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FILINGStrategy (MSTR) · 8-K · accepted Monday, Dec 29, 2025, 8:00 AM ET

Strategy bought 1,229 BTC, bringing its total to 672,497 BTC; raised $108.8M selling common

From Strategy’s 8-K, accepted by the SEC on Dec 29, 2025 at 8:00 AM ET, covering Dec 22 to Dec 28.

What it says

Strategy reported ATM sales of MSTR stock (663,450 shares, $108.8M net) and purchase of 1,229 BTC for $108.8M during Dec 22-28, 2025, bringing holdings to 672,497 BTC.

The numbers

Bitcoin bought1,229 BTCDec 22 to Dec 28
Average price$88,568per bitcoin
Cost$108.8M
Bitcoin held after672,497 BTC
ATM capacity left$11.70Bas of Dec 28
ATM capacity left · STRC$4.04Bas of Dec 28
ATM capacity left · STRD$4.01Bas of Dec 28
ATM capacity left · STRF$1.62Bas of Dec 28
ATM capacity left · STRK$20.34Bas of Dec 28
ATM net proceeds$108.8Mas of Dec 28
ATM net proceeds · STRC$0as of Dec 28
ATM net proceeds · STRD$0as of Dec 28
ATM net proceeds · STRF$0as of Dec 28
ATM net proceeds · STRK$0as of Dec 28
ATM shares sold663,450 sharesas of Dec 28
ATM shares sold · STRC0 sharesas of Dec 28
ATM shares sold · STRD0 sharesas of Dec 28
ATM shares sold · STRF0 sharesas of Dec 28
ATM shares sold · STRK0 sharesas of Dec 28
Average bitcoin cost$74,997as of Dec 28
Total bitcoin cost$50.44Bas of Dec 28

What it changed

Bitcoin held
671,268 BTCbefore
672,497 BTCafter this filing
From the filing
mNAV
1.17xDec 26 close
1.17xpro forma at Dec 26’s prices
1.15xDec 29 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
195,768Dec 26 close
195,748Dec 29 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
77.0 yrsDec 26 close
77.0 yrsDec 29 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 29, 2025, 8:00 AM ET. Accession 0001193125-25-332296.
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.