MSTRStrategy

Crypto · Financial Services · Nasdaq

Strategy is the world's first and largest Bitcoin Treasury Company. 10-K, Item 1

Employees: 1,539
Headquarters: Tysons Corner, VA
CEO: Phong Le
Next results: around Feb 4, 2027

Dilution: new shares, stock pay and buybacks

prospectuses (S-3, 424B) of the last three years and the 10-K cash flow From EDGAR

Shares offered

Since Nov 11, 2023: 16 at-the-market programs, 5 preferred stock sales, 2 shelf registrations; also 7 updates to earlier prospectuses.

Mar 23, 2026 At-the-market program: up to $21.0B of common stock 424B5
Mar 23, 2026 At-the-market program: up to $21.0B of preferred stock 424B5
Mar 23, 2026 At-the-market program: up to $2.1B of preferred stock 424B5
Nov 7, 2025 Sale of 7.8M preferred shares 424B5
Nov 4, 2025 At-the-market program: up to $20.3B of preferred stock 424B5
Nov 4, 2025 At-the-market program: up to $4.1B of preferred stock 424B5

“In accordance with the terms of the Sales Agreement, as supplemented by the Sales Agreement Addendum, under this prospectus supplement annex relating to the sale of our class A common stock (the “Common Stock Annex”), we may offer and sell shares of our class A common stock having an aggregate offering price of up to $21,000,000,000 from time to time through one or more of the Agents, acting as our sales agents.”
424B5, Mar 23, 2026 ↗

Every offering filing →

Paid in stock

$53.4M

stock-based pay, year to Dec 31, 2025; shares sold for $16.3B in cash

Bought back

no buyback line in the 10-K XBRL, year to Dec 31, 2025

Diluted shares: 277.66M in the year to Dec 31, 2025 2025 +44.2%2024 +16.2%2023 -2.4%

Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How

No cash flow chart for banks and insurers: their operating cash flow moves with loans, deposits and trading, so it says little about how cash was spent.

Buybacks, year to Dec 31, 2025

cash paid for its own shares

Paid in stock to employees

$53.4M

stock-based compensation

Share count, 1 year

+44.2%

more shares: owners are diluted

Share count, 3 years

+63.5%

diluted average shares

Fiscal year to	Buybacks	Dividends	Stock pay	Shares issued for cash	Diluted shares
2025-12-31	-	-	$53.4M	$16.3B	277.66M
2024-12-31	-	-	$77.1M	$16.4B	192.55M
2023-12-31	-	-	$69.6M	$2.0B	165.66M
2022-12-31	$0	-	$63.6M	$46.6M	113.21M
2021-12-31	$0	-	$44.1M	$1.0B	10.02M

From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: sbc = ShareBasedCompensation; issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.

Work on MSTR in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/MSTR/export.csv") into a cell.