---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-200633"
form_type: "8-K"
ticker: "MSTR"
cik: "0001050446"
company_name: "Strategy Inc"
filed_at: "2023-08-01T23:59:59+00:00"
generated_at: "2026-06-12T16:43:43.699982+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# MicroStrategy launches $750M ATM equity offering, replaces prior $625M program

## Summary
- New Sales Agreement with Cowen, Canaccord, Berenberg for up to $750M in Class A common stock sales.
- Prior $625M ATM terminated; under it, 1,079,170 shares sold for ~$333.5M net proceeds.
- Shares sold via 'at the market' offering; agents earn up to 2.0% of gross proceeds.
- Company has no obligation to sell and may suspend or terminate the offering at any time.

## SEC filing metadata
- accession: 0001193125-23-200633
- form_type: 8-K
- ticker: MSTR
- cik: 0001050446
- company_name: Strategy Inc
- filed_at: 2023-08-01T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 1.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1050446/000119312523200633/0001193125-23-200633-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1050446/000119312523200633/d512066d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-200633
- JSON: https://secwatch.observer/filing/0001193125-23-200633.json
- Plain text: https://secwatch.observer/filing/0001193125-23-200633.txt

## Key facts
- Material Agreements
  Strategy Inc entered into Sales Agreement with Cowen and Company, LLC, Canaccord Genuity LLC and Berenberg Capital Markets LLC valued at up to $750,000,000 (effective 2023-08-01).
  - Action: entry
  - Agreement: atm program
  - Counterparty: Cowen and Company, LLC, Canaccord Genuity LLC and Berenberg Capital Markets LLC
  - Value: up to $750,000,000
  - Effective: 2023-08-01
  source text: On August 1, 2023, MicroStrategy Incorporated (the “Company”) entered into a Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC, Canaccord Genuity LLC and Berenberg Capital Markets LLC, as sales agents (the “Agents”), pursuant to which the Company may issue and sell shares of its class A common stock, $0.001 par value per share (“Common Stock”), having an aggregate offering price of up to $750,000,000 (the “Shares”), from time to time through the Agents (the “Offering”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1050446/000119312523200633/0001193125-23-200633-index.htm
- Material Agreements
  Strategy Inc terminated Prior Sales Agreement with Cowen and Company, LLC and Canaccord Genuity LLC (effective 2023-08-01).
  - Action: termination
  - Agreement: atm program
  - Counterparty: Cowen and Company, LLC and Canaccord Genuity LLC
  - Effective: 2023-08-01
  source text: On August 1, 2023, the Company entered into a letter agreement with the Prior Agents, pursuant to which the parties agreed to terminate the Prior Sales Agreement, effective at 4:15 p.m. ET on August 1, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1050446/000119312523200633/0001193125-23-200633-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.