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Strategy 8-K Report, Regulation FD Disclosure (Nov 10, 2025)

Reports
Regulation FD·Other Events
Filing Date
Filed November 10, 2025
Period End
November 10, 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 November 10, 2025. Cited figures are marked; the original filing is the authoritative source.

On November 10, 2025, Strategy Inc (MSTR) filed an 8-K reporting two items: an update on sales under its at-the-market (ATM) offering program and an update on its bitcoin holdings.

For the period November 3 to November 9, 2025, the company sold preferred stock under the ATM with a total notional value of $50.0 milliona. Sales were made across STRF ($16.6 million notional), STRC ($26.2 million), STRK ($5.1 million) and STRD ($1.3 million) preferred stock, with no sales of MSTR Class A common stock. Net proceeds were $18.3 million for STRF, $26.2 million for STRC, $4.5 million for STRK and $1.0 million for STRD.

The company stated that it used the ATM proceeds to acquire 487 bitcoin during the same period, at an aggregate purchase price of $49.9 millionb and an average price of $102,557 per bitcoin, inclusive of fees and expenses. As of November 9, 2025, Strategy's aggregate bitcoin holdings were 641,692 BTC, with an aggregate purchase price of $47.54 billion and an average purchase price of $74,079 per bitcoin. The filing also states that remaining capacity available for issuance under the ATM was $1,641.7 million for STRF, $4,173.8 million for STRC, $20,336.2 million for STRK, $4,132.8 million for STRD and $15,854.4 million for Class A common stock.

The filing also references the company's website dashboard (www.strategy.com) as a Regulation FD disclosure channel for market prices, bitcoin purchases and holdings, key performance indicators and other supplemental information. The Item 7.01 information is furnished rather than filed.

02—Key points

Key Highlights

  1. Strategy sold $50.0 million notional value of preferred stock under its ATM between November 3 and November 9, 2025, with no MSTR common stock sold.
  2. STRC preferred stock accounted for the largest share of sales, with 262,311 shares sold and $26.2 million in notional value.
  3. The company acquired 487 bitcoin for an aggregate purchase price of $49.9 million, at an average price of $102,557 per bitcoin, inclusive of fees and expenses.
  4. As of November 9, 2025, aggregate bitcoin holdings were 641,692 BTC, with an aggregate purchase price of $47.54 billion and an average purchase price of $74,079 per bitcoin.
  5. Remaining ATM capacity as of November 9, 2025 was $20,336.2 million for STRK, $15,854.4 million for Class A common stock, $4,173.8 million for STRC, $4,132.8 million for STRD and $1,641.7 million for STRF.
  6. The bitcoin purchases were funded with proceeds from the sale of STRF, STRC, STRK and STRD stock under the ATM.
  7. The company identifies its website dashboard (www.strategy.com) as a Regulation FD disclosure channel and states that the Item 7.01 information is furnished, not filed.

03—Questions

Frequently Asked Questions

  1. What did Strategy sell under its at-the-market program during the week of November 3 to November 9, 2025?

    Strategy sold preferred stock only: 165,614 shares of STRF with $16.6 million notional value, 262,311 shares of STRC with $26.2 million, 50,881 shares of STRK with $5.1 million, and 12,800 shares of STRD with $1.3 million. Total notional value was $50.0 million. No MSTR Class A common stock was sold.

  2. How were the bitcoin purchases funded?

    The filing states that the bitcoin purchases were made using proceeds from the sale of STRF, STRC, STRK and STRD stock under the ATM program.

  3. How much bitcoin does Strategy hold and at what cost?

    As of November 9, 2025, Strategy's aggregate bitcoin holdings were 641,692 BTC, with an aggregate purchase price of $47.54 billion and an average purchase price of $74,079 per bitcoin, inclusive of fees and expenses.

  4. How much capacity remains under the ATM program?

    As of November 9, 2025, the filing lists remaining capacity of $1,641.7 million for STRF, $4,173.8 million for STRC, $20,336.2 million for STRK, $4,132.8 million for STRD and $15,854.4 million for Class A common stock.

  5. What do the notional value and net proceeds figures represent?

    Notional value is the total face value of the preferred stock sold, which is used to calculate dividends. Net proceeds are presented net of sales commission. For the period, net proceeds were $18.3 million for STRF, $26.2 million for STRC, $4.5 million for STRK and $1.0 million for STRD.

04—Continue

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