01—Abstract
Summary
Summary of the 8-K filed December 8, 2025. Cited figures are marked; the original filing is the authoritative source.
On December 8, 2025, Strategy Inc reported under Item 8.01 an update on sales under its at-the-market (ATM) offering program for the period December 1 to December 7, 2025.
During that week the company sold 442,536 shares of its STRD preferred stock (net proceeds of $34.9 milliona, notional value $44.3 million) and 5,127,684 shares of MSTR Class A common stock (net proceeds of $928.1 million). No STRF, STRC or STRK shares were sold. The total net proceeds for the period were $963.0 million, and as of December 7, 2025 the remaining capacity available for issuance and sale was $1,637.3 million for STRF, $4,042.4 million for STRC, $20,335.7 million for STRK, $4,097.8 million for STRD and $13,445.7 million for MSTR.
Under a separate Item 8.01 BTC update, Strategy stated that it acquired 10,624 bitcoin during the same period for an aggregate purchase price of $962.7 millionb (average price of $90,615, inclusive of fees and expenses), funded by proceeds from the sale of STRD and MSTR shares under the ATM. As of December 7, 2025, aggregate bitcoin holdings were 660,624 BTC, with an aggregate purchase price of $49.35 billion and an average purchase price of $74,696.
Under Item 7.01, the company reiterated that its website dashboard (www.strategy.com) is a Regulation FD disclosure channel for information including securities market prices, bitcoin purchases and holdings, and key performance indicators, and it encouraged investors to review that dashboard regularly. The Item 7.01 information is furnished rather than filed.
02—Key points
Key Highlights
- Week of December 1-7, 2025: ATM sales totaled $963.0 million in net proceeds, with MSTR common stock contributing $928.1 million and STRD preferred stock contributing $34.9 million.
- Bitcoin acquisitions: 10,624 BTC were bought for an aggregate purchase price of $962.7 million, funded by ATM proceeds from STRD and MSTR sales.
- Aggregate bitcoin holdings reached 660,624 BTC as of December 7, 2025, with an aggregate purchase price of $49.35 billion and an average purchase price of $74,696.
- No sales were reported under the STRF, STRC or STRK preferred stock ATM programs during the period.
- Remaining ATM capacity as of December 7, 2025: MSTR $13,445.7 million, STRK $20,335.7 million, STRC $4,042.4 million, STRD $4,097.8 million and STRF $1,637.3 million.
- The average bitcoin purchase price for the week was $90,615, above the company's cumulative average purchase price of $74,696.
- The company reiterated its website dashboard as a Regulation FD disclosure channel for market prices, bitcoin holdings and key performance indicators.
03—Questions
Frequently Asked Questions
How much capital did Strategy raise through its ATM program during the week of December 1-7, 2025?
Strategy reported total net proceeds of $963.0 million from ATM sales. Of this, $928.1 million came from 5,127,684 shares of MSTR Class A common stock and $34.9 million came from 442,536 shares of STRD preferred stock, with net proceeds presented net of sales commissions.
How much bitcoin did Strategy buy and how was it funded?
Strategy acquired 10,624 bitcoin for an aggregate purchase price of $962.7 million, with an average purchase price of $90,615 inclusive of fees and expenses. The filing states the purchases were made using proceeds from the sale of STRD and MSTR shares under the ATM.
What are Strategy's total bitcoin holdings and their cost basis?
As of December 7, 2025, Strategy held 660,624 bitcoin with an aggregate purchase price of $49.35 billion and an average purchase price of $74,696, inclusive of fees and expenses.
How much capacity remains under Strategy's ATM programs?
As of December 7, 2025, the filing lists remaining availability of $13,445.7 million for MSTR common stock, $20,335.7 million for STRK, $4,042.4 million for STRC, $4,097.8 million for STRD and $1,637.3 million for STRF.
Why does the filing mention the company's website dashboard?
Strategy stated that its dashboard at www.strategy.com is a channel for broad, non-exclusionary public distribution of information, including market prices of its securities, bitcoin purchases and holdings, and key performance metrics. The company also said it uses the dashboard as one means of disclosing non-public information under Regulation FD, and it encouraged investors to review it regularly.
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