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FILINGStrategy (MSTR) · 8-K · accepted Thursday, Feb 5, 2026, 4:14 PM ET

Strategy 's 8-K reports Q4 2025 results (net loss of $12.4B)

From Strategy’s 8-K, accepted by the SEC on Feb 5, 2026 at 4:14 PM ET.

What it says

Strategy's 8-K reports Q4 2025 results (net loss of $12.4B), holdings of 713,502 BTC as of Feb 1, 2026, ATM activity, a $2.25B USD Reserve, and an updated STRC dividend adjustment framework.

The numbers

ATM capacity left$8.10Bas of Feb 1
ATM capacity left · STRC$3.60Bas of Feb 1
ATM capacity left · STRD$4.00Bas of Feb 1
ATM capacity left · STRF$1.60Bas of Feb 1
ATM capacity left · STRK$20.30Bas of Feb 1
ATM shares sold20,205,642 sharesas of Feb 1, was 24,769,210 shares Dec 31
ATM shares sold · STRC4,207,834 sharesas of Feb 1, was 1,575,952 shares Dec 31
ATM shares sold · STRD0 sharesas of Feb 1, was 1,702,080 shares Dec 31
ATM shares sold · STRF0 sharesas of Feb 1, was 891,397 shares Dec 31
ATM shares sold · STRK38,796 sharesas of Feb 1, was 376,082 shares Dec 31
Average bitcoin cost$76,052as of Feb 1, was $62,503 Dec 31
Total bitcoin cost$54.26Bas of Feb 1, was $27.97B Dec 31
Bitcoin held713,502 BTCas of Feb 1
BTC Yield YTD (issuer)22.80%as of Dec 31
Preferred shares outstanding · STRC29,587,000 sharesas of Dec 31
Preferred shares outstanding · STRD14,024,000 sharesas of Dec 31
Preferred shares outstanding · STRE7,750,000 sharesas of Dec 31
Preferred shares outstanding · STRF12,840,000 sharesas of Dec 31
Preferred shares outstanding · STRK13,982,000 sharesas of Dec 31
Preferred stated amount · STRC$3.40Bas of Feb 1
USD Reserve$2.25Bas of Feb 1

What it changed

mNAV
1.24xFeb 5 close
1.32xFeb 6 close
Enterprise value (diluted market value plus debt and preferreds, minus cash) ÷ bitcoin held
Sats per diluted share
185,501Feb 5 close
185,501Feb 6 close
Bitcoin per diluted share × 100 million
Years of preferred dividends covered
55.1 yrsFeb 5 close
61.7 yrsFeb 6 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 Thursday, Feb 5, 2026, 4:14 PM ET. Accession 0001050446-26-000012.
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.