Case file $MSTR

Strategy

Updated with filings through Oct 25, 2026.

Scout, the Treasury Scout bloodhound, nose to the ground

Bitcoin held

How much bitcoin do they hold?

848,517 BTC

845,050 BTC on Sep 13, 2026, 8 filings

Held as of the latest weekly filing. stated: As written in the SEC filing.

Ahead of common, per BTC

What is ahead of common stock per BTC?

$24,588

Debt principal plus preferred liquidation preference, divided by BTC held. derived: Calculated by the tool from stated figures. Not printed in any filing. total claims / BTC held; no BTC price used partial: Built from inputs of different dates. Later changes are not all included.

BTC · preferred · debt source (SEC filing, opens in a new tab)

Figures are as stated in the filing unless tagged derived: Calculated by the tool from stated figures. Not printed in any filing.. Hover or focus a tag for what it means. Every row links to its filing.

Latest buys

Bitcoin bought each week, as reported in the company's 8-K filings, newest first.

PeriodBTC boughtSpentAvg priceBTC held afterFiling
Oct 19-Oct 250nonen/a848,517source (SEC filing, opens in a new tab)
Oct 12-Oct 18267$22.1M$82,900848,517source (SEC filing, opens in a new tab)
Oct 5-Oct 11250$21.5M$86,194848,250source (SEC filing, opens in a new tab)
Oct 1-Oct 4334$28.7M$85,839848,000source (SEC filing, opens in a new tab)
Sep 28-Sep 300nonen/a847,666source (SEC filing, opens in a new tab)
Sep 21-Sep 271,665$142.7M$85,681847,666source (SEC filing, opens in a new tab)
Sep 14-Sep 20950$75.7M$79,670846,000source (SEC filing, opens in a new tab)
Sep 8-Sep 130nonen/a845,050source (SEC filing, opens in a new tab)

How they paid for it

Where the money for each week's buying came from, and the cash left after.

USD Reserve

$4.83B

source (SEC filing, opens in a new tab)

USD Cash

$242.4M

source (SEC filing, opens in a new tab)

WeekSpent on BTCPaid withMSTR ATM netSTRC bought backFiling
Oct 19-Oct 25noneno buys$0.0M$204.9Msource (SEC filing, opens in a new tab)
Oct 12-Oct 18$22.1MMSTR stock sales $22.0M; USD Cash $0.1M$22.0M$193.1Msource (SEC filing, opens in a new tab)
Oct 5-Oct 11$21.5MMSTR stock sales $21.0M; USD Cash $0.5M$21.0M$192.4Msource (SEC filing, opens in a new tab)
Sep 28-Oct 4$28.7MMSTR stock sales $15.7M; USD Cash $13.0M$15.7M$176.3Msource (SEC filing, opens in a new tab)
Sep 21-Sep 27$142.7MMSTR stock sales $142.7M$246.2M$151.7Msource (SEC filing, opens in a new tab)
Sep 14-Sep 20$75.7MUSD Cash $75.7M$0.0M$174.0Msource (SEC filing, opens in a new tab)
Sep 8-Sep 13noneno buys$0.0M$139.3Msource (SEC filing, opens in a new tab)

Preferred ATM net proceeds (STRC, STRD, STRF, STRK) were $0.0M in every week shown.

Common shares outstanding

Share counts as each filing states them. New shares sold through the ATM show up here.

As ofClass AClass BStated inFiling
364,585,50119,640,25010-Q / 10-K coversource (SEC filing, opens in a new tab)
330,807,62219,640,25010-Q / 10-K coversource (SEC filing, opens in a new tab)
314,112,45819,640,25010-Q / 10-K coversource (SEC filing, opens in a new tab)
267,713,48519,640,25010-Q / 10-K coversource (SEC filing, opens in a new tab)
263,912,69719,640,25010-Q / 10-K coversource (SEC filing, opens in a new tab)
253,763,05319,640,25010-Q / 10-K coversource (SEC filing, opens in a new tab)
237,711,60719,640,25010-Q / 10-K coversource (SEC filing, opens in a new tab)
183,003,98019,640,25010-Q / 10-K coversource (SEC filing, opens in a new tab)
pre-split: Not comparable with later counts. not comparable, before 10-for-1 stock split on 2024-08-0717,468,0451,964,02510-Q / 10-K coversource (SEC filing, opens in a new tab)
pre-split: Not comparable with later counts. not comparable, before 10-for-1 stock split on 2024-08-0715,773,4061,964,02510-Q / 10-K coversource (SEC filing, opens in a new tab)
pre-split: Not comparable with later counts. not comparable, before 10-for-1 stock split on 2024-08-0715,004,1001,964,02510-Q / 10-K coversource (SEC filing, opens in a new tab)

