FILINGStrategy (MSTR) · 8-K · accepted Monday, Dec 1, 2025, 7:58 AM ET

Strategy bought 130 BTC, bringing its total to 650,000 BTC; raised $1.48B selling common

From Strategy’s 8-K, accepted by the SEC on Dec 1, 2025 at 7:58 AM ET, covering Nov 17 to Nov 30.

What it says

Strategy reports a $1.44B USD Reserve, MSTR ATM sales and 130 BTC purchased Nov 17-30, 2025 (650,000 BTC held), declared preferred dividends, raised the STRC rate to 10.75%, and updated FY2025 guidance.

The numbers

Bitcoin bought	130 BTC	Nov 17 to Nov 30
Average price	$89,960	per bitcoin
Cost	$11.7M
Bitcoin held after	650,000 BTC
ATM capacity left	$14.37B	as of Nov 30
ATM capacity left · STRC	$4.04B	as of Nov 30
ATM capacity left · STRD	$4.13B	as of Nov 30
ATM capacity left · STRF	$1.64B	as of Nov 30
ATM capacity left · STRK	$20.34B	as of Nov 30
ATM net proceeds	$1.48B	as of Nov 30
ATM net proceeds · STRC	$0	as of Nov 30
ATM net proceeds · STRD	$0	as of Nov 30
ATM net proceeds · STRF	$0	as of Nov 30
ATM net proceeds · STRK	$0	as of Nov 30
ATM shares sold	8,214,000 shares	as of Nov 30
ATM shares sold · STRC	0 shares	as of Nov 30
ATM shares sold · STRD	0 shares	as of Nov 30
ATM shares sold · STRF	0 shares	as of Nov 30
ATM shares sold · STRK	0 shares	as of Nov 30
Average bitcoin cost	$74,436	as of Nov 30
Total bitcoin cost	$48.38B	as of Nov 30
Debt principal	$8.21B	as of Nov 28
Breakeven ARR (issuer)	1.35%	as of Nov 28
mNAV (issuer)	1.20x	as of Nov 28
Treasury value (issuer)	$59.00B	as of Nov 30
Preferred stated amount · STRC	$2.96B	as of Nov 28
Preferred stated amount · STRD	$1.25B	as of Nov 28
Preferred stated amount · STRE	$900.0M	as of Nov 28
Preferred stated amount · STRF	$1.27B	as of Nov 28
Preferred stated amount · STRK	$1.40B	as of Nov 28
USD Reserve	$1.44B	as of Dec 1
STRF dividend declared	$2.50	record Dec 15, paid Dec 31
STRC dividend declared	$0.8958	record Dec 15, paid Dec 31
STRE dividend declared	€1.3333	record Dec 15, paid Dec 31
STRK dividend declared	$2.00	record Dec 15, paid Dec 31
STRD dividend declared	$2.50	record Dec 15, paid Dec 31
STRC dividend rate	10.75%	from Dec 1

What it changed

Bitcoin held

649,870 BTCbefore

650,000 BTCafter this filing

From the filing

mNAV

1.23xNov 28 close

1.23xpro forma at Nov 28’s prices

1.26xDec 1 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

202,943Nov 28 close

197,907Dec 1 close

Bitcoin per diluted share × 100 million

Years of preferred dividends covered

77.3 yrsNov 28 close

74.5 yrsDec 1 close

Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet). A year of dividends went from $764.7M to $772.1M: 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

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, Dec 1, 2025, 7:58 AM ET. Accession 0001193125-25-303157.

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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