FILINGStrategy (MSTR) · 8-K · accepted Monday, Dec 15, 2025, 8:00 AM ET
Strategy bought 10,645 BTC, bringing its total to 671,268 BTC; raised $989.0M selling common and STRD and STRF and STRK
From Strategy’s 8-K, accepted by the SEC on Dec 15, 2025 at 8:00 AM ET, covering Dec 8 to Dec 14.
What it says
Strategy reports ATM sales of STRF, STRK, STRD and MSTR and a bitcoin purchase of 10,645 BTC for the week of December 8, 14, 2025, bringing holdings to 671,268 BTC.
The numbers
| Bitcoin bought | 10,645 BTC | Dec 8 to Dec 14 |
| Average price | $92,098 | per bitcoin |
| Cost | $980.3M | |
| Bitcoin held after | 671,268 BTC | |
| ATM capacity left | $12.56B | as of Dec 14 |
| ATM capacity left · STRC | $4.04B | as of Dec 14 |
| ATM capacity left · STRD | $4.01B | as of Dec 14 |
| ATM capacity left · STRF | $1.62B | as of Dec 14 |
| ATM capacity left · STRK | $20.34B | as of Dec 14 |
| ATM net proceeds | $888.2M | as of Dec 14 |
| ATM net proceeds · STRC | $0 | as of Dec 14 |
| ATM net proceeds · STRD | $82.2M | as of Dec 14 |
| ATM net proceeds · STRF | $18.0M | as of Dec 14 |
| ATM net proceeds · STRK | $600,000 | as of Dec 14 |
| ATM shares sold | 4,789,664 shares | as of Dec 14 |
| ATM shares sold · STRC | 0 shares | as of Dec 14 |
| ATM shares sold · STRD | 1,029,202 shares | as of Dec 14 |
| ATM shares sold · STRF | 163,306 shares | as of Dec 14 |
| ATM shares sold · STRK | 7,036 shares | as of Dec 14 |
| Average bitcoin cost | $74,972 | as of Dec 14 |
| Total bitcoin cost | $50.33B | as of Dec 14 |
What it changed
Bitcoin held
660,623 BTCbefore
671,268 BTCafter this filing
From the filing
mNAV
1.23xDec 12 close
1.23xpro forma at Dec 12’s prices
1.20xDec 15 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
198,049Dec 12 close
198,392Dec 15 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
78.5 yrsDec 12 close
75.3 yrsDec 15 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet). A year of dividends went from $777.6M to $789.6M: 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
Source
Form 8-K filed by Strategy Inc with the SEC, accepted Monday, Dec 15, 2025, 8:00 AM ET. Accession 0001193125-25-318468.
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.