01—Abstract
Summary
Summary of the 8-K filed May 27, 2025. Cited figures are marked; the original filing is the authoritative source.
On May 26, 2025, MicroStrategy Incorporated d/b/a Strategy (Nasdaq: MSTR/STRK/STRF) announced updates to its at-the-market (ATM) offering programs and bitcoin holdings for the period May 19, 2025 to May 25, 2025.
During that week the company sold 847,000 MSTR Shares, 678,970 STRK Shares and 104,423 STRF Shares, generating total net proceeds of $427.0 milliona after sales commissions. The company stated that these proceeds were used to purchase 4,020 BTC at an aggregate purchase price of $427.1 million, including fees and expenses. As of May 25, 2025, Strategy reported aggregate bitcoin holdings of 580,250 BTC, with an aggregate purchase price of $40.61 billion and an average purchase price of $69,979 per bitcoin, both inclusive of fees and expenses.
The filing lists remaining ATM capacity of $18.63 billionb for the common ATM (established May 1, 2025, size $21 billion), $20.72 billion for the STRK ATM (established March 10, 2025, size $21 billion) and $2.09 billion for the STRF ATM (established May 22, 2025, size $2.1 billion). The filing also incorporates a Regulation FD disclosure noting that the company uses its website dashboard (www.strategy.com) to share information on market prices of its securities, bitcoin purchases and holdings, KPI metrics and other supplemental information. The company describes itself as the world's first and largest Bitcoin Treasury Company.
02—Key points
Key Highlights
- Net proceeds of $427.0 million raised through ATM programs during May 19 to May 25, 2025, across the common (MSTR), STRK and STRF offerings.
- Purchased 4,020 BTC during the week for an aggregate purchase price of $427.1 million, inclusive of fees and expenses, at an average of $106,237 per bitcoin.
- Aggregate bitcoin holdings reached 580,250 BTC as of May 25, 2025, with an aggregate purchase price of $40.61 billion and an average purchase price of $69,979.
- Common MSTR ATM sold 847,000 shares for $348.7 million in net proceeds, with $18.63 billion remaining available under a $21 billion program established May 1, 2025.
- STRK ATM sold 678,970 shares for $67.9 million in net proceeds, with $20.72 billion available under a $21 billion program established March 10, 2025.
- STRF ATM sold 104,423 shares for $10.4 million in net proceeds, with $2.09 billion available under a $2.1 billion program established May 22, 2025.
- The filing points to the company's website dashboard (www.strategy.com) as a Regulation FD disclosure channel for bitcoin purchases, holdings and KPI metrics.
03—Questions
Frequently Asked Questions
How much capital did Strategy raise and how was it used?
Strategy reported net proceeds of $427.0 million from its ATM programs during May 19 to May 25, 2025. The company stated that the bitcoin purchases were made using proceeds from the Common ATM, STRK ATM and STRF ATM.
How much bitcoin does Strategy hold after this update?
As of May 25, 2025, Strategy's aggregate bitcoin holdings were 580,250 BTC, with an aggregate purchase price of $40.61 billion and an average purchase price of $69,979, both inclusive of fees and expenses.
How much capacity remains under the company's ATM programs?
The filing lists $18.63 billion of MSTR Shares available for issuance under the Common ATM, $20.72 billion of STRK Shares under the STRK ATM and $2.09 billion of STRF Shares under the STRF ATM, as of May 25, 2025.
What securities are being sold under the ATM programs?
The programs cover Class A Common Stock (MSTR Shares), 8.00% series A perpetual strike preferred stock (STRK Shares) and 10.00% series A perpetual preferred stock (STRF Shares). The filing describes the common ATM as $21 billion in size, the STRK ATM as $21 billion and the STRF ATM as $2.1 billion.
Where does Strategy disclose information for investors beyond SEC filings?
The company states that it maintains a dashboard on its website (www.strategy.com) for broad, non-exclusionary distribution of information, including market prices of its securities, bitcoin purchases and holdings, KPI metrics and other supplemental information. The company says it also uses the dashboard as one means of disclosing non-public information under Regulation FD.
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