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Strategy 8-K Report, Regulation FD Disclosure (Dec 22, 2025)

Reports
Regulation FD·Other Events
Filing Date
Filed December 22, 2025
Period End
December 22, 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 22, 2025. Cited figures are marked; the original filing is the authoritative source.

On December 22, 2025, Strategy Inc reported an update covering its at-the-market (ATM) offering program, bitcoin holdings, and its USD Reserve for the period December 15 to December 21, 2025.

During that week, Strategy sold 4,535,000 shares of MSTR Class A Common Stock under the ATM for net proceeds of $747.8 milliona. No shares of STRF, STRC, STRK, or STRD were sold during the period. As of December 21, 2025, the remaining amounts available for issuance and sale were $1,619.3 million for STRF, $4,042.4 million for STRC, $20,335.0 million for STRK, $4,014.8 million for STRD, and $11,807.9 million for MSTR.

Strategy made no bitcoin purchases during the week. As of December 21, 2025, it held 671,268 bitcoin with an aggregate purchase price of $50.33 billionb (inclusive of fees and expenses) and an average purchase price of $74,972. The filing does not state a bitcoin price as of the filing date.

The company established a US dollar reserve (the "USD Reserve") on December 1, 2025, initially at $1.44 billionc, to support dividend payments on preferred stock and interest on outstanding indebtedness. As of December 21, 2025, the USD Reserve balance was $2.19 billion.

Strategy states that the maintenance, terms, and amount of the reserve remain at its sole and absolute discretion and may be adjusted based on market conditions, liquidity needs, and other factors. The filing also references the company's website dashboard (www.strategy.com) as a Regulation FD disclosure channel.

02—Key points

Key Highlights

  1. ATM issuance during the week of December 15-21, 2025 consisted solely of 4,535,000 MSTR Class A Common Stock shares, generating $747.8 million in net proceeds after sales commissions.
  2. No STRF, STRC, STRK, or STRD preferred shares were sold under the ATM during the reporting week.
  3. Remaining ATM capacity as of December 21, 2025: MSTR $11,807.9 million, STRK $20,335.0 million, STRC $4,042.4 million, STRD $4,014.8 million, and STRF $1,619.3 million.
  4. Strategy made no bitcoin purchases during the week and held 671,268 BTC as of December 21, 2025.
  5. Aggregate bitcoin purchase price was $50.33 billion with an average purchase price of $74,972 per bitcoin, inclusive of fees and expenses.
  6. The USD Reserve, established December 1, 2025 at $1.44 billion, had grown to $2.19 billion as of December 21, 2025, to support preferred dividends and debt interest.
  7. Strategy notes the USD Reserve and its size remain subject to its sole and absolute discretion and may be adjusted over time.

03—Questions

Frequently Asked Questions

  1. How much did Strategy raise through its ATM program in the week ending December 21, 2025?

    Strategy reported net proceeds of $747.8 million from the sale of 4,535,000 shares of MSTR Class A Common Stock. No preferred stock was sold during the period.

  2. Did Strategy buy more bitcoin during the week?

    No. The filing states that no bitcoin purchases were made this week. Aggregate holdings as of December 21, 2025 were 671,268 bitcoin.

  3. What is the USD Reserve and how large is it?

    The USD Reserve is a US dollar reserve Strategy established on December 1, 2025, initially at $1.44 billion, to support dividend payments on preferred stock and interest on its indebtedness. As of December 21, 2025, its balance was $2.19 billion. Strategy may adjust it based on market conditions, liquidity needs, and other factors.

  4. How much capacity remains under the ATM program?

    As of December 21, 2025, the amounts available for issuance and sale were $11,807.9 million 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. What is Strategy's average cost basis for its bitcoin holdings?

    As of December 21, 2025, the average purchase price was $74,972 per bitcoin, with an aggregate purchase price of $50.33 billion, both inclusive of fees and expenses.

04—Continue

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