Strategy (MSTR) Company Report

Strategy (formerly MicroStrategy) acquired 22,305 BTC for approximately $2.13 billion at an average price of $95,284 per coin, bringing its total holdings to 709,715 BTC acquired for roughly $53.92 billion at an average cost of $75,979 per bitcoin as of January 19, 2026.
The purchase was funded via at-the-market equity programs, generating approximately $2.13 billion from the sale of about 10.4 million MSTR Class A shares and issuances of STRC and STRK preferred stock.
This acquisition represents Strategy’s largest weekly bitcoin purchase since late 2024, continuing its aggressive accumulation that now accounts for just over 3% of Bitcoin’s circulating supply.
Analysts highlighted dilution and cash-flow tradeoffs, with TipRanks' AI analyst scoring MSTR as Neutral due to weak financial-statement quality and bearish technicals, even as some forecasts project materially larger 2026 bitcoin accumulation.

Jan 20, 2026, 2:13 PM

Bloomberg

YieldMax ETFs Announce Weekly Distributions

MSTR

Dividends

Weekly distributions for various YieldMax® Option Income Strategy ETFs were announced.
The record date for these distributions is January 8, 2026, with a payment date of January 9, 2026.
The press release includes a table detailing the Distribution per Share and Distribution Rate for each ETF as of January 6, 2026. For instance, the YieldMax® MSTR Option Income Strategy ETF (MSTY) has a Distribution per Share of $0.3741 and a Distribution Rate of 64.23%.
The 30-Day SEC Yield for these ETFs is reported as of December 31, 2025.
All listed YieldMax® ETFs have a gross expense ratio of 0.99%.

Jan 7, 2026, 11:55 AM

Press Release

Strategy Acquires Additional Bitcoin Holdings

MSTR

New Projects/Investments

Delisting/Listing Issues

Strategy (formerly MicroStrategy) recently acquired 10,645 BTC for $980.3 million at an average price of $92,098 per coin, marking its second consecutive roughly $1 billion weekly purchase.
The company's total Bitcoin holdings now stand at 671,268 BTC, acquired for a total of $50.33 billion (average cost $74,972), with the current market value estimated at $60 billion, representing approximately $10 billion in unrealized gains.
This acquisition was primarily funded through its ATM equity program, raising $888.2 million from common-stock sales and additional proceeds from preferred-share offerings, totaling about $989 million in net proceeds.
Despite a 41% year-to-date decline in MSTR shares and shareholder dilution concerns, management continues with large Bitcoin buys, while also pushing back against MSCI's proposed exclusion of bitcoin-treasury companies from indices.

Dec 15, 2025, 1:19 PM

Bloomberg

MicroStrategy Updates Bitcoin Holdings, Guidance, and Introduces USD Reserve

MSTR

Guidance Update

Dividends

New Projects/Investments

MicroStrategy (MSTR) reported its Bitcoin (BTC) holdings as of December 1, 2025, totaling 650,000 BTC with a net asset value of $59 billion.
The company updated its BTC price assumptions for GAAP earnings guidance to a range of $85,000-$110,000, revising its BTC dollar gain target to $8.4 billion-$12.8 billion.
MSTR established a $1.44 billion USD reserve to cover interest and dividends, providing 21 months of dividend coverage and strengthening its credit profile.
The company's capital structure includes an enterprise value of $68 billion and a BTC reserve of $59 billion, with $8.2 billion in convertible debt and $7.8 billion in preferred equity.

Dec 1, 2025, 1:00 PM

Transcript

Strategy Inc. Establishes USD Reserve and Updates FY 2025 Guidance

MSTR

Guidance Update

Dividends

New Projects/Investments

Strategy Inc. established a $1.44 billion USD Reserve to support dividend payments on its preferred stock and interest on outstanding indebtedness, funded by the sale of Class A common stock. This reserve currently covers 21 months of Dividends.
The company updated its FY 2025 earnings guidance based on an assumed year-end 2025 bitcoin price range of $85,000 to $110,000.
Revised FY 2025 projections include Operating Income (Loss) between approximately $(7.0) billion and $9.5 billion, Net Income (Loss) between approximately $(5.5) billion and $6.3 billion, and Diluted Earnings (Loss) Per Share between approximately $(17.0) and $19.0.
Strategy Inc. also updated its FY 2025 Bitcoin KPI targets, with a BTC Yield Target between 22.0% and 26.0% and a BTC $ Gain Target between $8.4 billion and $12.8 billion.
As of November 30, 2025, Strategy Inc. holds 650,000 bitcoin at an average purchase price of $74,436, representing approximately 3.1% of all bitcoin ever to be in existence.

