01—Abstract
Summary
Summary of the 8-K filed April 28, 2025. Cited figures are marked; the original filing is the authoritative source.
MicroStrategy Incorporated, d/b/a Strategy, reported updates to its at-the-market (ATM) offering programs and its bitcoin holdings for the period April 21, 2025 to April 27, 2025.
Under its Common ATM, the company sold 4,020,000 MSTR Shares for net proceeds of $1.40 billiona. Under its STRK ATM, it sold 435,069 STRK Shares for $37.5 million. Total net proceeds across both programs were $1.44 billion.
As of April 27, 2025, $128.7 millionb of MSTR Shares and $20.92 billion of STRK Shares remained available for issuance and sale. The Common ATM was established October 30, 2024, and the STRK ATM was established March 10, 2025, with each program sized at $21 billion. The company stated that its bitcoin purchases during the period were made using proceeds from the Common ATM and STRK ATM.
It acquired 15,355 BTC for an aggregate purchase price of $1.42 billionc, at an average price of $92,737 per bitcoin, inclusive of fees and expenses. As of April 27, 2025, its aggregate bitcoin holdings were 553,555 BTC, acquired for an aggregate purchase price of $37.90 billion, at an average purchase price of $68,459 per bitcoin.
Under Item 7.01, the company noted that it uses its website dashboard at www.strategy.com as a Regulation FD disclosure channel, including for market prices of its securities, bitcoin purchases and holdings, and KPI metrics. The furnished information is not deemed "filed" under Section 18 of the Exchange Act.
02—Key points
Key Highlights
- Common ATM sold 4,020,000 MSTR Shares for $1.40 billion in net proceeds during April 21–27, 2025.
- STRK ATM sold 435,069 STRK Shares for $37.5 million in net proceeds during the same period.
- Combined ATM net proceeds for the week totaled $1.44 billion.
- Strategy acquired 15,355 BTC during the period for an aggregate purchase price of $1.42 billion, funded by the Common ATM and STRK ATM.
- Aggregate bitcoin holdings reached 553,555 BTC, acquired at an aggregate purchase price of $37.90 billion and an average price of $68,459 per bitcoin as of April 27, 2025.
- Remaining capacity was $128.7 million under the Common ATM and $20.92 billion under the STRK ATM, each program sized at $21 billion.
- The company continues to use its website dashboard as a Regulation FD disclosure channel.
03—Questions
Frequently Asked Questions
How is Strategy funding its bitcoin purchases?
The filing states that the bitcoin purchases during April 21–27, 2025 were made using proceeds from the Common ATM and STRK ATM programs.
What are the two ATM programs and how much capacity remains?
The Common ATM offers Class A Common Stock (MSTR Shares), was established October 30, 2024, and is sized at $21 billion, with $128.7 million available as of April 27, 2025. The STRK ATM offers 8.00% series A perpetual strike preferred stock (STRK Shares), was established March 10, 2025, and is sized at $21 billion, with $20.92 billion available as of the same date.
What was the average price paid for bitcoin in the latest period?
Strategy acquired 15,355 BTC at an average purchase price of $92,737 per bitcoin during April 21–27, 2025. The aggregate and average purchase prices are inclusive of fees and expenses. Its overall average purchase price across aggregate holdings was $68,459 as of April 27, 2025.
Is the information on the company's website dashboard considered filed with the SEC?
The company states that it uses www.strategy.com as a disclosure channel for Regulation FD purposes, and encourages investors to review it regularly. The information furnished under Item 7.01 is not deemed filed for purposes of Section 18 of the Exchange Act and is not incorporated by reference into other filings unless specifically referenced.
04—Continue