---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-285756"
form_type: "8-K"
ticker: "MSTR"
cik: "0001050446"
company_name: "Strategy Inc"
filed_at: "2023-11-30T23:59:59+00:00"
generated_at: "2026-06-07T19:46:37.166934+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# MicroStrategy enters $750M ATM equity offering; acquires 16,130 BTC for $593M

## Summary
- New $750M at-the-market equity offering agreement with Cowen, Canaccord, BTIG; agents' commission up to 2.0% of gross proceeds.
- Terminated prior $750M ATM (Berenberg); sold 1,189,588 shares for ~$590.9M net proceeds before termination.
- Acquired 16,130 BTC for ~$593.3M cash at avg $36,785/BTC during Nov 1-29, 2023.
- Total bitcoin holdings as of Nov 29, 2023: 174,530 BTC at avg cost $30,252 per BTC ($5.28B aggregate).

## SEC filing metadata
- accession: 0001193125-23-285756
- form_type: 8-K
- ticker: MSTR
- cik: 0001050446
- company_name: Strategy Inc
- filed_at: 2023-11-30T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1050446/000119312523285756/0001193125-23-285756-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1050446/000119312523285756/d618268d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-285756
- JSON: https://secwatch.observer/filing/0001193125-23-285756.json
- Plain text: https://secwatch.observer/filing/0001193125-23-285756.txt

## Key facts
- Material Agreements
  Strategy Inc entered into Sales Agreement with Cowen and Company, LLC, Canaccord Genuity LLC and BTIG, LLC valued at up to $750.0 million (effective 2023-11-30).
  - Action: entry
  - Agreement: atm program
  - Counterparty: Cowen and Company, LLC, Canaccord Genuity LLC and BTIG, LLC
  - Value: up to $750.0 million
  - Effective: 2023-11-30
  source text: On November 30, 2023, MicroStrategy Incorporated (“MicroStrategy”) entered into a Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”), Canaccord Genuity LLC (“Canaccord”) and BTIG, LLC, as sales agents (the “Agents”), pursuant to which MicroStrategy 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 $750.0 million (the “Shares”), from time to time through the Agents (the “Offering”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1050446/000119312523285756/0001193125-23-285756-index.htm

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