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Strategy 8-K Report, Regulation FD Disclosure (Jun 30, 2025)

Reports
Regulation FD·Other Events
Filing Date
Filed June 30, 2025
Period End
June 30, 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 June 30, 2025. Cited figures are marked; the original filing is the authoritative source.

On June 30, 2025, MicroStrategy Incorporated, d/b/a Strategy, reported updates on its at-the-market (ATM) offering programs and its bitcoin holdings.

For the period June 23 to June 29, 2025, the Company sold 1,354,500 shares of Class A Common Stock (MSTR Shares) under its Common ATM, with net proceeds of $519.5 milliona, and sold 276,071 shares of 8.00% Series A perpetual strike preferred stock (STRK) for $27.6 million notional value and 284,225 shares of 10.00% Series A perpetual strife preferred stock (STRF) for $28.4 million notional value. Total net proceeds across the programs were $578.1 million. As of June 29, 2025, the Common ATM had $18,111.0 million available for issuance and sale, the STRK ATM had $20,522.1 million available, and the STRF ATM had $1,936.7 million available.

On the bitcoin side, the Company acquired 4,980 bitcoin during the same week for an aggregate purchase price of $531.9 millionb, at an average purchase price of $106,801 per bitcoin, with purchases funded by proceeds from the MSTR, STRK and STRF ATM programs. As of June 29, 2025, aggregate bitcoin holdings were 597,325 BTC, with an aggregate purchase price of $42.40 billion and an average purchase price of $70,982 per bitcoin. Aggregate and average purchase prices include fees and expenses.

The Company also disclosed that it paid quarterly cash dividends on its STRK and STRF preferred shares on June 30, 2025, at $2.00c and approximately $2.64 per share respectively, funded by net proceeds from the Common ATM. The Company stated that it may continue to use Common ATM proceeds for general corporate purposes, including preferred dividend payments. The filing also notes the company's website dashboard (www.strategy.com) as a Regulation FD disclosure channel.

02—Key points

Key Highlights

  1. Week of June 23 to June 29, 2025: 1,354,500 MSTR shares sold under the Common ATM, with $519.5 million in net proceeds
  2. Preferred ATM activity: 276,071 STRK shares ($27.6 million notional, $28.9 million net proceeds) and 284,225 STRF shares ($28.4 million notional, $29.7 million net proceeds) sold
  3. Total net proceeds from ATM sales during the period: $578.1 million
  4. Remaining ATM capacity as of June 29, 2025: $18,111.0 million (Common), $20,522.1 million (STRK), $1,936.7 million (STRF)
  5. Bitcoin acquired during the week: 4,980 BTC for an aggregate $531.9 million at an average price of $106,801
  6. Aggregate bitcoin holdings as of June 29, 2025: 597,325 BTC with an aggregate purchase price of $42.40 billion (average $70,982 per bitcoin)
  7. Preferred dividends of $2.00 (STRK) and approximately $2.64 (STRF) per share paid on June 30, 2025, funded by Common ATM proceeds

03—Questions

Frequently Asked Questions

  1. How is Strategy funding its bitcoin purchases?

    The filing states that the bitcoin purchases during the June 23 to June 29, 2025 period were made using proceeds from the MSTR ATM, STRK ATM and STRF ATM programs.

  2. How were the preferred stock dividends funded?

    On June 30, 2025, the Company funded the STRK and STRF dividend payments using net proceeds from sales of shares under its Common ATM. The Company may continue to use future Common ATM proceeds for general corporate purposes, which may include preferred dividend payments.

  3. What are the sizes and establishment dates of the ATM programs?

    The Common ATM has a size of $21 billion and was established May 1, 2025. The STRK ATM has a size of $21 billion and was established March 10, 2025. The STRF ATM has a size of $2.1 billion and was established May 22, 2025.

  4. What is the average purchase price of the Company's bitcoin holdings?

    As of June 29, 2025, aggregate bitcoin holdings of 597,325 BTC had an aggregate purchase price of $42.40 billion and an average purchase price of $70,982 per bitcoin, with purchase prices inclusive of fees and expenses.

  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. It includes information on market prices of outstanding securities, bitcoin purchases and holdings, KPI metrics and other supplemental information. Under Item 7.01, the information is furnished and not deemed filed under Section 18 of the Exchange Act.

04—Continue

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