FILINGStrategy (MSTR) · 8-K · accepted Monday, Jul 7, 2025, 9:03 AM ET
Strategy 8-K reports a $4.2B STRD at-the-market program
From Strategy’s 8-K, accepted by the SEC on Jul 7, 2025 at 9:03 AM ET.
What it says
Strategy 8-K reports a $4.2B STRD at-the-market program, an amendment to the STRF sales agreement adding Morgan Stanley, and an amendment to the STRK certificate of designations so liquidation preference tracks trading price with a $100 floor.
What it changed
mNAV
2.11xJul 3 close
2.10xJul 7 close
Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held
Sats per diluted share
190,270Jul 3 close
190,270Jul 7 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
207.5 yrsJul 3 close
204.9 yrsJul 7 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet)
Also that day
Source
Form 8-K filed by Strategy Inc with the SEC, accepted Monday, Jul 7, 2025, 9:03 AM ET. Accession 0001193125-25-155918.
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.