Company: MSTR
Filing Date: 2025-11-07
Form Type: 8-K
Source: 0001193125-25-271105
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Company: Strategy Inc
Filing Date: 2025-11-07
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement.  

On November 6, 2025, Strategy Inc (the “ Company”) entered into an underwriting agreement (the “ Underwriting Agreement”) with Barclays Bank PLC, Morgan Stanley & Co. International plc, Moelis & Company LLC, SG Americas Securities, LLC, TD Securities (USA) LLC, Canaccord Genuity LLC and StoneX Financial Inc. (the “ Underwriters”), relating to the issuance and sale in an underwritten offering (the “ Offering”) of 7,750,000 shares (the “ Shares”) of the Company’s 10.00% Series A Perpetual Stream Preferred Stock, $0.001 par value per share (the “ STRE Stock”), at a public offering price of €80.00 per share. The issuance and sale of the STRE Stock is scheduled to settle on November 13, 2025, subject to customary closing conditions. Certain terms of the STRE Stock are described in more detail in the Company’s press release announcing the pricing of the Offering, which is filed herewith as Exhibit 99.1 and incorporated herein by reference.

The Company’s gross proceeds from the Offering will be approximately €620.0 million (or $ 715.1 million) and the Company estimates the net proceeds from the Offering will be approximately €608.8 million (or $702.2 million), after deducting the underwriting discounts and commissions and the Company’s estimated offering expenses. The Company’s gross proceeds and estimated net proceeds in U. S. dollars disclosed herein are calculated based on the Euro to U. S. dollar exchange rate of €1.00/$1.1534 as of 12:30 P. M. (New York City time) on November 6, 2025 on the Bloomberg page “ BFIX.”

The Company intends to use the net proceeds from the Offering for general corporate purposes, including the acquisition of bitcoin and for working capital.

The Underwriting Agreement contains customary representations, warranties, and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties, and termination provisions.

The Offering is being made pursuant to an effective shelf registration statement on Form S-3ASR(RegistrationNo. 333-284510)on file with the Securities and Exchange Commission (the “ SEC”). The Offering will be made