Subsequent Events	6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	(14) Subsequent Events Digital asset purchases From July 1, 2025 through July 31, 2025, the Company has purchased approximately 31,466 bitcoins for 3.68 billion, or approximately $116,860 per bitcoin. Amendment to STRK Stock On July 7, 2025, the Company filed a certificate of amendment (the “STRK Amendment”) with the Secretary of State of the State of Delaware to the STRK Stock certificate of designations so that, together with other conforming changes, the STRK Stock has a liquidation preference that is initially $100 per share; provided, however, that, effective immediately after the close of business on each business day on or after July 7, 2025 (and, on or after July 7, 2025, if applicable, during the course of a business day on which any sale transaction to be settled by the issuance of STRK Stock is executed, from the exact time of the first such sale transaction during such business day until the close of business of such business day), the liquidation preference per share of STRK Stock will be adjusted to be the greatest of (i) the stated amount of $100 per share of STRK Stock (the “Stated Amount”); (ii) in the case of any business day on or after July 7, 2025 with respect to which Strategy has, on such business day or any business day during the ten trading day period preceding such business day, executed any sale transaction to be settled by the issuance of STRK Stock, an amount equal to the Last Reported Sale Price (as defined in the certificate of designations for the STRK Stock) per share of STRK Stock on the trading day immediately before such business day; and (iii) the arithmetic average of the Last Reported Sale Prices per share of STRK Stock for each trading day of the ten consecutive trading days immediately preceding such business day; provided that, for purposes of the definition of liquidation preference, the execution of the STRK Amendment will be treated as an execution of a sale transaction settled by the issuance of STRK Stock. See Note 6, Commitments and Contingencies. Initial public offering of STRC Stock On July 29, 2025, the Company completed a registered public offering of 28,011,111 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (“STRC Stock”), at a price to the public of $90.00 per share, for net proceeds of approximately $2.47 billion, after deducting the underwriting discounts and commissions and the Company’s estimated offering expenses. The Company filed a certificate of designations with the Secretary of State of the State of Delaware designating and establishing the terms of the STRC Stock. The STRC Stock is listed for trading on the Nasdaq Global Select Market under the symbol “STRC.” The STRC Stock will accumulate cumulative dividends at a variable rate (as described below) per annum on the stated amount of $100 per share thereof. Regular dividends on the STRC Stock will be payable when, as and if declared by the Company’s board of directors or any duly authorized committee thereof, out of funds legally available for their payment, monthly in arrears on the last calendar day of each calendar month, beginning on August 31, 2025. The initial monthly regular dividend rate per annum will be 9.00%. However, the Company will have the right, in its sole and absolute discretion, to adjust the monthly regular dividend rate per annum applicable to subsequent regular dividend periods. The Company’s right to adjust the monthly regular dividend rate per annum will be subject to certain restrictions. For example, the Company will not be permitted to reduce the monthly regular dividend rate per annum that will apply to any regular dividend period (i) by more than the following amount from the monthly regular dividend rate per annum applicable to the prior regular dividend period: the sum of (1) 25 basis points; and (2) the excess, if any, of (x) the one-month term secured overnight financing rate (“SOFR”) rate on the first business day of such prior regular dividend period, over (y) the minimum of the one-month term SOFR rates that occur on the business days during the period from, and including, the first business day of such prior regular dividend period to, and including, the last business day of such prior regular dividend period; or (ii) to a rate per annum that is less than the one-month term SOFR rate in effect on the business day before the Company provides notice of the next monthly regular dividend rate per annum. In addition, the Company will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full. The Company’s current intention (which is subject to change in the Company’s sole and absolute discretion) is to