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Strategy 8-K Report, Regulation FD Disclosure (Dec 15, 2025)

Reports
Regulation FD·Other Events
Filing Date
Filed December 15, 2025
Period End
December 15, 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 December 15, 2025. Cited figures are marked; the original filing is the authoritative source.

Strategy Inc (MSTR) reported on December 15, 2025 under Item 8.01 an update on sales under its at-the-market (ATM) offering program for the period December 8, 2025 to December 14, 2025.

Across its preferred stock and Class A common stock, the company reported total notional value of $989.0 milliona. The largest contributions came from MSTR common stock, with 4,789,664 shares sold and $888.2 million in net proceeds, and STRD preferred stock, with 1,029,202 shares sold, $102.9 million notional and $82.2 million in net proceeds. STRF sold 163,306 shares for $18.0 million in net proceeds, and STRK sold 7,036 shares for $0.6 million.

STRC had no sales during the period. As of December 14, 2025, remaining capacity available for issuance and sale was $12,556.6 millionb for MSTR, $4,042.4 million for STRC, $4,014.8 million for STRD, $1,619.3 million for STRF and $20,335.0 million for STRK. The filing also reports bitcoin activity.

During the same period, Strategy acquired 10,645 bitcoin for an aggregate purchase price of $980.3 millionc, at an average purchase price of $92,098 including fees and expenses. The filing states that these purchases were made using proceeds from ATM sales of STRF, STRK, STRD and MSTR stock. As of December 14, 2025, aggregate bitcoin holdings were 671,268, with an aggregate purchase price of $50.33 billion and an average purchase price of $74,972 per bitcoin.

Under Item 7.01, the company states that it uses its website dashboard (www.strategy.com) as a channel for broad, non-exclusionary public disclosure, including market prices of its securities, bitcoin purchases and holdings, key performance indicator metrics and other supplemental information, and as a means of disclosing information under Regulation FD. Investors are encouraged to review the dashboard regularly. The Item 7.01 information is furnished and not deemed filed for purposes of Section 18 of the Exchange Act.

02—Key points

Key Highlights

  1. Total ATM notional value of $989.0 million sold between December 8 and December 14, 2025, led by MSTR common stock with $888.2 million in net proceeds.
  2. MSTR common stock: 4,789,664 shares sold, with $12,556.6 million still available for issuance and sale as of December 14, 2025.
  3. STRD preferred stock: 1,029,202 shares sold, $102.9 million notional and $82.2 million net proceeds, with $4,014.8 million remaining.
  4. STRC preferred stock had no sales during the period, with $4,042.4 million remaining available.
  5. Strategy acquired 10,645 bitcoin for $980.3 million at an average price of $92,098, funded by ATM sales of STRF, STRK, STRD and MSTR stock.
  6. Aggregate bitcoin holdings reached 671,268 as of December 14, 2025, with an aggregate purchase price of $50.33 billion and an average purchase price of $74,972.
  7. The company points investors to its strategy.com dashboard as a Regulation FD disclosure channel for securities prices, bitcoin activity and key metrics.

03—Questions

Frequently Asked Questions

  1. How much did Strategy raise through its ATM program in the week of December 8 to 14, 2025?

    The filing reports a total notional value of $989.0 million across the ATM securities sold during the period. Net proceeds are presented net of sales commissions, and the filing lists specific net proceeds for each security, including $888.2 million for MSTR common stock and $82.2 million for STRD preferred stock.

  2. How was the bitcoin purchased during the period funded?

    The filing states that the 10,645 bitcoin acquired between December 8 and December 14, 2025 were purchased using proceeds from sales of STRF, STRK, STRD and MSTR stock under the ATM program. The aggregate purchase price for these acquisitions was $980.3 million.

  3. What are Strategy's total bitcoin holdings and their cost basis as of December 14, 2025?

    The filing reports aggregate bitcoin holdings of 671,268 as of December 14, 2025, with an aggregate purchase price of $50.33 billion and an average purchase price of $74,972 per bitcoin. The filing states that purchase prices are inclusive of fees and expenses.

  4. How much capacity remains under the ATM program for each security?

    As of December 14, 2025, the filing lists $12,556.6 million available for MSTR common stock, $20,335.0 million for STRK, $4,042.4 million for STRC, $4,014.8 million for STRD and $1,619.3 million for STRF.

  5. Where does Strategy publish ongoing information for investors?

    The filing states that Strategy maintains a dashboard at www.strategy.com that it uses for broad, non-exclusionary public distribution of information, including market prices of its securities, bitcoin purchases and holdings, key performance indicator metrics and other supplemental information. Investors are encouraged to review it regularly.

04—Continue

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