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Strategy 8-K Report, Regulation FD Disclosure (Aug 18, 2025)

Reports
Regulation FD·Other Events·Exhibits & Filings
Filing Date
Filed August 18, 2025
Period End
August 18, 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 August 18, 2025. Cited figures are marked; the original filing is the authoritative source.

On August 18, 2025, Strategy Inc (MSTR) filed an 8-K reporting updates to its at-the-market (ATM) offering programs and its bitcoin holdings for the period August 11 through August 17, 2025.

During that week the company sold 179,687 STRK shares ($18.0 milliona notional value, $19.3 million net proceeds), 162,670 STRF shares ($16.3 million notional, $19.0 million net proceeds), and 140,789 STRD shares ($14.1 million notional, $12.1 million net proceeds). No Common ATM (MSTR Shares) or STRC sales were reported in the period. As of August 17, 2025, the remaining availability under the programs was $17,042.7 million for the Common ATM, $20,430.9 million for STRK, $1,848.4 million for STRF, $4,169.9 million for STRD, and $4,200.0 million for STRC.

The company also reported that it acquired 430 bitcoin during the period for an aggregate purchase price of $51.4 millionb, at an average price of $119,666 per bitcoin, funded using proceeds from the STRK, STRF and STRD ATM programs. As of August 17, 2025, aggregate bitcoin holdings were 629,376 BTC, with an aggregate purchase price of $46.15 billion and an average purchase price of $73,320 per bitcoin (both figures inclusive of fees and expenses). Under Item 7.01, Strategy updated its guidance on the intended use of proceeds from the Common ATM.

When mNAV (as defined on Strategy.com) is below 2.5x, the company will tactically issue MSTR Shares to pay interest on debt obligations, fund preferred equity dividends, and when otherwise deemed advantageous. The accompanying Exhibit 99.1 slide describes intended actions across mNAV bands: between 2.5x and 4.0x, opportunistic MSTR issuance to acquire bitcoin; above 4.0x, active issuance to acquire bitcoin; and below 1.0x, consideration of issuing credit to repurchase MSTR. The slide also lists implied MSTR prices of $210,c $600 and $1,000 as of August 17, 2025.

02—Key points

Key Highlights

  1. Bitcoin holdings reached 629,376 BTC as of August 17, 2025, with an aggregate purchase price of $46.15 billion and an average purchase price of $73,320 per bitcoin.
  2. The company acquired 430 BTC during August 11-17, 2025 for an aggregate purchase price of $51.4 million (average $119,666 per bitcoin), funded by STRK, STRF and STRD ATM proceeds.
  3. No Common ATM (MSTR Shares) or STRC shares were sold during the August 11-17, 2025 period; preferred ATM sales were limited to STRK, STRF and STRD.
  4. Remaining ATM capacity as of August 17, 2025 was $17,042.7 million (Common), $20,430.9 million (STRK), $1,848.4 million (STRF), $4,169.9 million (STRD) and $4,200.0 million (STRC).
  5. Updated MSTR equity guidance: below 2.5x mNAV, MSTR shares will be tactically issued to pay debt interest, fund preferred dividends, or when otherwise deemed advantageous.
  6. Between 2.5x and 4.0x mNAV, the company will opportunistically issue MSTR shares to acquire bitcoin; above 4.0x, it will actively do so; below 1.0x, it will consider issuing credit to repurchase MSTR.
  7. The filing states the company's view that shareholders benefit from management flexibility in executing its capital markets strategy.

03—Questions

Frequently Asked Questions

  1. How much bitcoin does Strategy hold and what did it pay for it?

    As of August 17, 2025, Strategy held 629,376 BTC with an aggregate purchase price of $46.15 billion, an average purchase price of $73,320 per bitcoin, with figures inclusive of fees and expenses.

  2. How much bitcoin did Strategy buy in the week of August 11-17, 2025?

    The company acquired 430 BTC for an aggregate purchase price of $51.4 million, at an average price of $119,666 per bitcoin. The purchases were funded using proceeds from the STRK, STRF and STRD ATM programs.

  3. How will Strategy use common stock issuance under its updated guidance?

    When mNAV is below 2.5x, Strategy will tactically issue MSTR shares to pay interest on debt obligations, fund preferred equity dividends, and when otherwise deemed advantageous. Between 2.5x and 4.0x mNAV it will opportunistically issue MSTR to acquire bitcoin, and above 4.0x it will actively do so.

  4. How much capacity remains under Strategy's at-the-market programs?

    As of August 17, 2025, remaining availability was $17,042.7 million under the Common ATM, $20,430.9 million under STRK, $1,848.4 million under STRF, $4,169.9 million under STRD and $4,200.0 million under STRC.

  5. Did Strategy sell any shares under its ATM programs during the week?

    Yes, in the period August 11-17, 2025 the company sold 179,687 STRK shares ($19.3 million net proceeds), 162,670 STRF shares ($19.0 million net proceeds) and 140,789 STRD shares ($12.1 million net proceeds). No Common ATM or STRC shares were sold in that period.

04—Continue

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