FILINGStrategy (MSTR) · 8-K · accepted Tuesday, Nov 4, 2025, 11:45 AM ET
Strategy consolidated its at-the-market programs into an Omnibus Sales Agreement dated 2025-11-04 with 16
From Strategy’s 8-K, accepted by the SEC on Nov 4, 2025 at 11:45 AM ET.
What it says
Strategy consolidated its at-the-market programs into an Omnibus Sales Agreement dated 2025-11-04 with 16 agents, replacing five prior sales agreements and carrying over the remaining unsold capacity for STRF, STRC, STRK, STRD and MSTR.
The numbers
| ATM capacity left | $15.85B | as of Nov 4 |
| ATM capacity left · STRC | $4.20B | as of Nov 4 |
| ATM capacity left · STRD | $4.13B | as of Nov 4 |
| ATM capacity left · STRF | $1.66B | as of Nov 4 |
| ATM capacity left · STRK | $20.34B | as of Nov 4 |
| ATM shares sold | 0 shares | as of Nov 4 |
| ATM shares sold · STRC | 0 shares | as of Nov 4 |
| ATM shares sold · STRD | 0 shares | as of Nov 4 |
| ATM shares sold · STRF | 0 shares | as of Nov 4 |
| ATM shares sold · STRK | 0 shares | as of Nov 4 |
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
Source
Form 8-K filed by Strategy Inc with the SEC, accepted Tuesday, Nov 4, 2025, 11:45 AM ET. Accession 0001193125-25-263914.
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.