FILINGStrategy (MSTR) · 8-K · accepted Monday, Sep 22, 2025, 7:59 AM ET
Strategy bought 850 BTC, bringing its total to 639,835 BTC; raised $100.0M selling common and STRF
From Strategy’s 8-K, accepted by the SEC on Sep 22, 2025 at 7:59 AM ET, covering Sep 15 to Sep 21.
What it says
Strategy reports ATM activity (STRF and MSTR) and a purchase of 850 bitcoin for the week of September 15-21, 2025, bringing holdings to 639,835 BTC.
The numbers
| Bitcoin bought | 850 BTC | Sep 15 to Sep 21 |
| Average price | $117,344 | per bitcoin |
| Cost | $99.7M | |
| Bitcoin held after | 639,835 BTC | |
| ATM capacity left | $16.03B | as of Sep 21 |
| ATM capacity left · STRC | $4.20B | as of Sep 21 |
| ATM capacity left · STRD | $4.15B | as of Sep 21 |
| ATM capacity left · STRF | $1.73B | as of Sep 21 |
| ATM capacity left · STRK | $20.37B | as of Sep 21 |
| ATM net proceeds | $80.6M | as of Sep 21 |
| ATM net proceeds · STRF | $19.4M | as of Sep 21 |
| ATM shares sold | 227,401 shares | as of Sep 21 |
| ATM shares sold · STRC | 0 shares | as of Sep 21 |
| ATM shares sold · STRD | 0 shares | as of Sep 21 |
| ATM shares sold · STRF | 173,834 shares | as of Sep 21 |
| ATM shares sold · STRK | 0 shares | as of Sep 21 |
| Average bitcoin cost | $73,971 | as of Sep 21 |
| Total bitcoin cost | $47.33B | as of Sep 21 |
What it changed
Bitcoin held
638,985 BTCbefore
639,835 BTCafter this filing
From the filing
mNAV
1.69xSep 19 close
1.69xpro forma at Sep 19’s prices
1.69xSep 22 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
200,263Sep 19 close
200,386Sep 22 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
117.6 yrsSep 19 close
114.5 yrsSep 22 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet). A year of dividends went from $628.9M to $630.6M: 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 22, 2025, 7:59 AM ET. Accession 0001193125-25-210048.
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.