Business Context and Reporting Period
Strategy Inc filed a Form 8-K on November 17, 2025, reporting current events regarding capital raising activities and asset acquisitions. The company operates an At-The-Market (ATM) offering program for various preferred and common stock classes and maintains a significant Bitcoin (BTC) treasury.
Key Financial Metrics and Capital Activities
ATM Offering Program (Nov 10–16, 2025)
| Security | Shares Sold | Notional Value ($M) | Net Proceeds ($M) | Available for Sale ($M) |
|---|---|---|---|---|
| STRF (10.00% Perpetual) | 39,957 | 4.0 | 4.4 | 1,637.3 |
| STRC (Variable Rate) | 1,313,641 | 131.4 | 131.2 | 4,042.4 |
| STRK (8.00% Perpetual) | 5,513 | 0.6 | 0.5 | 20,335.7 |
| STRD (10.00% Perpetual) | - | - | - | 4,132.8 |
| MSTR (Common Stock) | - | - | - | 15,854.4 |
| Total | - | 136.1 | - | - |
STRE Preferred Stock Offering
On November 13, 2025, Strategy completed a public offering of 7,750,000 shares of 10.00% Series A Perpetual Stream Preferred Stock (STRE).
- Offering Price: €80.00 per share.
- Gross Proceeds: Approximately €620.0 million ($716.8 million).
- Net Proceeds: Approximately €608.8 million ($703.9 million).
- Exchange Rate Used: €1.00 = $1.1561.
Bitcoin Holdings Update
As of November 16, 2025, Strategy reported the following Bitcoin metrics:
- Aggregate Holdings: 649,870 BTC.
- Total Aggregate Purchase Price: $48.37 billion.
- Average Purchase Price: $74,433 per BTC.
- Recent Acquisitions (Nov 10–16): 8,178 BTC acquired for $835.6 million (average price $102,171).
Material Changes and Commentary
The primary material change during the reporting period was the significant increase in Bitcoin holdings, funded by the proceeds from the STRE preferred stock offering and sales under the ATM program. The average purchase price for the recent acquisition ($102,171) was notably higher than the company's historical average ($74,433), reflecting recent market price levels.
Management utilizes a public dashboard (www.strategy.com) to disclose non-public information regarding market prices, Bitcoin purchases, and key performance indicators in compliance with Regulation FD.
Investor Verification Checklist
- Currency Conversion: Verify the impact of the €1.00/$1.1561 exchange rate used for the STRE offering proceeds on actual USD liquidity.
- Cost Basis Impact: Assess how the recent high-cost BTC purchases ($102,171 avg) affect the overall unrealized gain/loss position relative to the $74,433 average cost basis.
- ATM Capacity: Review the remaining capacity under the ATM program, which totals over $45 billion across all security classes.
- Dividend Obligations: Confirm the dividend payout requirements for the newly issued STRE stock and existing perpetual preferred classes (STRF, STRC, STRK, STRD).