Michael Saylor’s Strategy sells $136 million in preferred stock, adds 8,178 Bitcoin in lat
November 17, 2025
Michael Saylor’s Strategy sold $136.1 million of preferred stock under its at-the-market offering program and used those proceeds, along with cash from a new preferred stock deal, to buy 8,178 bitcoin last week, according to a Form 8-K filed Monday with the U.S. Securities and Exchange Commission.
The company sold three series of preferred stock under the ATM. It did not sell any shares of its Class A common stock, which trades on Nasdaq under the ticker MSTR, during the period.
Strategy sold 39,957 shares of its 10.00% Series A Perpetual Strife Preferred Stock, or STRF, for $4.0 million in notional value and $4.4 million in net proceeds. The company sold 1,313,641 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC, for $131.4 million in notional value and $131.2 million in net proceeds. It also sold 5,513 shares of its 8.00% Series A Perpetual Strike Preferred Stock, or STRK, for $0.6 million in notional value and $0.5 million in net proceeds. Figures are presented net of sales commissions.
As of Nov. 16, the company reported remaining capacity under its ATM programs of $1.64 billion for STRF, $4.04 billion for STRC, $20.34 billion for STRK, $4.13 billion for its 10.00% Series A Perpetual Stride Preferred Stock, or STRD, and $15.85 billion for its MSTR Class A common stock. No STRD or MSTR shares were sold during the week.
Separately, Strategy disclosed that it completed a previously announced public offering of 7,750,000 shares of its 10.00% Series A Perpetual Stream Preferred Stock, referred to as STRE. The shares were sold at a public offering price of €80.00 per share. Gross proceeds were approximately €620.0 million, or $716.8 million, and net proceeds were approximately €608.8 million, or $703.9 million, after underwriting discounts, commissions and estimated offering expenses. The company said dollar figures were calculated using a euro to U.S. dollar exchange rate of €1.00 to $1.1561.
In the same filing, Strategy reported it acquired 8,178 bitcoin during the Nov. 10 to Nov. 16 period at an aggregate purchase price of $835.6 million. The average purchase price was $102,171 per bitcoin, including fees and expenses. The company said the purchases were funded with proceeds from the STRE offering and from sales of STRF, STRC and STRK under the ATM.
As of Nov. 16, Strategy held 649,870 bitcoin. The company reported that its aggregate purchase price for those holdings was approximately $48.37 billion, with an average purchase price of $74,433 per bitcoin, inclusive of fees and expenses.
In an earlier 8-K covering the period from Nov. 3 to Nov. 9, Strategy said it sold $50 million across its four preferred stocks and acquired 487 bitcoin for $49.9 million at an average price of $102,557 per bitcoin, inclusive of fees and expenses.
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