adjust the monthly regular dividend rate per annum in such manner as the Company believes is designed to cause the STRC Stock to trade at prices at or close to its stated amount of $100 per share. Declared regular dividends on the STRC Stock will be payable solely in cash. In the event that any accumulated regular dividend on the STRC Stock is not paid on the applicable regular dividend payment date, then additional regular dividends (“STRC compounded dividends”) will accumulate on the amount of such unpaid regular dividend, compounded monthly on each subsequent regular dividend payment date at the monthly regular dividend rate per annum applicable to the relevant regular dividend period, from, and including, the calendar day after such regular dividend payment date to, and including, the date the same, including all STRC compounded dividends thereon, is paid in full. The STRC Stock also has certain redemption and repurchase rights, in the manner, and subject to the terms, set forth in the STRC Stock certificate of designations. At-the-market offerings ATM Updates During the period from July 1, 2025 through July 31, 2025, the Company sold an aggregate of 2,433,381 shares of its class A common stock under the May 2025 Sales Agreement for aggregate net proceeds to the Company (less sales commissions) of approximately $1.07 billion. As of July 31, 2025, $17.04 billion of shares of the Company’s class A common stock remained available for issuance and sale pursuant to the May 2025 Sales Agreement. During the period from July 1, 2025 through July 31, 2025, the Company sold an aggregate of 579,417 STRK ATM Shares under the STRK ATM Offering, for aggregate net proceeds to the Company (less sales commissions) of approximately $71.8 million. As of July 31, 2025, approximately $20.45 billion of STRK ATM Shares remained available for issuance and sale pursuant to the STRK ATM Offering. On July 7, 2025, the Company amended the Original STRF Sales Agreement to include an additional sales agent. During the period from July 1, 2025 through July 31, 2025, the Company sold an aggregate of 446,005 STRF ATM Shares under the STRF ATM Offering, for aggregate net proceeds to the Company (less sales commissions) of approximately $55.6 million. As of July 31, 2025, approximately $1.88 billion of STRF ATM Shares remained available for issuance and sale pursuant to the STRF ATM Offering. STRD ATM On July 7, 2025, the Company entered into a sales agreement (the “STRD Sales Agreement”) with agents pursuant to which the Company could issue and sell shares of its STRD Stock through an at-the-market equity offering program (the “STRD ATM Offering”) and filed a prospectus supplement for the STRD ATM Offering, pursuant to which the Company may issue and sell shares of its STRD Stock having an aggregate offering price of up to $4.2 billion (“STRD ATM Shares”) from time to time through the sales agents under the STRD ATM Offering. During the period from July 7, 2025 through July 31, 2025, the Company sold an aggregate of 189,560 STRD ATM Shares under the STRD ATM Offering, for aggregate net proceeds to the Company (less sales commissions) of approximately $17.9 million. As of July 31, 2025, approximately 4.18 billion of STRD ATM Shares remained available for issuance and sale pursuant to the STRD ATM Offering. STRC ATM On July 31, 2025, the Company entered into a sales agreement (the “STRC Sales Agreement”) with agents pursuant to which the Company could issue and sell shares of its STRC Stock through an at-the-market equity offering program (the “STRC ATM Offering”) and filed a prospectus supplement for the STRC ATM Offering, pursuant to which the Company may issue and sell shares of its STRC Stock having an aggregate offering price of up to $4.2 billion (the “STRC ATM Shares”) from time to time through sales agents under the STRC ATM Offering. As of July 31, 2025, the Company has not sold any STRC ATM Shares under the STRC ATM Offering and approximately $4.2 billion of STRC ATM Shares remained available for issuance and sale pursuant to the STRC ATM Offering. Dividend on STRC Stock As contemplated by the prospectus supplement for the initial public offering of STRC Stock, on July 31, 2025, the Company announced that its board of directors declared monthly cash dividends of $0.80 per share payable on the STRC Stock. The calculation of the monthly dividend takes into account the dividend accrued from, but excluding, July 29, 2025, the issuance date of the STRC Stock. Payment will be made on August 31, 2025 (or, if such date is not a business day, the next business day) to stockholders of record of the STRC Stock at the close of business on August 15, 2025.

