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Strategy 8-K Report, Regulation FD Disclosure (Jan 5, 2026)

Reports
Regulation FD·Other Events
Filing Date
Filed January 5, 2026
Period End
January 5, 2026
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 January 5, 2026. Cited figures are marked; the original filing is the authoritative source.

Strategy Inc (MSTR) reported in an 8-K filed January 5, 2026, that it sold 1,255,911 shares of its Class A Common Stock (MSTR) under its at-the-market (ATM) program during December 29 to 31, 2025, for net proceeds of $195.9 milliona.

From January 1 to 4, 2026, it sold 735,000 MSTR shares for net proceeds of $116.3 millionb. No preferred stock (STRF, STRC, STRK, STRD) was sold under the ATM in either period. The company used the MSTR proceeds to buy bitcoin: 3 BTC in the December period and 1,283 BTC for $116.0 million in the January period, bringing aggregate holdings to 673,783 BTC as of January 4, 2026, at an aggregate purchase price of $50.55 billion (average price $75,026, inclusive of fees and expenses).

The filing also presented unaudited Q4 2025 financial figures prepared by management. For the full year 2025, Strategy reported a $5.40 billionc unrealized loss on digital assets and a $1.55 billion associated deferred tax benefit. For the three months ended December 31, 2025, it reported a $17.44 billion unrealized loss and a $5.01 billion deferred tax benefit.

As of December 31, 2025, digital asset carrying value was $58.85 billiond, with a $2.42 billion related deferred tax liability. KPMG LLP has not audited or reviewed these figures. Strategy also disclosed a U.S. dollar reserve, used to support preferred stock dividends and interest on its indebtedness, with a balance of $2.25 billion as of January 4, 2026.

The company states that it may adjust this reserve at its sole and absolute discretion based on market conditions, liquidity needs and other factors. Remaining ATM capacity as of January 4, 2026 was $11,386.3 million for MSTR, $4,042.4 million for STRC, $20,335.0 million for STRK, $4,014.8 million for STRD and $1,619.3 million for STRF.

02—Key points

Key Highlights

  1. ATM common stock sales: 1,255,911 MSTR shares sold December 29-31, 2025 ($195.9 million net proceeds) and 735,000 shares sold January 1-4, 2026 ($116.3 million net proceeds).
  2. Bitcoin purchases: 3 BTC acquired December 29-31, 2025, and 1,283 BTC ($116.0 million) acquired January 1-4, 2026, all funded by MSTR ATM proceeds.
  3. Aggregate bitcoin holdings reached 673,783 BTC as of January 4, 2026, with an aggregate purchase price of $50.55 billion and an average purchase price of $75,026.
  4. FY2025 unrealized loss on digital assets of $5.40 billion ($1.55 billion deferred tax benefit); Q4 2025 unrealized loss of $17.44 billion ($5.01 billion deferred tax benefit).
  5. Digital asset carrying value of $58.85 billion and a related deferred tax liability of $2.42 billion as of December 31, 2025, per unaudited management-prepared figures.
  6. U.S. dollar reserve balance of $2.25 billion as of January 4, 2026, supporting preferred dividends and interest, subject to management's sole discretion.
  7. Remaining ATM capacity as of January 4, 2026 included $11,386.3 million for MSTR and $20,335.0 million for STRK, among other securities.

03—Questions

Frequently Asked Questions

  1. How much did Strategy raise through its ATM program in the periods covered?

    Strategy sold 1,255,911 MSTR Class A Common Stock shares for $195.9 million in net proceeds from December 29 to 31, 2025, and 735,000 shares for $116.3 million in net proceeds from January 1 to 4, 2026. No preferred stock was sold under the ATM in either period.

  2. How much bitcoin did Strategy hold after these purchases?

    As of January 4, 2026, Strategy held 673,783 BTC, up from 672,500 BTC as of December 31, 2025. The aggregate purchase price of these holdings was $50.55 billion, with an average purchase price of $75,026, inclusive of fees and expenses.

  3. What were the reported unrealized losses on digital assets?

    For the full year 2025, Strategy reported a $5.40 billion unrealized loss on digital assets and a $1.55 billion associated deferred tax benefit. For the three months ended December 31, 2025, the unrealized loss was $17.44 billion, with a $5.01 billion deferred tax benefit.

  4. Has the financial information in this filing been audited?

    No. The filing states that the financial information was prepared by Strategy management and that its independent registered public accounting firm, KPMG LLP, has not audited or reviewed it and does not express an opinion on it.

  5. What is the USD Reserve and how might it change?

    The USD Reserve is a U.S. dollar reserve that Strategy maintains to support dividend payments on its preferred stock and interest on its outstanding indebtedness. It had a balance of $2.25 billion as of January 4, 2026. Strategy states that the reserve's maintenance, terms and amount remain at its sole and absolute discretion and may be adjusted based on market conditions, liquidity needs and other factors.

04—Continue

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