How much runway is left

How much stock each at-the-market program can still sell, and how long that lasts at the recent pace.

SecurityCapacity leftAs ofSold per weekRunwayFiling
MSTR$18.79B$14.7M derived: Calculated by the tool from stated figures. Not printed in any filing.1,280 weeks derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
STRC$17.51Bnone sold: Weekly 8-Ks in the window: Oct 19-Oct 25 0; Oct 12-Oct 18 0; Oct 5-Oct 11 0; Sep 28-Oct 4 0no sales in window: Nothing sold in the last 4 weeks, so there is no pace to project.source (SEC filing, opens in a new tab)
STRD$4.01Bnone sold: Weekly 8-Ks in the window: Oct 19-Oct 25 0; Oct 12-Oct 18 0; Oct 5-Oct 11 0; Sep 28-Oct 4 0no sales in window: Nothing sold in the last 4 weeks, so there is no pace to project.source (SEC filing, opens in a new tab)
STRK$2.10Bnone sold: Weekly 8-Ks in the window: Oct 19-Oct 25 0; Oct 12-Oct 18 0; Oct 5-Oct 11 0; Sep 28-Oct 4 0no sales in window: Nothing sold in the last 4 weeks, so there is no pace to project.source (SEC filing, opens in a new tab)
STRF$1.62Bnone sold: Weekly 8-Ks in the window: Oct 19-Oct 25 0; Oct 12-Oct 18 0; Oct 5-Oct 11 0; Sep 28-Oct 4 0no sales in window: Nothing sold in the last 4 weeks, so there is no pace to project.source (SEC filing, opens in a new tab)
STREno program found: Not found (atm_capacity.py finds no STRE ATM program) inn/anot stated: Weekly 8-Ks in the window: Oct 19-Oct 25 0; Oct 12-Oct 18 NOT FOUND; Oct 5-Oct 11 NOT FOUND; Sep 28-Oct 4 NOT FOUNDnot computed: At least one weekly 8-K in the window states no amount sold.source (SEC filing, opens in a new tab) 2 (SEC filing, opens in a new tab)

Pace is the average net proceeds over the last 4 weekly 8-Ks (Sep 28, 2026 to Oct 25, 2026). Runways compare net proceeds with capacity stated at gross offering price, so they read slightly long.

What they owe

What the company has promised to pay before common shareholders get anything.

Ahead of common, total

$20.86B derived: Calculated by the tool from stated figures. Not printed in any filing. partial: Built from inputs of different dates. Later changes are not all included. preferred stated aggregate as of September 30, 2026, older than the latest 8-K as of October 25, 2026 (stale count); later STRC repurchases listed beside it, not netted; debt principal as of June 30, 2026 for 7 item(s)

debt principal plus preferred

Preferred dividends a year

$1.73B derived: Calculated by the tool from stated figures. Not printed in any filing. partial: Built from inputs of different dates. Later changes are not all included. of which EUR series EUR 77.500 million (derived); USD figure for it uses the 10-Q's stated USD aggregate

at current rates

Interest on debt a year

$34.6M derived: Calculated by the tool from stated figures. Not printed in any filing. partial: Built from inputs of different dates. Later changes are not all included. excludes: Other long-term secured debt (aggregate of two loans)

on stated principal

Preferred dividends

What each preferred series pays per year at its current rate and share count.