Subsequent Events

6 Months Ended

Jun. 30, 2025

(14) Subsequent Events

Digital asset purchases

From July 1, 2025 through July 31, 2025, the Company has purchased approximately 31,466 bitcoins for 3.68 billion, or approximately $116,860 per bitcoin.

Amendment to STRK Stock

On July 7, 2025, the Company filed a certificate of amendment (the “STRK Amendment”) with the Secretary of State of the State of Delaware to the STRK Stock certificate of designations so that, together with other conforming changes, the STRK Stock has a liquidation preference that is initially $100 per share; provided, however, that, effective immediately after the close of business on each business day on or after July 7, 2025 (and, on or after July 7, 2025, if applicable, during the course of a business day on which any sale transaction to be settled by the issuance of STRK Stock is executed, from the exact time of the first such sale transaction during such business day until the close of business of such business day), the liquidation preference per share of STRK Stock will be adjusted to be the greatest of (i) the stated amount of $100 per share of STRK Stock (the “Stated Amount”); (ii) in the case of any business day on or after July 7, 2025 with respect to which Strategy has, on such business day or any business day during the ten trading day period preceding such business day, executed any sale transaction to be settled by the issuance of STRK Stock, an amount equal to the Last Reported Sale Price (as defined in the certificate of designations for the STRK Stock) per share of STRK Stock on the trading day immediately before such business day; and (iii) the arithmetic average of the Last Reported Sale Prices per share of STRK Stock for each trading day of the ten consecutive trading days immediately preceding such business day; provided that, for purposes of the definition of liquidation preference,

the execution of the STRK Amendment will be treated as an execution of a sale transaction settled by the issuance of STRK Stock. See Note 6, Commitments and Contingencies.

Initial public offering of STRC Stock

On July 29, 2025, the Company completed a registered public offering of 28,011,111 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (“STRC Stock”), at a price to the public of $90.00 per share, for net proceeds of approximately $2.47 billion, after deducting the underwriting discounts and commissions and the Company’s estimated offering expenses. The Company filed a certificate of designations with the Secretary of State of the State of Delaware designating and establishing the terms of the STRC Stock. The STRC Stock is listed for trading on the Nasdaq Global Select Market under the symbol “STRC.”

The STRC Stock will accumulate cumulative dividends at a variable rate (as described below) per annum on the stated amount of $100 per share thereof. Regular dividends on the STRC Stock will be payable when, as and if declared by the Company’s board of directors or any duly authorized committee thereof, out of funds legally available for their payment, monthly in arrears on the last calendar day of each calendar month, beginning on August 31, 2025. The initial monthly regular dividend rate per annum will be 9.00%. However, the Company will have the right, in its sole and absolute discretion, to adjust the monthly regular dividend rate per annum applicable to subsequent regular dividend periods. The Company’s right to adjust the monthly regular dividend rate per annum will be subject to certain restrictions. For example, the Company will not be permitted to reduce the monthly regular dividend rate per annum that will apply to any regular dividend period (i) by more than the following amount from the monthly regular dividend rate per annum applicable to the prior regular dividend period: the sum of (1) 25 basis points; and (2) the excess, if any, of (x) the one-month term secured overnight financing rate (“SOFR”) rate on the first business day of such prior regular dividend period, over (y) the minimum of the one-month term SOFR rates that occur on the business days during the period from, and including, the first business day of such prior regular dividend period to, and including, the last business day of such prior regular dividend period; or (ii) to a rate per annum that is less than the one-month term SOFR rate in effect on the business day before the Company provides notice of the next monthly regular dividend rate per annum. In addition, the Company will not be entitled to elect to reduce the monthly regular dividend rate per annum unless all accumulated regular dividends, if any, on the STRC Stock then outstanding for all prior completed regular dividend periods, if any, have been paid in full. The Company’s current intention (which is subject to change in the Company’s sole and absolute discretion) is to adjust the monthly regular dividend rate per annum in such manner as the Company believes is designed to cause the STRC Stock to trade at prices at or close to its stated amount of $100 per share. Declared regular dividends on the STRC Stock will be payable solely in cash. In the event that any accumulated regular dividend on the STRC Stock is not paid on the applicable regular dividend payment date, then additional regular dividends (“STRC compounded dividends”) will accumulate on the amount of such unpaid regular dividend, compounded monthly on each subsequent regular dividend payment date at the monthly regular dividend rate per annum applicable to the relevant regular dividend period, from, and including, the calendar day after such regular dividend payment date to, and including, the date the same, including all STRC compounded dividends thereon, is paid in full. The STRC Stock also has certain redemption and repurchase rights, in the manner, and subject to the terms, set forth in the STRC Stock certificate of designations.

