FILINGStrategy (MSTR) · 8-K · accepted Monday, Nov 3, 2025, 7:59 AM ET

Strategy bought 397 BTC, bringing its total to 641,205 BTC; raised $69.5M selling common and STRD and STRF and STRK

From Strategy’s 8-K, accepted by the SEC on Nov 3, 2025 at 7:59 AM ET, covering Oct 27 to Nov 2.

What it says

Strategy reports ATM sales for Oct 27, Nov 2, 2025 (STRF, STRK, STRD, MSTR; none for STRC) and acquisition of 397 BTC, bringing holdings to 641,205 BTC.

The numbers

Bitcoin bought	397 BTC	Oct 27 to Nov 2
Average price	$114,771	per bitcoin
Cost	$45.6M
Bitcoin held after	641,205 BTC
ATM capacity left	$15.85B	as of Nov 2
ATM capacity left · STRC	$4.20B	as of Nov 2
ATM capacity left · STRD	$4.13B	as of Nov 2
ATM capacity left · STRF	$1.66B	as of Nov 2
ATM capacity left · STRK	$20.34B	as of Nov 2
ATM net proceeds	$54.4M	as of Nov 2
ATM net proceeds · STRD	$2.3M	as of Nov 2
ATM net proceeds · STRF	$8.4M	as of Nov 2
ATM net proceeds · STRK	$4.4M	as of Nov 2
ATM shares sold	183,501 shares	as of Nov 2
ATM shares sold · STRC	0 shares	as of Nov 2
ATM shares sold · STRD	29,065 shares	as of Nov 2
ATM shares sold · STRF	76,017 shares	as of Nov 2
ATM shares sold · STRK	49,374 shares	as of Nov 2
Average bitcoin cost	$74,057	as of Nov 2
Total bitcoin cost	$47.49B	as of Nov 2

What it changed

Bitcoin held

640,808 BTCbefore

641,205 BTCafter this filing

From the filing

mNAV

1.44xOct 31 close

1.44xpro forma at Oct 31’s prices

1.46xNov 3 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

200,340Oct 31 close

200,237Nov 3 close

Bitcoin per diluted share × 100 million

Years of preferred dividends covered

108.6 yrsOct 31 close

104.3 yrsNov 3 close

Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet). A year of dividends went from $647.1M to $655.6M: 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

Strategy a proposed IPO of 3,500,000 shares of STRE, with proceeds for general corporate purposes including8-K · 5:22 PM ET 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 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, 7:59 AM ET. Accession 0001193125-25-261714.

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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