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

Reports
Regulation FD·Other Events
Filing Date
Filed July 21, 2025
Period End
July 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 July 21, 2025. Cited figures are marked; the original filing is the authoritative source.

On July 21, 2025, MicroStrategy Incorporated d/b/a Strategy disclosed weekly updates to its at-the-market (ATM) offering programs and its bitcoin holdings, covering the period July 14 to July 20, 2025.

During that week, the company sold 1,636,373 shares of Class A Common Stock (MSTR) under its common ATM, with net proceeds of $736.4 milliona, and sold 5,441 STRK shares, 2,000 STRF shares and 31,282 STRD shares under its preferred stock ATM programs. Total net proceeds across all programs for the period were $740.3 million, with the common ATM accounting for the largest share. As of July 20, 2025, the common ATM had $17,042.7 million available for issuance and sale.

Strategy also reported bitcoin purchases during the same week. The company acquired 6,220 bitcoin for an aggregate purchase price of $739.8 millionb, with an average purchase price of $118,940 per bitcoin, inclusive of fees and expenses. The filing states that these purchases were made using proceeds from the MSTR, STRK, STRF and STRD ATM programs.

As of July 20, 2025, aggregate bitcoin holdings were 607,770 bitcoin, with an aggregate purchase price of $43.61 billionc and an average purchase price of $71,756 per bitcoin. Under Item 7.01, the company noted that it maintains a dashboard on its website (www.strategy.com) that it uses as a disclosure channel for market prices of its securities, bitcoin purchases and holdings, KPI metrics and other supplemental information.

The company encourages investors to review this dashboard regularly. The Item 7.01 information is furnished rather than filed.

02—Key points

Key Highlights

  1. Common ATM (MSTR) sold 1,636,373 shares during July 14 to July 20, 2025, with $736.4 million in net proceeds; $17,042.7 million remained available under the program, which has a $21 billion size and was established May 1, 2025.
  2. Preferred ATM programs sold 5,441 STRK shares ($0.7 million net proceeds), 2,000 STRF shares ($0.2 million) and 31,282 STRD shares ($3.0 million) during the same period.
  3. Total net proceeds across all ATM programs for the week were $740.3 million.
  4. Strategy acquired 6,220 bitcoin for an aggregate purchase price of $739.8 million, at an average price of $118,940 per bitcoin including fees and expenses, funded by ATM proceeds.
  5. Aggregate bitcoin holdings reached 607,770 as of July 20, 2025, with an aggregate purchase price of $43.61 billion and an average purchase price of $71,756 per bitcoin.
  6. The STRD ATM program was established July 7, 2025 with a $4.2 billion size, and the STRF ATM was established May 22, 2025 with a $2.1 billion size.
  7. The company continues to use its website dashboard (www.strategy.com) as a Regulation FD disclosure channel for securities prices, bitcoin activity and KPI metrics.

03—Questions

Frequently Asked Questions

  1. How much capital did Strategy raise through its ATM programs in the week ended July 20, 2025?

    Total net proceeds across all ATM programs for the period July 14 to July 20, 2025 were $740.3 million. The common ATM contributed $736.4 million, the STRD ATM $3.0 million, the STRF ATM $0.2 million and the STRK ATM $0.7 million. Net proceeds are presented net of sales commissions.

  2. How much bitcoin did Strategy buy during the period, and at what price?

    Strategy acquired 6,220 bitcoin during July 14 to July 20, 2025, for an aggregate purchase price of $739.8 million, at an average purchase price of $118,940 per bitcoin. The filing states that aggregate and average purchase prices include fees and expenses.

  3. What is Strategy's total bitcoin position as of July 20, 2025?

    As of July 20, 2025, Strategy's aggregate bitcoin holdings were 607,770 bitcoin, with an aggregate purchase price of $43.61 billion and an average purchase price of $71,756 per bitcoin.

  4. How are the bitcoin purchases being funded?

    The filing states that the bitcoin purchases were made using proceeds from the MSTR ATM, STRK ATM, STRF ATM and STRD ATM programs.

  5. How much capacity remains under each ATM program?

    As of July 20, 2025, the common ATM had $17,042.7 million available for issuance and sale, the STRK ATM $20,450.2 million, the STRF ATM $1,881.1 million and the STRD ATM $4,182.0 million. The filing lists program sizes of $21 billion for the common ATM, $21 billion for the STRK ATM, $2.1 billion for the STRF ATM and $4.2 billion for the STRD ATM.

04—Continue

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