SeriesRateSharesDividends a year derived: Calculated by the tool from stated figures. Not printed in any filing.CumulativeFiling
STRF10.0% fixed12,839,689 as of Jun 30, 2026 stale: Uses a count older than the latest filing. Share count as of Jun 30, 2026.$128.4Myessource (SEC filing, opens in a new tab)
STRC12.0% variable104,894,705 as of Jun 30, 2026 stale: Uses a count older than the latest filing. Share count as of Jun 30, 2026.$1.26Byessource (SEC filing, opens in a new tab) 2 (SEC filing, opens in a new tab)
STRE10.0% fixed7,750,000 as of Jun 30, 2026 stale: Uses a count older than the latest filing. Share count as of Jun 30, 2026.$88.4Myessource (SEC filing, opens in a new tab)
STRK8.0% fixed14,020,744 as of Jun 30, 2026 stale: Uses a count older than the latest filing. Share count as of Jun 30, 2026.$112.2Myessource (SEC filing, opens in a new tab)
STRD10.0% fixed14,024,221 as of Jun 30, 2026 stale: Uses a count older than the latest filing. Share count as of Jun 30, 2026.$140.2Mnosource (SEC filing, opens in a new tab)

Claims ahead of common stock

Debt principal and preferred liquidation preference that rank above common shareholders.

ClaimAmountAs ofRateCost a yearFiling
2028 Convertible Notes$1.01B stale: Uses a count older than the latest filing. as of 2026-06-30, older than latest 8-K.0.625%$6.3M derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
2029 Convertible Notes$1.50B stale: Uses a count older than the latest filing. as of 2026-06-30, older than latest 8-K.0.000%$0.0M derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
2030A Convertible Notes$800.0M stale: Uses a count older than the latest filing. as of 2026-06-30, older than latest 8-K.0.625%$5.0M derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
2030B Convertible Notes$2.00B stale: Uses a count older than the latest filing. as of 2026-06-30, older than latest 8-K.0.000%$0.0M derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
2031 Convertible Notes$603.7M stale: Uses a count older than the latest filing. as of 2026-06-30, older than latest 8-K.0.875%$5.3M derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
2032 Convertible Notes$800.0M stale: Uses a count older than the latest filing. as of 2026-06-30, older than latest 8-K.2.250%$18.0M derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
Other long-term secured debtaggregate of two loans$40.0M stale: Uses a count older than the latest filing. as of 2026-06-30, older than latest 8-K.n/anot stated: annual interest NOT FOUND: the filing states one aggregate principal for two loans, one at a fixed rate and one at SOFR plus a spread, and no SOFR level; not derivable from stated figuressource (SEC filing, opens in a new tab)
STRF liquidation preference12,839,689 shares x USD 100.00 stated amount$1.28B derived: Calculated by the tool from stated figures. Not printed in any filing. stale: Uses a count older than the latest filing. stale count. no 8-K states a repurchase since 2026-06-3010.00%$128.4M derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
STRC liquidation preference104,894,705 shares x USD 100.00 stated amount$10.49B derived: Calculated by the tool from stated figures. Not printed in any filing. stale: Uses a count older than the latest filing. stale count. 8-K repurchases since 2026-06-30: 20,980,508 shares (2026-07-20 to 2026-10-25), listed not subtracted12.00%$1.26B derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
STRE liquidation preference7,750,000 shares x EUR 100.00 stated amount€775.0M derived: Calculated by the tool from stated figures. Not printed in any filing. stale: Uses a count older than the latest filing. stale count. no 8-K states a repurchase since 2026-06-3010.00%€77.5M derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
STRK liquidation preference14,020,744 shares x USD 100.00 stated amount$1.40B derived: Calculated by the tool from stated figures. Not printed in any filing. stale: Uses a count older than the latest filing. stale count. no 8-K states a repurchase since 2026-06-308.00%$112.2M derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
STRD liquidation preference14,024,221 shares x USD 100.00 stated amount$1.40B derived: Calculated by the tool from stated figures. Not printed in any filing. stale: Uses a count older than the latest filing. stale count. no 8-K states a repurchase since 2026-06-3010.00%$140.2M derived: Calculated by the tool from stated figures. Not printed in any filing.source (SEC filing, opens in a new tab)
Debt principal total$6.75B derived: Calculated by the tool from stated figures. Not printed in any filing. partial: Built from inputs of different dates. Later changes are not all included.source (SEC filing, opens in a new tab)
Preferred liquidation preference total$14.11B partial: Built from inputs of different dates. Later changes are not all included.source (SEC filing, opens in a new tab)
Total ahead of common$20.86B derived: Calculated by the tool from stated figures. Not printed in any filing. partial: Built from inputs of different dates. Later changes are not all included. preferred stated aggregate as of September 30, 2026, older than the latest 8-K as of October 25, 2026 (stale count); later STRC repurchases listed beside it, not netted; debt principal as of June 30, 2026 for 7 item(s)

