Strategy (MSTR)

• 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.

• 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.

• 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.

• 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.

• 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.

• Strategy Inc raised $27.3 million in net proceeds from its at-the-market (ATM) offering programs between October 6, 2025, and October 12, 2025.
• During the same period, the company purchased an additional 220 Bitcoin for an aggregate purchase price of $27.2 million, at an average price of $123,561 per Bitcoin.
• As of October 12, 2025, Strategy Inc holds a total of 640,250 Bitcoin with an aggregate purchase price of $47.38 billion, and an average purchase price of $74,000 per Bitcoin.

The following table details the ATM and Bitcoin activity for Strategy Inc:

• Strategy Inc increased its bitcoin holdings by 42,706 BTC during Q3 2025, bringing its total to 640,031 BTC as of September 30, 2025, acquired at an average price of $73,983 per bitcoin.
• For Q3 2025, the company recognized an unrealized gain on digital assets of $3.89 billion, partially offset by a $1.12 billion deferred tax expense, following the adoption of ASU 2023-08 which requires fair value accounting for bitcoin.
• As of September 30, 2025, Strategy Inc reported $8.2037 billion in aggregate principal amount of convertible notes outstanding, with significant maturities including $1.04 billion in 2027 and $6.40 billion in 2028.
• The company also had substantial remaining capacity under its At-The-Market (ATM) offering programs, totaling approximately $44.35 billion across various stock types as of September 30, 2025.

• The U.S. Treasury Department and IRS have issued interim guidance allowing corporations to exclude unrealized gains and losses on digital assets when calculating Adjusted Financial Statement Income (AFSI), preventing tax liabilities on market fluctuations unless gains are realized.
• Strategy Inc. (formerly MicroStrategy), the largest corporate holder of Bitcoin, benefits significantly from this new guidance and no longer expects to fall under the Corporate Alternative Minimum Tax (CAMT) in 2026.
• This change follows significant pushback from major crypto holders like Strategy and Coinbase, who argued that taxing unrealized gains was unfair and inconsistent with traditional asset treatment.
• The new guidance provides regulatory clarity that encourages corporations to add Bitcoin to their balance sheets without fear of unpredictable tax shocks, supporting digital asset adoption and long-term investment.

• Strategy Inc. reported total net proceeds of $50.4 million from its STRK, STRF, and STRD at-the-market (ATM) programs between August 11 and August 17, 2025.
• As of August 17, 2025, the company had $17,042.7 million available for issuance and sale under its Common ATM program.
• The company acquired an additional 430 Bitcoin for $51.4 million (average price of $119,666) between August 11 and August 17, 2025. This brings its total Bitcoin holdings to 629,376 BTC with an aggregate purchase price of $46.15 billion (average price of $73,320) as of August 17, 2025.
• Strategy Inc. updated its MSTR Equity Guidance, indicating it will tactically issue MSTR shares below 2.5x mNAV to pay debt interest or fund preferred equity dividends, opportunistically issue shares to acquire Bitcoin between 2.5x and 4.0x mNAV, and actively issue shares to acquire Bitcoin above 4.0x mNAV.

• MicroStrategy provided updates on its at-the-market (ATM) offering programs, reporting $13.6 million in net proceeds from the sale of 115,169 shares of STRF preferred stock between August 4, 2025, and August 10, 2025.
• As of August 10, 2025, the company had significant amounts available for issuance across its ATM programs, including $17,042.7 million for common stock and $20,450.2 million for STRK preferred stock.
• The company also updated its bitcoin holdings, acquiring an additional 155 BTC for $18.0 million (average price $116,401) during the period August 4, 2025, to August 10, 2025.
• As of August 10, 2025, MicroStrategy's total bitcoin holdings reached 628,946 BTC, with an aggregate purchase price of $46.10 billion (average price $73,288).