At-the-market offerings

ATM Updates

During the period from July 1, 2025 through July 31, 2025, the Company sold an aggregate of 2,433,381 shares of its class A common stock under the May 2025 Sales Agreement for aggregate net proceeds to the Company (less sales commissions) of approximately $1.07 billion. As of July 31, 2025, $17.04 billion of shares of the Company’s class A common stock remained available for issuance and sale pursuant to the May 2025 Sales Agreement.

During the period from July 1, 2025 through July 31, 2025, the Company sold an aggregate of 579,417 STRK ATM Shares under the STRK ATM Offering, for aggregate net proceeds to the Company (less sales commissions) of approximately $71.8 million. As of July 31, 2025, approximately $20.45 billion of STRK ATM Shares remained available for issuance and sale pursuant to the STRK ATM Offering.

On July 7, 2025, the Company amended the Original STRF Sales Agreement to include an additional sales agent. During the period from July 1, 2025 through July 31, 2025, the Company sold an aggregate of 446,005 STRF ATM Shares under the STRF ATM Offering, for aggregate net proceeds to the Company (less sales commissions) of approximately $55.6 million. As of July 31, 2025, approximately $1.88 billion of STRF ATM Shares remained available for issuance and sale pursuant to the STRF ATM Offering.

STRD ATM

On July 7, 2025, the Company entered into a sales agreement (the “STRD Sales Agreement”) with agents pursuant to which the Company could issue and sell shares of its STRD Stock through an at-the-market equity offering program (the “STRD ATM Offering”) and filed a prospectus supplement for the STRD ATM Offering, pursuant to which the Company may issue and sell shares of its STRD Stock having an aggregate offering price of up to $4.2 billion (“STRD ATM Shares”) from time to time through the sales agents under the STRD ATM Offering. During the period from July 7, 2025 through July 31, 2025, the Company sold an aggregate of 189,560 STRD ATM Shares

under the STRD ATM Offering, for aggregate net proceeds to the Company (less sales commissions) of approximately $17.9 million. As of July 31, 2025, approximately 4.18 billion of STRD ATM Shares remained available for issuance and sale pursuant to the STRD ATM Offering.

STRC ATM

On July 31, 2025, the Company entered into a sales agreement (the “STRC Sales Agreement”) with agents pursuant to which the Company could issue and sell shares of its STRC Stock through an at-the-market equity offering program (the “STRC ATM Offering”) and filed a prospectus supplement for the STRC ATM Offering, pursuant to which the Company may issue and sell shares of its STRC Stock having an aggregate offering price of up to $4.2 billion (the “STRC ATM Shares”) from time to time through sales agents under the STRC ATM Offering. As of July 31, 2025, the Company has not sold any STRC ATM Shares under the STRC ATM Offering and approximately $4.2 billion of STRC ATM Shares remained available for issuance and sale pursuant to the STRC ATM Offering.

Dividend on STRC Stock

As contemplated by the prospectus supplement for the initial public offering of STRC Stock, on July 31, 2025, the Company announced that its board of directors declared monthly cash dividends of $0.80 per share payable on the STRC Stock. The calculation of the monthly dividend takes into account the dividend accrued from, but excluding, July 29, 2025, the issuance date of the STRC Stock. Payment will be made on August 31, 2025 (or, if such date is not a business day, the next business day) to stockholders of record of the STRC Stock at the close of business on August 15, 2025.