Business Context and Reporting Period
This Form 8-K is a current report filed by MicroStrategy Incorporated (d/b/a Strategy) on June 9, 2025. The filing discloses updates regarding the company's At-The-Market (ATM) equity offering programs and its Bitcoin (BTC) holdings for the period of June 2, 2025, to June 8, 2025.
Key Financial Metrics
ATM Offering Activity (June 2–8, 2025)
| Program | Shares Sold | Notional Value ($M) | Net Proceeds ($M) | Remaining Capacity ($M) |
|---|---|---|---|---|
| Common ATM (MSTR) | - | - | - | 18,631.2 |
| STRK ATM (8.00% Preferred) | 626,639 | 62.7 | 66.4 | 20,616.8 |
| STRF ATM (10.00% Preferred) | 432,679 | 43.3 | 45.8 | 2,005.2 |
| Total | - | 112.2 | 112.2 | - |
Note: Net proceeds are presented net of sales commissions. The Common ATM program had no sales during this period.
Bitcoin Holdings (As of June 8, 2025)
- Aggregate Holdings: 582,000 BTC
- Total Aggregate Purchase Price: $40,790.4 million
- Average Purchase Price: $70,086 per BTC
- Recent Acquisitions (June 2–8): 1,045 BTC acquired for $110.2 million (Average price: $105,426).
The recent BTC purchases were funded using proceeds from the STRK and STRF ATM programs.
Material Changes
The filing reports a significant increase in Bitcoin holdings, with 1,045 BTC acquired in the week ending June 8, 2025. This acquisition was financed through the issuance of preferred stock via the STRK and STRF ATM programs, generating approximately $112.2 million in net proceeds. The Common ATM program remained inactive during this specific reporting window.
Guidance, Outlook, and Risks
The filing does not provide specific financial guidance, earnings outlook, or management commentary regarding 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 the information provided is furnished under Regulation FD and is not deemed "filed" for liability purposes under Section 18 of the Exchange Act.
Investor Verification Checklist
- Verify the current market price of STRK and STRF preferred stock to assess the valuation of recent issuances.
- Confirm the current spot price of Bitcoin to evaluate the unrealized gain/loss on the 582,000 BTC holdings.
- Review the remaining capacity of the ATM programs ($18.6B for Common, $20.6B for STRK, $2.0B for STRF) to gauge future capital raising potential.
- Check the company's website dashboard for any subsequent updates on Bitcoin purchases or holdings post-June 8, 2025.