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Strategy 8-K Report, Regulation FD Disclosure (Nov 17, 2025)

Reports
Regulation FD·Other Events
Filing Date
Filed November 17, 2025
Period End
November 17, 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 17, 2025. Cited figures are marked; the original filing is the authoritative source.

Strategy Inc (MSTR) reported in this Form 8-K, dated November 17, 2025, its at-the-market (ATM) sales and bitcoin activity for the period November 10 through November 16, 2025.

During that week, ATM sales of preferred stock totaled $136.1 milliona in notional value. STRC accounted for the bulk of that, with 1,313,641 shares sold for $131.4 million in notional value and $131.2 million in net proceeds. STRF and STRK added smaller amounts, and no STRD or MSTR Class A common stock was sold.

As of November 16, 2025, the filing lists remaining ATM capacity of $1,637.3 millionb for STRF, $4,042.4 million for STRC, $20,335.7 million for STRK, $4,132.8 million for STRD, and $15,854.4 million for MSTR common stock. The filing also updates the company's October 2025 preferred offering. On November 13, 2025, Strategy completed the public offering of 7,750,000 shares of its 10.00% Series A Perpetual Stream Preferred Stock (STRE) at €80.00 per share.

Gross proceeds were approximately €620.0 million ($716.8 millionc), and net proceeds were approximately €608.8 million ($703.9 million), based on an exchange rate of €1.00/$1.1561. On the bitcoin side, Strategy acquired 8,178 BTC during the week for an aggregate purchase price of $835.6 million, at an average price of $102,171 per bitcoin, including fees and expenses.

The filing states these purchases were funded by the STRE offering proceeds and ATM sales of STRF, STRC and STRK. As of November 16, 2025, aggregate holdings stood at 649,870 BTC, with an aggregate purchase price of $48.37 billiond and an average purchase price of $74,433 per bitcoin.

02—Key points

Key Highlights

  1. Bitcoin holdings reached 649,870 BTC as of November 16, 2025, with an aggregate purchase price of $48.37 billion and an average purchase price of $74,433.
  2. Strategy acquired 8,178 BTC during November 10–16, 2025 for an aggregate $835.6 million, at an average price of $102,171 including fees.
  3. The STRE perpetual preferred offering closed November 13, 2025: 7,750,000 shares at €80.00, with gross proceeds of about $716.8 million and net proceeds of about $703.9 million.
  4. ATM preferred sales totaled $136.1 million in notional value during the week, led by STRC with 1,313,641 shares sold for $131.4 million.
  5. STRD and MSTR common stock saw no ATM sales during the reporting week.
  6. Remaining ATM capacity as of November 16, 2025 was largest for STRK ($20,335.7 million) and MSTR common stock ($15,854.4 million).
  7. The filing references a strategy.com dashboard as a Regulation FD disclosure channel, and the Item 7.01 information is furnished rather than filed under the Exchange Act.

03—Questions

Frequently Asked Questions

  1. How much bitcoin did Strategy buy in the week ending November 16, 2025, and how was it funded?

    Strategy acquired 8,178 BTC for an aggregate purchase price of $835.6 million, at an average price of $102,171 per bitcoin, inclusive of fees and expenses. The filing states the purchases were made using proceeds from the STRE offering and from sales of STRF, STRC and STRK stock under the ATM program.

  2. What are Strategy's total bitcoin holdings and their cost basis?

    As of November 16, 2025, Strategy held 649,870 BTC with an aggregate purchase price of $48.37 billion, an average purchase price of $74,433 per bitcoin, inclusive of fees and expenses.

  3. What was the STRE preferred stock offering and how much did it raise?

    On November 13, 2025, Strategy completed the public offering of 7,750,000 shares of its 10.00% Series A Perpetual Stream Preferred Stock at €80.00 per share. Gross proceeds were approximately €620.0 million ($716.8 million) and net proceeds were approximately €608.8 million ($703.9 million), after underwriting discounts, commissions and estimated offering expenses, at a rate of €1.00/$1.1561.

  4. How much capital did the ATM program raise during the reporting week, and which securities drove it?

    ATM sales totaled $136.1 million in notional value during November 10–16, 2025. STRC contributed the most, with 1,313,641 shares sold for $131.4 million in notional value and $131.2 million in net proceeds. STRF sold 39,957 shares for $4.0 million notional, and STRK sold 5,513 shares for $0.6 million notional. No STRD or MSTR common stock was sold.

  5. How much capacity remains under the ATM program?

    As of November 16, 2025, the filing lists capacity available for issuance and sale of $1,637.3 million for STRF, $4,042.4 million for STRC, $20,335.7 million for STRK, $4,132.8 million for STRD, and $15,854.4 million for MSTR Class A common stock.

04—Continue

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