FILINGStrategy (MSTR) · 8-K · accepted Tuesday, Sep 2, 2025, 7:59 AM ET
Strategy bought 4,048 BTC, bringing its total to 636,505 BTC; raised $471.8M selling common and STRD and STRF and STRK
From Strategy’s 8-K, accepted by the SEC on Sep 2, 2025 at 7:59 AM ET, covering Aug 26 to Sep 1.
What it says
Strategy reports ATM sales and a bitcoin purchase of 4,048 BTC for Aug 26 to Sep 1, 2025, bringing holdings to 636,505 BTC.
The numbers
| Bitcoin bought | 4,048 BTC | Aug 26 to Sep 1 |
| Average price | $110,981 | per bitcoin |
| Cost | $449.3M | |
| Bitcoin held after | 636,505 BTC | |
| ATM capacity left | $16.31B | as of Sep 1 |
| ATM capacity left · STRC | $4.20B | as of Sep 1 |
| ATM capacity left · STRD | $4.17B | as of Sep 1 |
| ATM capacity left · STRF | $1.80B | as of Sep 1 |
| ATM capacity left · STRK | $20.39B | as of Sep 1 |
| ATM net proceeds | $425.3M | as of Sep 1 |
| ATM net proceeds · STRD | $1.0M | as of Sep 1 |
| ATM net proceeds · STRF | $26.5M | as of Sep 1 |
| ATM net proceeds · STRK | $19.0M | as of Sep 1 |
| ATM shares sold | 1,237,000 shares | as of Sep 1 |
| ATM shares sold · STRC | 0 shares | as of Sep 1 |
| ATM shares sold · STRD | 12,973 shares | as of Sep 1 |
| ATM shares sold · STRF | 237,931 shares | as of Sep 1 |
| ATM shares sold · STRK | 199,509 shares | as of Sep 1 |
| Average bitcoin cost | $73,765 | as of Sep 1 |
| Total bitcoin cost | $46.95B | as of Sep 1 |
What it changed
Bitcoin held
632,457 BTCbefore
636,505 BTCafter this filing
From the filing
mNAV
1.76xAug 29 close
1.76xpro forma at Aug 29’s prices
1.74xSep 2 close
Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held. Pro forma: this filing’s bitcoin at the previous close’s prices
Sats per diluted share
199,359Aug 29 close
199,856Sep 2 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
116.6 yrsAug 29 close
114.1 yrsSep 2 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet). A year of dividends went from $588.7M to $620.8M: a new preferred counts once Strategy’s reported cash and bitcoin include the money it raised, and this filing is the first that does
Also that day
Source
Form 8-K filed by Strategy Inc with the SEC, accepted Tuesday, Sep 2, 2025, 7:59 AM ET. Accession 0001050446-25-000008.
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.