FILINGStrategy (MSTR) · 8-K · accepted Monday, Sep 15, 2025, 7:59 AM ET
Strategy bought 525 BTC, bringing its total to 638,985 BTC; raised $68.2M selling STRD and STRF and STRK
From Strategy’s 8-K, accepted by the SEC on Sep 15, 2025 at 7:59 AM ET, covering Sep 8 to Sep 14.
What it says
Strategy reports ATM activity for Sept 8-14, 2025 (STRF, STRK, STRD sold; STRC and MSTR none) and acquisition of 525 BTC for $60.2M, bringing holdings to 638,985 BTC.
The numbers
| Bitcoin bought | 525 BTC | Sep 8 to Sep 14 |
| Average price | $114,562 | per bitcoin |
| Cost | $60.2M | |
| Bitcoin held after | 638,985 BTC | |
| ATM capacity left | $16.11B | as of Sep 14 |
| ATM capacity left · STRC | $4.20B | as of Sep 14 |
| ATM capacity left · STRD | $4.15B | as of Sep 14 |
| ATM capacity left · STRF | $1.75B | as of Sep 14 |
| ATM capacity left · STRK | $20.37B | as of Sep 14 |
| ATM net proceeds · STRD | $16.9M | as of Sep 14 |
| ATM net proceeds · STRF | $34.0M | as of Sep 14 |
| ATM net proceeds · STRK | $17.3M | as of Sep 14 |
| ATM shares sold | 0 shares | as of Sep 14 |
| ATM shares sold · STRC | 0 shares | as of Sep 14 |
| ATM shares sold · STRD | 208,175 shares | as of Sep 14 |
| ATM shares sold · STRF | 302,503 shares | as of Sep 14 |
| ATM shares sold · STRK | 181,228 shares | as of Sep 14 |
| Average bitcoin cost | $73,913 | as of Sep 14 |
| Total bitcoin cost | $47.23B | as of Sep 14 |
What it changed
Bitcoin held
638,460 BTCbefore
638,985 BTCafter this filing
From the filing
mNAV
1.62xSep 12 close
1.62xpro forma at Sep 12’s prices
1.62xSep 15 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
200,098Sep 12 close
200,263Sep 15 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
119.2 yrsSep 12 close
117.4 yrsSep 15 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet). A year of dividends went from $622.3M to $628.9M: 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 Monday, Sep 15, 2025, 7:59 AM ET. Accession 0001193125-25-202827.
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.