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FILINGStrategy (MSTR) · 8-K · accepted Monday, Dec 22, 2025, 8:00 AM ET

Strategy raised $747.8M selling common

From Strategy’s 8-K, accepted by the SEC on Dec 22, 2025 at 8:00 AM ET.

What it says

Strategy reports no bitcoin purchases and no preferred ATM sales for Dec 15, 21, 2025, MSTR ATM sales of 4,535,000 shares for $747.8M net, holdings of 671,268 BTC, and a USD Reserve of $2.19B.

The numbers

ATM capacity left$11.81Bas of Dec 21
ATM capacity left · STRC$4.04Bas of Dec 21
ATM capacity left · STRD$4.01Bas of Dec 21
ATM capacity left · STRF$1.62Bas of Dec 21
ATM capacity left · STRK$20.34Bas of Dec 21
ATM net proceeds$747.8Mas of Dec 21
ATM net proceeds · STRC$0as of Dec 21
ATM net proceeds · STRD$0as of Dec 21
ATM net proceeds · STRF$0as of Dec 21
ATM net proceeds · STRK$0as of Dec 21
ATM shares sold4,535,000 sharesas of Dec 21
ATM shares sold · STRC0 sharesas of Dec 21
ATM shares sold · STRD0 sharesas of Dec 21
ATM shares sold · STRF0 sharesas of Dec 21
ATM shares sold · STRK0 sharesas of Dec 21
Average bitcoin cost$74,972as of Dec 21
Total bitcoin cost$50.33Bas of Dec 21
Bitcoin held671,268 BTCas of Dec 21
USD Reserve$2.19Bas of Dec 21

What it changed

mNAV
1.19xDec 19 close
1.18xDec 22 close
Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held
Sats per diluted share
198,392Dec 19 close
195,768Dec 22 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
76.7 yrsDec 19 close
78.0 yrsDec 22 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet)

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 22, 2025, 8:00 AM ET. Accession 0001193125-25-327598.
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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Orange Paper reads every Strategy and Strive filing as it lands and checks each figure before publishing. Figures from filings link to SEC EDGAR; our own calculations are labelled. Not investment advice.