Strategy Inc current report, Q3 FY2025

Business Context and Reporting Period

This Form 8-K is a current report filed by MicroStrategy Incorporated (d/b/a Strategy) on August 4, 2025. The filing discloses updates regarding the Company's at-the-market (ATM) equity offering programs and its Bitcoin (BTC) holdings as of August 3, 2025.

Key Financial Metrics and Capital Activities

ATM Offering Programs

During the period of July 28, 2025, to August 3, 2025, the Company reported no shares sold, notional value, or net proceeds across its five active ATM programs. The total capacity available for issuance and sale as of August 3, 2025, is summarized below:

ProgramSecurity TypeAvailable for Issuance ($ millions)
Common ATMClass A Common Stock$17,042.7
STRK ATM8.00% Series A Perpetual Strike Preferred$20,450.2
STRF ATM10.00% Series A Perpetual Strife Preferred$1,881.1
STRD ATM10.00% Series A Perpetual Stride Preferred$4,182.0
STRC ATMVariable Rate Series A Perpetual Stretch Preferred$4,200.0

Recent Equity Offering (STRC)

On July 29, 2025, the Company completed a public offering of 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) at $90.00 per share.

  • Gross Proceeds: Approximately $2.521 billion.
  • Net Proceeds: Approximately $2.47 billion (after underwriting discounts and estimated expenses).

Bitcoin Holdings

Using proceeds from the STRC Offering, the Company acquired additional Bitcoin during the reporting period.

  • BTC Acquired (July 28 - Aug 3, 2025): 21,021 BTC.
  • Aggregate Purchase Price (Period): $2.46 billion.
  • Average Purchase Price (Period): $117,256 per BTC.
  • Total Aggregate Holdings (as of Aug 3, 2025): 628,791 BTC.
  • Total Aggregate Purchase Price: $46.08 billion.
  • Total Average Purchase Price: $73,277 per BTC.

Material Changes

The primary material change reported is the acquisition of 21,021 BTC at an average price of $117,256, funded by the recently completed STRC preferred stock offering. No sales occurred under the ATM programs during the specific week of July 28 to August 3, 2025.

Guidance, Outlook, and Risks

The filing does not provide specific financial guidance, revenue forecasts, or management commentary on future operational performance. The Company directs investors to its website dashboard (www.strategy.com) for ongoing updates on market prices, Bitcoin holdings, and key performance indicators. The filing notes that information disclosed under Item 7.01 is furnished and not deemed "filed" for Section 18 liability purposes.

Investor Verification Checklist

  • Verify the current market price of the STRC preferred stock and the variable rate terms applicable to dividends.
  • Confirm the current spot price of Bitcoin to assess the unrealized gain/loss on the 628,791 BTC holdings.
  • Review the Company's website dashboard for real-time updates on ATM program utilization and Bitcoin acquisition activity.
  • Monitor the remaining capacity of the ATM programs, particularly the Common ATM ($17.0B) and STRK ATM ($20.4B), for potential future dilution or capital raises.