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FILINGStrategy (MSTR) · 10-Q · accepted Monday, Nov 3, 2025, 4:12 PM ET

Strategy set STRC’s rate at 10.25%, STRC’s rate at 10.50%

From Strategy’s 10-Q, accepted by the SEC on Nov 3, 2025 at 4:12 PM ET.

What it says

Strategy's 10-Q for the quarter ended 2025-09-30: it bought 42,706 BTC in Q3 and held 640,031 BTC at quarter-end. It also reports ATM sales, balance sheet figures, preferred series data and STRC dividend rate increases.

The numbers

Average bitcoin cost$73,983as of Sep 30
Total bitcoin cost$47.35Bas of Sep 30
Bitcoin held641,167 BTCas of Oct 30, was 640,031 BTC Sep 30
Cash and cash equivalents$54.3Mas of Sep 30
Debt principal$8.24Bas of Sep 30
Preferred shares outstanding · STRC28,011,111 sharesas of Sep 30
Preferred shares outstanding · STRD12,322,141 sharesas of Sep 30
Preferred shares outstanding · STRF11,948,292 sharesas of Sep 30
Preferred shares outstanding · STRK13,605,866 sharesas of Sep 30
Class A common shares267,713,485 sharesas of Oct 30
Class B common shares19,640,250 sharesas of Oct 30
Common shares, assumed diluted320,040,000 sharesas of Sep 30
STRC dividend rate10.25%from Oct 1
STRC dividend rate10.50%from Nov 1

What it changed

mNAV
1.46xNov 3 close
1.44xNov 4 close
Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held
Sats per diluted share
200,237Nov 3 close
200,237Nov 4 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
104.3 yrsNov 3 close
99.4 yrsNov 4 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet)

Also that day

Strategy a proposed IPO of 3,500,000 shares of STRE, with proceeds for general corporate purposes including8-K · 5:22 PM ETStrive a proposed IPO of 1,250,000 shares of its Variable Rate Series A Perpetual Preferred Stock (SATA)8-K · 8:44 AM ETStrategy bought 397 BTC, bringing its total to 641,205 BTC; raised $69.5M selling common and STRD and STRF and STRK8-K · 7:59 AM ETThe Peel: SATS’s first day: closed at $94.61 · Strive filed two 8-KsWednesday edition

Source

Form 10-Q filed by Strategy Inc with the SEC, accepted Monday, Nov 3, 2025, 4:12 PM ET. Accession 0001193125-25-262568.
Read the filing on SEC EDGAR ↗
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.
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Orange Paper reads every Strategy and Strive filing as it lands and checks each figure before publishing. Figures from filings link to SEC EDGAR; our own calculations are labelled. Not investment advice.