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FILINGStrategy (MSTR) · 8-K · accepted Thursday, Jul 31, 2025, 4:15 PM ET

Strategy raised $7.06B selling common and STRD and STRF and STRK

From Strategy’s 8-K, accepted by the SEC on Jul 31, 2025 at 4:15 PM ET.

What it says

Strategy's 8-K reports Q2 2025 results (net income $10.0B, EPS $32.60), bitcoin holdings and capital markets activity through July 29, 2025, and a $0.80 monthly STRC dividend.

The numbers

ATM capacity left$17.00Bas of Jul 29
ATM capacity left · STRD$4.20Bas of Jul 29
ATM capacity left · STRF$1.90Bas of Jul 29
ATM capacity left · STRK$20.50Bas of Jul 29
ATM net proceeds$1.10Bas of Jul 29, was $5.20B Jun 30
ATM net proceeds · STRD$17.9Mas of Jul 29
ATM net proceeds · STRF$55.8Mas of Jul 29, was $163.1M Jun 30
ATM net proceeds · STRK$71.8Mas of Jul 29, was $446.9M Jun 30
ATM shares sold2,433,381 sharesas of Jul 29, was 14,225,620 shares Jun 30
ATM shares sold · STRD189,560 sharesas of Jul 29
ATM shares sold · STRF446,005 sharesas of Jul 29, was 1,566,750 shares Jun 30
ATM shares sold · STRK579,417 sharesas of Jul 29, was 4,551,460 shares Jun 30
Average bitcoin cost$73,277as of Jul 29
Total bitcoin cost$46.07Bas of Jul 29
Bitcoin held628,791 BTCas of Jul 29
Cash and cash equivalents$50.1Mas of Jun 30
BTC Yield YTD (issuer)25.00%as of Jul 29
Preferred shares outstanding · STRD11,765,000 sharesas of Jun 30
Preferred shares outstanding · STRF10,067,000 sharesas of Jun 30
Preferred shares outstanding · STRK12,201,000 sharesas of Jun 30
Preferred stated amount · STRD$1.18Bas of Jun 30
Preferred stated amount · STRF$1.06Bas of Jun 30
Preferred stated amount · STRK$1.22Bas of Jun 30
Class A common shares261,318,000 sharesas of Jun 30
Class B common shares19,640,000 sharesas of Jun 30

What it changed

mNAV
1.95xJul 31 close
1.83xAug 1 close
Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held
Sats per diluted share
198,752Jul 31 close
198,752Aug 1 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
125.8 yrsJul 31 close
123.1 yrsAug 1 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet)

Also that day

Strategy a new $4.2B at-the-market program for STRC preferred stock and filed a Certificate of Increase8-K · 4:24 PM ETThe Peel: SATS’s first day: closed at $94.61 · Strive filed two 8-KsWednesday edition

Source

Form 8-K filed by Strategy Inc with the SEC, accepted Thursday, Jul 31, 2025, 4:15 PM ET. Accession 0000950170-25-100916.
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.