Dec 1, 2025, 12:58 PM

8-K

Strategy Inc Prices Initial Public Offering of Preferred Stock

MSTR

Dividends

New Projects/Investments

Strategy Inc (MSTR) priced an initial public offering of 7,750,000 shares of its 10.00% Series A Perpetual Stream Preferred Stock (STRE Stock) at €80.00 per share on November 6, 2025.
The offering is expected to generate approximately €608.8 million (or $702.2 million) in net proceeds.
Strategy Inc intends to use these net proceeds for general corporate purposes, including the acquisition of bitcoin and for working capital.
The STRE Stock will accumulate cumulative dividends at an annual rate of 10.00%, payable quarterly in arrears, with the first payment scheduled for December 31, 2025.

Nov 7, 2025, 1:05 PM

8-K

CertiK's 2025 Report Assesses Digital Asset Treasuries, Ranks Strategy, Inc. Highest

MSTR

New Projects/Investments

CertiK published its 2025 Skynet Digital Asset Treasuries (DAT) Report on November 4, 2025, introducing a security and compliance framework to assess the operational integrity of public companies holding digital assets.
The report highlights that public companies now hold over $130 billion in digital assets, and DAT valuations are increasingly driven by their security and compliance frameworks rather than solely by the size of their holdings.
Strategy, Inc. (MSTR) received the report's highest Skynet Score of 91.8, attributed to factors such as its use of regulated custodians, multi-signature security, annual SOC 2 audits, and transparent SEC disclosure.
The framework evaluates DATs based on five critical pillars: Custodian & Third-Party Diligence, Internal Controls & Operational Security, On-Chain Risk Exposure, Capital Strategy Resilience, and Regulatory & Disclosure Posture.

Nov 4, 2025, 3:17 PM

Press Release

CertiK Releases 2025 Skynet Digital Asset Treasury Report Featuring Strategy Inc.

MSTR

New Projects/Investments

Regulatory

CertiK, the world's largest Web3 security company, released its "2025 Skynet Digital Asset Treasury (DAT) Report" on November 4, 2025, introducing a quantitative framework to assess the operational robustness of DATs.
The report highlights that the total digital assets held by global listed companies have surpassed $130 billion and evaluates DATs across five core pillars: custodians, internal controls, on-chain risk, capital strategy, and regulatory disclosure.
Strategy Inc. (MSTR) achieved the highest Skynet score of 91.8, primarily due to its use of regulated custodians, multi-signature security mechanisms, annual SOC 2 audits, and transparent SEC disclosures.
The report also suggests that investors will increasingly differentiate DATs based on their "holding methods" rather than "assets held," especially with the availability of spot ETFs.

Nov 4, 2025, 3:17 PM

Press Release

MSTR Reports Strong Q3 2025 Earnings and Bitcoin Holdings Growth

MSTR

Earnings

Convertible Preferred Issuance

New Projects/Investments

MSTR reported strong Q3 2025 financial results, with $3.9 billion in operating income, $2.8 billion in net income, and $8.43 earnings per share. Year-to-date 2025, GAAP operating income reached $12 billion, net income $8.6 billion, and EPS $27.80.
The company's Bitcoin holdings increased to 640,808 BTC, valued at $71 billion (average cost $74,000 per Bitcoin), representing over 3% of all Bitcoin. Digital assets grew to $73 billion in Q3 2025 from under $7 billion in Q3 2024, with total equity at $58.1 billion.
MSTR raised $19.8 billion in capital year to date 2025 for Bitcoin acquisitions, including $6.7 billion through preferred securities. STRC (Stretch) was the largest U.S. IPO of 2025 so far. The company plans to eliminate convertible debt by 2029.
Bitcoin per share grew to 41,370 as of October 26, 2025, from 39,716 as of July 31, 2025, and has increased over 3.5 times since 2020 to 200,197 as of October 2025. Year-to-date BTC yield is 26%, targeting 30% for the full year.
The company confirmed no plans for M&A activity, instead focusing on expanding its digital credit instruments internationally by designing native, currency-denominated products for specific geographies.

Oct 30, 2025, 9:00 PM

Transcript

Strategy Inc Announces Q3 2025 Financial Results and Reaffirms FY2025 Guidance

MSTR

Earnings

Guidance Update

Convertible Preferred Issuance

Strategy Inc reported strong financial results for Q3 2025, with net income of $2.8 billion and diluted earnings per share of $8.42. This includes an unrealized gain on digital assets of $3.9 billion.
As of October 26, 2025, the company's bitcoin holdings reached 640,808 bitcoins at a total cost of $47.44 billion, or $74,032 per bitcoin, with a market value of $70.9 billion.
The company reaffirmed its FY2025 guidance, projecting operating income of $34 billion, net income of $24 billion, and diluted EPS of $80 per share, assuming a year-end Bitcoin price outlook of $150,000.
Strategy Inc raised $5.1 billion in net proceeds from capital markets activities during Q3 2025, including $2.5 billion from the IPO of STRC Stock in July 2025, and increased the STRC dividend rate to 10.50% for November 2025.