01—Abstract
Summary
Summary of the 8-K filed September 2, 2025. Cited figures are marked; the original filing is the authoritative source.
On September 2, 2025, Strategy Inc (MSTR) filed an 8-K reporting two sets of updates covering the period August 26, 2025 to September 1, 2025: activity under its at-the-market (ATM) offering programs and bitcoin purchases.
Under the STRF, STRK, STRD and MSTR ATM programs, the company sold 237,931 STRF shares, 199,509 STRK shares, 12,973 STRD shares and 1,237,000 MSTR shares, with total net proceeds of $471.8 milliona. The STRC ATM showed no shares sold during the period, with $4.2 billion available for issuance. The company acquired 4,048 bitcoin during the period for an aggregate purchase price of $449.3 million, at an average price of $110,981 per bitcoin, inclusive of fees and expenses.
The bitcoin purchases were funded with proceeds from the STRF, STRK, STRD and MSTR ATM programs. As of September 1, 2025, aggregate bitcoin holdings were 636,505 BTC, with an aggregate purchase price of $46.95 billionb and an average purchase price of $73,765 per bitcoin.
The filing also references the company's dashboard at www.Strategy.com, which it uses as a channel for public disclosure, including market prices of its securities, bitcoin purchases and holdings, and KPI metrics. Information furnished under Item 7.01 is not deemed filed for purposes of Section 18 of the Exchange Act.
02—Key points
Key Highlights
- Bitcoin holdings reached 636,505 BTC as of September 1, 2025, with an aggregate purchase price of $46.95 billion and an average purchase price of $73,765 per bitcoin.
- The company acquired 4,048 BTC during August 26 to September 1, 2025, for an aggregate purchase price of $449.3 million (average $110,981 per bitcoin, inclusive of fees and expenses).
- Total net proceeds from ATM sales during the period were $471.8 million, led by $26.5 million from STRF, $19.0 million from STRK, $1.0 million from STRD and $425.3 million from the MSTR ATM.
- The STRF ATM sold 237,931 shares with $1,795.3 million available for future issuance; the STRK ATM sold 199,509 shares with $20,391.3 million available.
- No STRC shares were sold during the period; the STRC ATM program, established July 31, 2025, had $4,200.0 million available for issuance.
- The MSTR ATM sold 1,237,000 common shares during the period, with $16,306.7 million remaining available for issuance under the $21 billion program established May 1, 2025.
- The company stated that the bitcoin purchases were funded with proceeds from the STRF, STRK, STRD and MSTR ATM programs.
03—Questions
Frequently Asked Questions
How much bitcoin did Strategy acquire in this reporting period?
Strategy acquired 4,048 bitcoin during August 26 to September 1, 2025, for an aggregate purchase price of $449.3 million, inclusive of fees and expenses.
What is Strategy's total bitcoin holding and average cost?
As of September 1, 2025, Strategy held 636,505 bitcoin with an aggregate purchase price of $46.95 billion and an average purchase price of $73,765 per bitcoin.
How were the bitcoin purchases funded?
The filing states the bitcoin purchases were made using proceeds from the STRF, STRK, STRD and MSTR ATM programs.
How much capacity remains under the company's ATM programs?
As of September 1, 2025, the filing shows $1,795.3 million available under the STRF ATM, $4,200.0 million under the STRC ATM, $20,391.3 million under the STRK ATM, $4,168.8 million under the STRD ATM, and $16,306.7 million under the MSTR ATM.
Did the company sell any STRC preferred shares in this period?
No. The filing shows no STRC shares sold during August 26 to September 1, 2025, with the full $4.2 billion available for issuance as of September 1, 2025.
04—Continue