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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 18, 2025
 

STRATEGY INC
(Exact name of registrant as specified in its charter)
 
 

Delaware

001-42509

51-0323571

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(I.R.S. Employer
Identification No.)

 

1850 Towers Crescent Plaza
Tysons Corner , Virginia

22182

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (703) 848-8600
MicroStrategy Incorporated
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 

Title of Each Class

Trading
Symbol

Name of Each Exchange
on which Registered

Class A common stock, $0.001 par value per share

MSTR

The Nasdaq Global Select Market

8.00% Series A Perpetual Strike Preferred Stock, $0.001 par value per share

 

STRK

 

The Nasdaq Global Select Market

10.00% Series A Perpetual Strife Preferred Stock, $0.001 par value per share

 

STRF
 

 

The Nasdaq Global Select Market

10.00% Series A Perpetual Stride Preferred Stock, $0.001 par value per share

 

STRD
 

 

The Nasdaq Global Select Market

Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share

 

STRC

 

The Nasdaq Global Select Market

 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 

 
 
 

 

Item 8.01 Other Events.
 
ATM Updates
On August 18, 2025, Strategy Inc (“Strategy” or the “Company”) announced updates with respect to its at-the-market offering programs:

ATM Program Summary

 

 

During Period
August 11, 2025 to August 17, 2025

 

 

As of
August 17, 2025

 

 

 

Shares Sold

 

 

Notional Value (in millions) (1)

 

 

Net Proceeds (in millions) (2)

 

 

Available for
Issuance and Sale (in millions)

Common ATM

 

 

-

 

 

-

 

 

-

 

 

$17,042.7

$21 billion of class A common stock, $0.001 par value per share ("MSTR Shares"), established May 1, 2025

 

 

 

 

 

 

 

 

 

 

 

 

STRK ATM

 

 

179,687 STRK Shares

 

 

$18.0

 

 

$19.3

 

 

$20,430.9

$21 billion of 8.00% series A perpetual strike preferred stock, $0.001 par value per share (“STRK Shares”), established March 10, 2025

 

 

 

 

 

 

 

 

 

 

 

 

STRF ATM

 

 

162,670 STRF Shares

 

 

$16.3

 

 

$19.0

 

 

$1,848.4

$2.1 billion of 10.00% series A perpetual strife preferred stock, $0.001 par value per share (“STRF Shares”), established May 22, 2025

 

 

 

 

 

 

 

 

 

 

 

 

STRD ATM

 

 

140,789 STRD Shares

 

 

$14.1

 

 

$12.1

 

 

$4,169.9

$4.2 billion of 10.00% series A perpetual stride preferred stock, $0.001 par value per share (“STRD Shares”), established July 7, 2025

 

 

 

 

 

 

 

 

 

 

 

 

STRC ATM

 

 

-

 

 

-

 

 

 -

 

 

$4,200.0

$4.2 billion of variable rate series A perpetual stretch preferred stock, $0.001 par value per share (“STRC Shares”), established July 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

$50.4

 

 

 

 
(1) The total face value of the shares of preferred stock sold, which is used to calculate dividends thereon.
 
(2) Net proceeds are presented net of sales commission.

 
 
 

 

BTC Update
On August 18, 2025, Strategy announced updates with respect to its bitcoin holdings:

 

 

 

 

 

 

During Period August 11, 2025 to August 17, 2025

 

 

As of August 17, 2025

 

BTC
Acquired  (1)

 

 

Aggregate
Purchase
Price (in
millions)  (2)

 

 

Average
Purchase
Price  (2)

 

 

Aggregate
BTC
Holdings

 

 

Aggregate
Purchase
Price(in
billions)  (2)

 

 

Average
Purchase
Price  (2)

 

430

 

$

51.4

 

$

119,666

 

 

629,376

 

$

46.15

 

$

73,320

(1) The bitcoin purchases were made using proceeds from the STRK ATM, STRF ATM and STRD ATM.

(2) Aggregate and average purchase prices are inclusive of fees and expenses.
 
Item 7.01 Regulation FD Disclosure.
 
Update to MSTR Equity Guidance
 
Strategy today announced an update to its prior guidance with respect to its intended use of proceeds from the Common ATM. When mNAV (as defined on Strategy.com) is below 2.5x, Strategy will tactically issue MSTR Shares to (1) pay interest on debt obligations, (2) fund preferred equity dividends, and (3) when otherwise deemed advantageous to the Company. A copy of the presentation slide issued in connection with the announcement is attached and furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
 
Strategy Dashboard

The Company also maintains a dashboard on its website (www.Strategy.com) as a disclosure channel for providing broad, non-exclusionary distribution of information regarding the Company to the public, including information regarding market prices of its outstanding securities, bitcoin purchases and holdings, certain KPI metrics and other supplemental information, and as one means of disclosing non-public information in compliance with its disclosure obligations under Regulation FD. Investors and others are encouraged to regularly review the information that the Company makes public via the website dashboard.

Furnished Information

The information disclosed pursuant to Item 7.01 in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
 
Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits.
 

Exhibit No.

 

Description

99.1

 

Updated MSTR Equity Guidance Presentation Slide

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 
 
 

 

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

Date: August 18, 2025

Strategy Inc
(Registrant)

 

 

 

 

 

 

By:

/s/ W. Ming Shao

 

 

Name:

W. Ming Shao

 

 

Title:

Executive Vice President & General Counsel