Business Context and Reporting Period
Strategy Inc filed a Form 8-K on September 29, 2025, reporting updates on its at-the-market (ATM) equity offering programs and Bitcoin holdings for the period of September 22, 2025, to September 28, 2025. The company operates multiple preferred stock classes (STRF, STRC, STRK, STRD) and Class A common stock (MSTR) listed on the Nasdaq Global Select Market.
Key Financial Metrics
ATM Offering Activity (Sept 22–28, 2025)
| Security | Shares Sold | Notional Value ($M) | Net Proceeds ($M) | Remaining Capacity ($M) |
|---|---|---|---|---|
| STRF (10.00% Preferred) | 101,713 | 10.2 | 11.3 | 1,718.8 |
| STRC (Variable Rate Preferred) | - | - | - | 4,200.0 |
| STRK (8.00% Preferred) | - | - | - | 20,368.8 |
| STRD (10.00% Preferred) | 5,000 | 0.5 | 0.4 | 4,151.4 |
| MSTR (Common Stock) | 347,352 | - | 116.4 | 15,908.8 |
| Total | - | 128.1 | - | - |
Note: Total notional value of $128.1 million represents the sum of preferred stock face values sold. Net proceeds for common stock were $116.4 million.
Bitcoin Holdings (As of Sept 28, 2025)
- Aggregate Holdings: 640,031 BTC
- Aggregate Purchase Price: $47.35 billion
- Average Purchase Price: $73,983 per BTC
- Recent Acquisitions (Sept 22–28): 196 BTC acquired for $22.1 million (Average price: $113,048).
Material Changes
The filing details active capital raising through ATM programs, specifically the sale of STRF and STRD preferred shares and MSTR common shares. Proceeds from these sales were utilized to acquire an additional 196 BTC. The average purchase price of the recent acquisition ($113,048) is significantly higher than the company's historical average cost basis ($73,983), indicating a material increase in the cost of recent inventory.
Outlook, Risks, and Commentary
Management directs investors to the Strategy Dashboard on the company website for ongoing disclosure of market prices, Bitcoin holdings, and KPIs. The filing notes that Bitcoin purchases are funded by ATM proceeds. No specific forward-looking guidance or risk factors beyond standard disclosure obligations were detailed in this specific 8-K text.
Investor Verification Checklist
- Verify the current market price of MSTR and preferred shares against the recent ATM sale prices to assess dilution impact.
- Confirm the current spot price of Bitcoin relative to the company's average cost basis of $73,983 and the recent acquisition cost of $113,048.
- Review the remaining ATM capacity ($46.3 billion total across all tranches) to understand future dilution potential.
- Check the Strategy Dashboard for updated KPIs and any subsequent Bitcoin transactions not captured in this weekly snapshot.