FILINGStrategy (MSTR) · 8-K · accepted Monday, Sep 29, 2025, 7:59 AM ET
Strategy bought 196 BTC, bringing its total to 640,031 BTC; raised $128.1M selling common and STRD and STRF
From Strategy’s 8-K, accepted by the SEC on Sep 29, 2025 at 7:59 AM ET, covering Sep 22 to Sep 28.
What it says
Strategy reports ATM activity and a bitcoin purchase of 196 BTC for the week of September 22, 28, 2025, bringing holdings to 640,031 BTC.
The numbers
| Bitcoin bought | 196 BTC | Sep 22 to Sep 28 |
| Average price | $113,048 | per bitcoin |
| Cost | $22.1M | |
| Bitcoin held after | 640,031 BTC | |
| ATM capacity left | $15.91B | as of Sep 28 |
| ATM capacity left · STRC | $4.20B | as of Sep 28 |
| ATM capacity left · STRD | $4.15B | as of Sep 28 |
| ATM capacity left · STRF | $1.72B | as of Sep 28 |
| ATM capacity left · STRK | $20.37B | as of Sep 28 |
| ATM net proceeds | $116.4M | as of Sep 28 |
| ATM net proceeds · STRD | $400,000 | as of Sep 28 |
| ATM net proceeds · STRF | $11.3M | as of Sep 28 |
| ATM shares sold | 347,352 shares | as of Sep 28 |
| ATM shares sold · STRC | 0 shares | as of Sep 28 |
| ATM shares sold · STRD | 5,000 shares | as of Sep 28 |
| ATM shares sold · STRF | 101,713 shares | as of Sep 28 |
| ATM shares sold · STRK | 0 shares | as of Sep 28 |
| Average bitcoin cost | $73,983 | as of Sep 28 |
| Total bitcoin cost | $47.35B | as of Sep 28 |
What it changed
Bitcoin held
639,835 BTCbefore
640,031 BTCafter this filing
From the filing
mNAV
1.62xSep 26 close
1.62xpro forma at Sep 26’s prices
1.63xSep 29 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
200,386Sep 26 close
200,230Sep 29 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
111.4 yrsSep 26 close
116.0 yrsSep 29 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet). A year of dividends went from $630.6M to $631.7M: 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 29, 2025, 7:59 AM ET. Accession 0001193125-25-221772.
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.