FILINGStrategy (MSTR) · 8-K · accepted Wednesday, Oct 1, 2025, 7:57 AM ET
Strategy says Treasury/IRS interim CAMT guidance lets it exclude unrealized bitcoin gains from AFSI
From Strategy’s 8-K, accepted by the SEC on Oct 1, 2025 at 7:57 AM ET.
What it says
Strategy reports that Treasury/IRS interim CAMT guidance lets it exclude unrealized bitcoin gains from AFSI, so it no longer expects to be subject to the 15% CAMT.
What it changed
mNAV
1.62xSep 30 close
1.62xOct 1 close
Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held
Sats per diluted share
199,985Sep 30 close
199,985Oct 1 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
115.7 yrsSep 30 close
119.0 yrsOct 1 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet). A year of dividends went from $631.7M to $638.7M: 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 Wednesday, Oct 1, 2025, 7:57 AM ET. Accession 0001193125-25-225904.
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.