FILINGStrategy (MSTR) · 10-K · accepted Thursday, Feb 19, 2026, 5:18 PM ET
Strategy 's 10-K for fiscal 2025 (the excerpt covers the cover page
From Strategy’s 10-K, accepted by the SEC on Feb 19, 2026 at 5:18 PM ET.
What it says
Strategy's 10-K for fiscal 2025 (the excerpt covers the cover page, business and early risk factors), reporting bitcoin holdings, USD Reserve, share counts, and indebtedness as of early 2026 and year-end 2025.
The numbers
| Average bitcoin cost | $76,027 | as of Feb 13 |
| Total bitcoin cost | $54.50B | as of Feb 13 |
| Bitcoin held | 717,131 BTC | as of Feb 13 |
| Debt principal | $8.24B | as of Dec 31 |
| Class A common shares | 314,112,458 shares | as of Feb 13 |
| Class B common shares | 19,640,250 shares | as of Feb 13 |
| USD Reserve | $2.25B | as of Feb 13 |
What it changed
mNAV
1.34xFeb 19 close
1.33xFeb 20 close
Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held
Sats per diluted share
185,828Feb 19 close
185,828Feb 20 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
58.4 yrsFeb 19 close
59.2 yrsFeb 20 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet)
Also that day
Source
Form 10-K filed by Strategy Inc with the SEC, accepted Thursday, Feb 19, 2026, 5:18 PM ET. Accession 0001050446-26-000020.
Summary and figures read from the filing by Orange Paper’s filing reader and checked before publishing. Calculations (pro forma and close figures) are ours.