FILINGStrategy (MSTR) · 8-K · accepted Monday, Nov 3, 2025, 5:22 PM ET

Strategy a proposed IPO of 3,500,000 shares of STRE, with proceeds for general corporate purposes including

From Strategy’s 8-K, accepted by the SEC on Nov 3, 2025 at 5:22 PM ET.

What it says

Strategy announced a proposed IPO of 3,500,000 shares of its STRE, with proceeds for general corporate purposes including bitcoin acquisition; no bitcoin purchases or other figures reported.

What it changed

mNAV

1.46xNov 3 close

1.44xNov 4 close

Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held

Sats per diluted share

200,237Nov 3 close

200,237Nov 4 close

Bitcoin per diluted share × 100 million

Years of preferred dividends covered

104.3 yrsNov 3 close

99.4 yrsNov 4 close

Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet)

Also that day

Strategy set STRC’s rate at 10.25%, STRC’s rate at 10.50%10-Q · 4:12 PM ET Strive a proposed IPO of 1,250,000 shares of its Variable Rate Series A Perpetual Preferred Stock (SATA)8-K · 8:44 AM ET Strategy bought 397 BTC, bringing its total to 641,205 BTC; raised $69.5M selling common and STRD and STRF and STRK8-K · 7:59 AM ET The Peel: SATS’s first day: closed at $94.61 · Strive filed two 8-KsWednesday edition

Source

Form 8-K filed by Strategy Inc with the SEC, accepted Monday, Nov 3, 2025, 5:22 PM ET. Accession 0001193125-25-262819.

Read the filing on SEC EDGAR ↗

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.

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