FILINGStrategy (MSTR) · 8-K · accepted Monday, Feb 2, 2026, 4:00 PM ET
Strategy 8-K announcing that 100% of its 2025 preferred stock distributions were treated as nontaxable return
From Strategy’s 8-K, accepted by the SEC on Feb 2, 2026 at 4:00 PM ET.
What it says
Strategy 8-K announcing that 100% of its 2025 preferred stock distributions were treated as nontaxable return of capital for U.S. federal tax purposes, with no bitcoin purchases or ATM data reported.
What it changed
mNAV
1.21xFeb 2 close
1.22xFeb 3 close
Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held
Sats per diluted share
185,501Feb 2 close
185,501Feb 3 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
68.5 yrsFeb 2 close
65.9 yrsFeb 3 close
Bitcoin and cash ÷ a year of preferred dividends at current rates (note interest not included yet)
Also that day
Source
Form 8-K filed by Strategy Inc with the SEC, accepted Monday, Feb 2, 2026, 4:00 PM ET. Accession 0001193125-26-033573.
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.