FILINGStrategy (MSTR) · 8-K · accepted Monday, Nov 17, 2025, 8:23 AM ET
Strategy bought 8,178 BTC, bringing its total to 649,870 BTC; raised $136.1M selling STRC and STRF and STRK
From Strategy’s 8-K, accepted by the SEC on Nov 17, 2025 at 8:23 AM ET, covering Nov 10 to Nov 16.
What it says
Strategy reports ATM sales of STRF, STRC and STRK for Nov 10-16, 2025, the completed STRE offering, and the purchase of 8,178 bitcoin, bringing total holdings to 649,870 BTC.
The numbers
| Bitcoin bought | 8,178 BTC | Nov 10 to Nov 16 |
| Average price | $102,171 | per bitcoin |
| Cost | $835.6M | |
| Bitcoin held after | 649,870 BTC | |
| ATM capacity left | $15.85B | as of Nov 16 |
| ATM capacity left · STRC | $4.04B | as of Nov 16 |
| ATM capacity left · STRD | $4.13B | as of Nov 16 |
| ATM capacity left · STRF | $1.64B | as of Nov 16 |
| ATM capacity left · STRK | $20.34B | as of Nov 16 |
| ATM net proceeds | $0 | as of Nov 16 |
| ATM net proceeds · STRC | $131.2M | as of Nov 16 |
| ATM net proceeds · STRD | $0 | as of Nov 16 |
| ATM net proceeds · STRF | $4.4M | as of Nov 16 |
| ATM net proceeds · STRK | $500,000 | as of Nov 16 |
| ATM shares sold | 0 shares | as of Nov 16 |
| ATM shares sold · STRC | 1,313,641 shares | as of Nov 16 |
| ATM shares sold · STRD | 0 shares | as of Nov 16 |
| ATM shares sold · STRF | 39,957 shares | as of Nov 16 |
| ATM shares sold · STRK | 5,513 shares | as of Nov 16 |
| Average bitcoin cost | $74,433 | as of Nov 16 |
| Total bitcoin cost | $48.37B | as of Nov 16 |
What it changed
Bitcoin held
641,692 BTCbefore
649,870 BTCafter this filing
From the filing
mNAV
1.30xNov 14 close
1.30xpro forma at Nov 14’s prices
1.31xNov 17 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
200,389Nov 14 close
202,943Nov 17 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
91.8 yrsNov 14 close
78.4 yrsNov 17 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet). A year of dividends went from $660.5M to $764.5M: 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 Monday, Nov 17, 2025, 8:23 AM ET. Accession 0001193125-25-283991.
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.