of $84,785 per bitcoin, inclusive of fees and expenses.

As of April 20, 2025, aggregate bitcoin holdings were 538,200 BTC, with an aggregate purchase price of $36.47 billionc and an average purchase price of $67,766 per bitcoin. Under Item 7.01, the company notes that it maintains a dashboard on its website (www.strategy.com) as a channel for broad, non-exclusionary public disclosure, including market prices of its securities, bitcoin purchases and holdings, and KPI metrics, and that this dashboard is one means of disclosing information under Regulation FD. The information furnished under Item 7.01 is not deemed filed for purposes of Section 18 of the Exchange Act.

02—Key points

Key Highlights

  1. Common ATM: 1,755,000 MSTR Shares sold during April 14-20, 2025, generating $547.7 million in net proceeds; $1.53 billion of capacity remaining as of April 20, 2025.
  2. STRK ATM: 91,213 shares of 8.00% series A perpetual strike preferred stock sold for $7.8 million in net proceeds; $20.96 billion of capacity remaining.
  3. Total net proceeds from both ATM programs during the period were $555.5 million, net of sales commissions.
  4. Bitcoin acquisitions: 6,556 BTC acquired for an aggregate purchase price of $555.8 million, at an average of $84,785 per bitcoin, funded by the Common ATM and STRK ATM.
  5. Aggregate bitcoin holdings reached 538,200 BTC as of April 20, 2025, with an aggregate purchase price of $36.47 billion and an average purchase price of $67,766.
  6. Each ATM program has a stated size of $21 billion, established October 30, 2024 (Common ATM) and March 10, 2025 (STRK ATM).
  7. The company points investors to its strategy.com dashboard for ongoing disclosure of securities prices, bitcoin holdings, and KPI metrics.

03—Questions

Frequently Asked Questions

  1. How is Strategy funding its bitcoin purchases?

    The filing states that the bitcoin purchases made during April 14-20, 2025 were funded using proceeds from the Common ATM and the STRK ATM.

  2. What is the average price the company paid for bitcoin?

    During the period April 14-20, 2025, the average purchase price was $84,785 per bitcoin, inclusive of fees and expenses. Across all holdings as of April 20, 2025, the average purchase price was $67,766 per bitcoin.

  3. How much capacity remains under the ATM programs?

    As of April 20, 2025, $1.53 billion of MSTR Shares remained available for issuance and sale under the Common ATM, and $20.96 billion of STRK Shares remained available under the STRK ATM.

  4. What is the STRK security being sold?

    STRK Shares are 8.00% series A perpetual strike preferred stock, with a $0.001 par value per share.

  5. Where can investors find ongoing company disclosures?

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

04—Continue

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