Business Context and Reporting Period
Company: MicroStrategy Incorporated (d/b/a Strategy)
Filing Type: Form 8-K (Current Report)
Report Date: July 28, 2025
Reporting Period: Updates cover the week of July 21, 2025, to July 27, 2025, with holdings data as of July 27, 2025.
Key Financial Metrics
At-The-Market (ATM) Offering Programs:
- Common ATM (MSTR): $17,042.7 million available for issuance. No shares sold during the period.
- STRK ATM (8.00% Preferred): $20,450.2 million available. No shares sold during the period.
- STRF ATM (10.00% Preferred): $1,881.1 million available. No shares sold during the period.
- STRD ATM (10.00% Preferred): $4,182.0 million available. No shares sold during the period.
Bitcoin Holdings:
- Aggregate Holdings: 607,770 BTC
- Aggregate Purchase Price: $43.61 billion
- Average Purchase Price: $71,756 per BTC
- Acquisitions (Period): 0 BTC purchased; $0 aggregate purchase price.
Other Metrics: The filing does not provide data on revenue, profit, cash flow, operating margins, or debt levels outside of the ATM program capacities.
Material Changes
There were no material changes to the company's capital structure or Bitcoin holdings during the reporting week (July 21–27, 2025). No shares were sold under any ATM program, and no Bitcoin was acquired.
Guidance, Outlook, and Risks
Management Commentary: The company maintains a public dashboard (www.strategy.com) for disclosing market prices, Bitcoin holdings, and KPIs in compliance with Regulation FD.
Risks and Contingencies: The filing contains no specific discussion of new risks, contingencies, or forward-looking guidance beyond the status of existing ATM programs and Bitcoin holdings.
Investor Verification Checklist
- Verify the current market price of MSTR, STRK, STRF, and STRD to assess the potential dilution impact of the ~$43.5 billion in available ATM capacity.
- Confirm the current spot price of Bitcoin to calculate the unrealized gain or loss on the 607,770 BTC holdings.
- Review the company's website dashboard for any supplemental KPIs or non-public information disclosed under Regulation FD.
- Monitor future 8-K filings for actual execution of ATM sales or new Bitcoin purchases, as none occurred in this period.