Business Context and Reporting Period
Strategy Inc filed a Form 8-K on September 15, 2025, reporting updates on its at-the-market (ATM) equity offering programs and Bitcoin holdings. The data reflects activity during the period of September 8, 2025, to September 14, 2025, with cumulative totals as of September 14, 2025.
Key Financial Metrics
ATM Offering Activity (Sept 8–14, 2025)
| Security | Shares Sold | Notional Value ($M) | Net Proceeds ($M) |
|---|---|---|---|
| STRF (10.00% Preferred) | 302,503 | $30.3 | $34.0 |
| STRK (8.00% Preferred) | 181,228 | $18.1 | $17.3 |
| STRD (10.00% Preferred) | 208,175 | $20.8 | $16.9 |
| STRC (Variable Rate Preferred) | - | - | - |
| MSTR (Common Stock) | - | - | - |
| Total | 691,906 | $68.2 | $68.2 |
Note: Net proceeds are presented net of sales commissions. The filing lists total net proceeds as $68.2 million, which matches the sum of individual program proceeds.
Cumulative ATM Capacity (As of Sept 14, 2025)
- STRF: $1,749.6 million available.
- STRC: $4,200.0 million available.
- STRK: $20,368.8 million available.
- STRD: $4,151.8 million available.
- MSTR: $16,105.9 million available.
Bitcoin Holdings
- Acquired (Sept 8–14): 525 BTC.
- Purchase Cost (Sept 8–14): $60.2 million (Average price: $114,562).
- Total Holdings (As of Sept 14): 638,985 BTC.
- Total Cost Basis: $47.23 billion (Average price: $73,913).
Material Changes
The filing reports active capital raising through three preferred stock ATM programs (STRF, STRK, STRD) and the MSTR common stock program, though no common shares were sold in the specific week reported. The company utilized proceeds from the preferred stock ATMs to acquire an additional 525 BTC, increasing its total holdings to approximately 639,000 BTC.
Guidance, Outlook, and Risks
The filing does not provide forward-looking financial guidance, earnings outlook, or specific risk factors beyond the standard disclosure that the company maintains a website dashboard for real-time updates on Bitcoin holdings and market prices. The company notes that information on the dashboard is subject to Regulation FD disclosure obligations.
Investor Verification Checklist
- Verify the discrepancy in the STRF program where Net Proceeds ($34.0M) exceed Notional Value ($30.3M), as this is atypical for equity sales net of commissions.
- Confirm the total aggregate purchase price of Bitcoin ($47.23 billion) against the company's most recent 10-Q or 10-K to ensure consistency in cost basis reporting.
- Review the Strategy Inc website dashboard for real-time updates on Bitcoin holdings and ATM program status, as noted in Item 7.01.
- Monitor the remaining capacity of the STRK ATM program, which holds the largest available balance at over $20 billion.