FILINGStrategy (MSTR) · 8-K · accepted Thursday, Nov 13, 2025, 4:10 PM ET
Strategy reports completing the IPO of 7,750,000 shares of new STRE on November 13
From Strategy’s 8-K, accepted by the SEC on Nov 13, 2025 at 4:10 PM ET.
What it says
Strategy reports completing the IPO of 7,750,000 shares of new STRE on November 13, 2025, for gross proceeds of about €620.0 million ($716.8M).
The numbers
| Preferred shares outstanding · STRE | 7,750,000 shares | as of Nov 13 |
| Preferred stated amount · STRE | $100 | as of Nov 13 |
What it changed
mNAV
1.28xNov 13 close
1.30xNov 14 close
Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held
Sats per diluted share
200,389Nov 13 close
200,389Nov 14 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
96.9 yrsNov 13 close
91.8 yrsNov 14 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 Thursday, Nov 13, 2025, 4:10 PM ET. Accession 0001193125-25-280178.
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.