Rate history

Every dividend rate the company has announced for its variable-rate preferred stock.

STRC rate now

12.00%

contingent, filed source (SEC filing, opens in a new tab)

9.00% on Jul 21, 2025, 19 filings
FiledRateChange, pp derived: Calculated by the tool from stated figures. Not printed in any filing.DecisionEffective fromFiling
12.00%+0.00contingentsource (SEC filing, opens in a new tab)
12.00%+0.00heldsource (SEC filing, opens in a new tab)
12.00%+0.00heldsource (SEC filing, opens in a new tab)
12.00%+0.00heldsource (SEC filing, opens in a new tab)
12.00%+0.50changedsource (SEC filing, opens in a new tab)
11.50%+0.00declarednot statedsource (SEC filing, opens in a new tab)
11.50%+0.00heldsource (SEC filing, opens in a new tab)
11.50%+0.00heldsource (SEC filing, opens in a new tab)
11.50%+0.00heldsource (SEC filing, opens in a new tab)
11.50%+0.25changedsource (SEC filing, opens in a new tab)
11.25%+0.25changedsource (SEC filing, opens in a new tab)
11.00%+0.25changedsource (SEC filing, opens in a new tab)
10.75%+0.25changedsource (SEC filing, opens in a new tab)
10.50%+0.25changedsource (SEC filing, opens in a new tab)
10.25%+0.25changedsource (SEC filing, opens in a new tab)
10.00%+1.00changedsource (SEC filing, opens in a new tab)
9.00%+0.00initialnot statedsource (SEC filing, opens in a new tab)
9.00%+0.00initialnot statedsource (SEC filing, opens in a new tab)
9.00%firstinitialnot statedsource (SEC filing, opens in a new tab)

Latest 10-Q check, 11.50% as of Jun 30, 2026: vs in effect agrees; vs latest 8-K mismatch mismatch: This figure differs from the one in the latest 8-K. Compare the as-of dates. source (SEC filing, opens in a new tab)

What's coming next

Dated events the company's filings say are coming, soonest first. Hover an event for the filing's words.

DateEventSecurityStated inFiling
Dividend payment n/aDEF 14Asource (SEC filing, opens in a new tab)
Dividend payment STRC8-Ksource (SEC filing, opens in a new tab)
5:00 PM New York City timeDividend record if approved: Conditional: the filing says this applies only if approved.STRCDEFA14Asource (SEC filing, opens in a new tab)
Dividend record if approved: Conditional: the filing says this applies only if approved.STRCDEFA14Asource (SEC filing, opens in a new tab)
Dividend record n/aDEF 14Asource (SEC filing, opens in a new tab)
Dividend payment n/aDEFA14Asource (SEC filing, opens in a new tab)
Dividend payment if approved: Conditional: the filing says this applies only if approved.STRCDEFA14Asource (SEC filing, opens in a new tab)
Dividend record n/aDEF 14Asource (SEC filing, opens in a new tab)
Dividend payment n/aDEF 14Asource (SEC filing, opens in a new tab)
Dividend record if approved: Conditional: the filing says this applies only if approved.STRDDEFA14Asource (SEC filing, opens in a new tab)
Dividend payment if approved: Conditional: the filing says this applies only if approved.STRDDEFA14Asource (SEC filing, opens in a new tab)
Dividend payment n/aDEF 14Asource (SEC filing, opens in a new tab)