Company: MSTR
Filing Date: 2025-01-03
Form Type: DEF 14A
Source: 0001140361-25-000231
Chunk: 83

Company: Strategy Inc
Filing Date: 2025-01-03
Form: DEF 14A
Chunk 83
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 proceeds from our sale of class A common stock under an at-the-market equity offering program, $11.8 million in proceeds from sales of bitcoin, and Excess Cash. |

| (b) | During 2023, we purchased bitcoin using $1.864 billion of the net proceeds from our sale of class A common stock under at-the-market equity offering programs, and Excess Cash. |

E-3

TABLE OF CONTENTS

Excess Cash refers to cash in excess of the minimum Cash Assets that we are required to hold under our Treasury Reserve Policy, which may include cash generated by operating activities and cash from the proceeds of financing activities. The following table shows the approximate number of bitcoins held at the end of each respective period, as well as market value calculations of our bitcoin holdings based on the lowest, highest, and ending market prices of one bitcoin on the Coinbase exchange (our principal market) for each respective year, as further defined below:

|                   |     |   Approximate 
     Number of 
 Bitcoins Held 
     at End of 
          Year |     |       Lowest 
 Market Price 
  Per Bitcoin 
  During Year 
          (a) |     |    Market Value 
 of Bitcoin Held 
  at End of Year 
    Using Lowest 
    Market Price 
  (in thousands) 
             (b) |     |      Highest 
 Market Price 
  Per Bitcoin 
  During Year 
          (c) |     |    Market Value 
 of Bitcoin Held 
  at End of Year 
   Using Highest 
    Market Price 
  (in thousands) 
             (d) |     |   Market Price 
 Per Bitcoin at 
    End of Year 
            (e) |     |    Market Value 
 of Bitcoin Held 
  at End of Year 
    Using Ending 
    Market Price 
  (in thousands) 
             (f) |
| December 31, 2021 |     |       124,391 |     |   $27,678.00 |     |      $3,442,894 |     |   $69,000.00 |     |      $8,582,979 |     |     $45,879.97 |     |      $5,707,055 |
| December 31, 2022 |     |       132,500 |     |   $15,460.00 |     |      $2,048,450 |     |   $48,240.00 |     |      $