01—Abstract
Summary
Summary of the 8-K filed September 22, 2025. Cited figures are marked; the original filing is the authoritative source.
On September 22, 2025, Strategy Inc (MSTR) filed an 8-K reporting updates on its at-the-market (ATM) offering programs and its bitcoin holdings for the period September 15 to September 21, 2025.
During that week, the company sold 173,834 STRF Shares for a notional value of $17.4 milliona and net proceeds of $19.4 million, and sold 227,401 MSTR Shares for $80.6 million in net proceeds. The STRC, STRK and STRD ATM programs reported no shares sold in the period. Total net proceeds across the programs were $100.0 million for the week.
In the same period, Strategy acquired 850 bitcoin for an aggregate purchase price of $99.7 millionb, at an average price of $117,344 inclusive of fees and expenses. As of September 21, 2025, its aggregate bitcoin holdings were 639,835 BTC, with an aggregate purchase price of $47.33 billion and an average purchase price of $73,971. The filing states that the bitcoin purchases were funded by proceeds from the STRF and MSTR ATM programs.
The filing also references the company's dashboard on its website (www.Strategy.com) as a channel for public disclosure, including market prices of its securities, bitcoin holdings and KPI metrics. The Item 7.01 information is furnished rather than filed for purposes of Section 18 of the Exchange Act.
02—Key points
Key Highlights
- Bitcoin holdings reached 639,835 BTC as of September 21, 2025, with an aggregate purchase price of $47.33 billion and an average purchase price of $73,971.
- 850 BTC were acquired during the week of September 15-21, 2025, for an aggregate purchase price of $99.7 million at an average of $117,344 (inclusive of fees and expenses).
- The MSTR ATM program sold 227,401 Class A common shares, generating $80.6 million in net proceeds for the week; approximately $16.03 billion remained available for issuance under that program.
- The STRF ATM program sold 173,834 STRF Shares with a notional value of $17.4 million and net proceeds of $19.4 million; $1.73 billion remained available.
- The STRC, STRK and STRD ATM programs reported no shares sold during the period; available capacity was $4.2 billion for STRC, $20.37 billion for STRK and $4.15 billion for STRD.
- Total net proceeds across ATM programs for the week were $100.0 million, and the bitcoin purchases were funded by proceeds from the STRF and MSTR ATM programs.
03—Questions
Frequently Asked Questions
What did Strategy disclose about its bitcoin purchases in this filing?
Strategy acquired 850 bitcoin during September 15-21, 2025, for an aggregate purchase price of $99.7 million, inclusive of fees and expenses. As of September 21, 2025, total holdings were 639,835 BTC, with an aggregate purchase price of $47.33 billion and an average purchase price of $73,971.
Which at-the-market programs were used to raise capital during the week?
The filing reports sales under the STRF ATM (173,834 STRF Shares, $19.4 million in net proceeds) and the MSTR ATM (227,401 Class A common shares, $80.6 million in net proceeds). The STRC, STRK and STRD programs reported no sales for the period.
How were the bitcoin purchases funded?
According to the filing, the bitcoin purchases were made using proceeds from the STRF ATM and MSTR ATM programs.
How much capacity remains under the ATM programs?
As of September 21, 2025, the filing lists $1,730.1 million available under the STRF ATM, $4,200.0 million under the STRC ATM, $20,368.8 million under the STRK ATM, $4,151.8 million under the STRD ATM and $16,025.3 million under the MSTR ATM.
Where does Strategy share market and KPI information outside of SEC filings?
Strategy states that it maintains a dashboard at www.Strategy.com, which it uses as a disclosure channel for broad public distribution of information, including securities market prices, bitcoin purchases and holdings, KPI metrics and supplemental information, and as one means of complying with Regulation FD.
04—Continue