Company: MSTR
Filing Date: 2025-10-06
Form Type: 8-K
Source: 0001193125-25-230977
Chunk: 2

Company: Strategy Inc
Filing Date: 2025-10-06
Form: 8-K
Item: Item 8.01
Chunk 2
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 The Treasury and IRS intend to issue revised proposed regulations similar to this Interim Guidance. As previously disclosed, pursuant to the Interim Guidance, we plan to exclude our unrealized gains and losses on our bitcoin holdings from the calculation of our AFSI for purposes of determining whether we are subject to CAMT. As a result, we no longer expect to become subject to CAMT due to unrealized gains on our bitcoin holdings. For additional information, see “ Risks Related to our Business in General - We may have exposure to greater than anticipated tax liabilities.”

Capital Markets Update

During the quarter ended September 30, 2025, the Company received aggregate net proceeds of $5.09 billion from the following transactions:

Underwritten Offering

  STRC Initial Public Offering: On July 29, 2025,the Company completed an underwritten public offering (the “ STRC Offering”) of 28,011,111 shares of its Variable Rate Series A Perpetual Stretch ...  

ATM Offerings

  STRF ATM: On May 22, 2025, the Company entered into a Sales Agreement with TD Securities (USA) LLC (“ TD”), Barclays Capital Inc. (“ Barclays”), and The Benchmark Company, LLC (“ Benchmark”), a...  

  STRK ATM: On March 10, 2025, the Company entered into a Sales Agreement with TD, Barclays, Benchmark, BTIG, LLC (“ BTIG”), Canaccord Genuity LLC (“ CG”), Cantor Fitzgerald & Co. (“ Cantor”), Co...  

  STRD ATM: On July 7, 2025, the Company entered into a Sales Agreement with TD, Barclays, Benchmark, Clear Street LLC (“ Clear Street”) and Morgan Stanley, as sales agents (the “ STRD Sales Agre...  

  MSTR ATM: On May 1, 2025, the Company entered into a Sales Agreement with TD, Benchmark, BTIG, CG, Cantor, Mizuho, Santander, and SG, as agents, (the “ May 2025 Sales Agreement”), pursuant to w...  

Additionally, during the quarter ended September 30, 2025, the Company established but did not utilize the following ATM:

  STRC ATM: On July 31, 2025, the Company entered into a Sales Agreement with TD, Barclays, Benchmark, Clear Street, and Morgan Stanley, as sales agents (the “ STRC Sales Agreement”), pursuant to...  

As of September 30, 2025, the