MSTR at a glance
MicroStrategy (MSTR, SEC CIK 1050446) filed its latest 10-K annual report on February 19, 2026, a 10-Q quarterly report on August 3, 2026, an 8-K current report on October 5, 2026 and Form 4 insider filings as recently as September 23, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), MicroStrategy (MSTR) reported revenue of $477.2 million (up 3.0% from FY2024) and a net loss of $3.8 billion. Diluted EPS was -$15.23.
- As of June 30, 2026, 35 institutional investment managers tracked by SignalX reported holding MicroStrategy (MSTR) shares worth $8.3 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Patten Jarrod M on September 22, 2026 of 475 shares at $171.00 per share.
- In the last 90 days, MSTR insiders reported 0 open-market purchases ($0) and 17 open-market sales ($1.9M) on Form 4, a net sale of $1.9M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $477.2M
- +3.0% vs prior year
- Insiders · 90 days
- 0 buys · 17 sells
- Net −$1.9M
- 13F holders
- 35 funds
- $8.3B · −1 vs prior quarter
- Latest 8-K
- Oct 1, 2026
- Item 8.01 · Item 7.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: dual focus on bitcoin treasury operations and AI-powered enterprise analytics software
- Introduced five novel Preferred Stock classes ("digital credit") in 2025 providing varied economic exposure to bitcoin and equity
- Strategic shift: rebranded from MicroStrategy Inc. to Strategy Inc. (Aug 2025) to emphasize identity as first and largest Bitcoin Treasury Company
- Bitcoin holdings 717,131 BTC acquired at $54.5B cost, market value $68,734 per bitcoin as of Feb 13, 2026; largest corporate holder globally
- Established $2.25B US dollar reserve in Dec 2025 to support dividend and interest payments on preferred stock and debt obligations
Risk Factors
- Regulatory risk from adoption of ASC 2023-08 requiring unrealized bitcoin fair value changes recognized in income, causing $5.4B unrealized loss in 2025
- Macroeconomic risk due to bitcoin market volatility impacting liquidity, with holdings of ~717K bitcoins valued at $49.29B as of Feb 13, 2026
- Operational risk of increased cloud hosting costs by $32.5M and higher subcontractor expenses raising subscription services cost of revenues by 69% in 2025
- Competitive risk from customer migration from on-premises to cloud subscription services leading to 18.3% decline in product license revenues in 2025
- Financial risk from substantial convertible notes maturing 2028-2032 totaling $8.22B principal and $64.97M interest expense in 2025, with put options triggering potential large cash outflows
Management Discussion & Analysis
- Revenue driven primarily by bitcoin capital market activities and enterprise analytics software; net proceeds from equity offerings $23.17B in 2025 vs $16.33B in 2024
- Bitcoin unrealized loss $5.40B in 2025 with deferred tax benefit $1.55B; carrying value of bitcoin $58.85B vs $23.91B at end of 2024
- Best performing segment: Bitcoin holdings fair market value $58.85B with 672,500 bitcoins; Enterprise Analytics segment details excluded from financials
- Capital allocation: $22.47B spent on bitcoin purchases in 2025, funded by convertible notes and stock sales; USD Reserve cash $2.25B as of Feb 2026
- Forward outlook: Flexible bitcoin strategy emphasizing financial innovation and capital management; risks include bitcoin market volatility and regulatory landscape
AI summary of the MSTR 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- STRC dividend rate 11.50% at June 30, 2026; 12.00% effective July 1, 2026
- 50-basis-point STRC rate increase would raise annual accrual approximately $52.4 million
- Cash, cash equivalents, and short-term Treasuries approximately $2.45 billion
- USD Reserve policy requires minimum reserve covering 12 months of expected annual preferred dividends and interest obligations
- Interest income exposure tied to prevailing interest rates; STRC interest-rate risk deemed immaterial
Risk Factors
- Newly added STRE risk: Euro-denominated payments without an EUR Reserve, exposing dividend capacity to exchange-rate volatility
- Most material market update: STRC dividend adjustments may misalign with investor expectations, causing unexpected trading-price declines
- Regulatory risk: SEC short-sale restrictions could impair convertible-arbitrage strategies and reduce STRK liquidity
- Operational risk: Euro MTF’s limited trading volumes may constrain STRE liquidity and price transparency
- Financial risk: Approximately $6.75 billion outstanding indebtedness as of June 30, 2026 could limit additional capital raising
AI summary of the MSTR 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 8.01: Other Events
- STRC dividend rate maintained at 12.00% annually, equal to $0.50 per share semi-monthly
- October 31 dividend payable to October 15 record-date holders, unaffected by proposed amendments
Item 7.01: Regulation FD Disclosure
- Preliminary proxy filed for Special Meeting; definitive proxy and voting materials forthcoming
- Stockholders must follow definitive proxy instructions; no proxy cards included with this communication
Item 7.01: Regulation FD Disclosure
- Filing contains only the required signature block dated September 28, 2026
- No substantive Regulation FD disclosure or investor-impacting information included in the provided text
Item 8.01: Other Events
- MSTR ATM raised $246.2M from 1,469,165 shares, increasing potential common-stock dilution
- $142.7M funded 1,665 BTC purchases; holdings reached 847,666 BTC at $63.95B aggregate cost
AI summaries of MSTR 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for MSTR
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Patten Jarrod M | M | Sep 22, 2026 | 475 | $18.24 |
| Patten Jarrod M | Sell | Sep 22, 2026 | 475 | $171.00 |
| Patten Jarrod M | M | Sep 22, 2026 | 475 | - |
| Patten Jarrod M | M | Sep 21, 2026 | 1,425 | $18.24 |
| Patten Jarrod M | Sell | Sep 21, 2026 | 475 | $165.98 |
| Patten Jarrod M | M | Sep 21, 2026 | 1,425 | - |
| Patten Jarrod M | Sell | Sep 21, 2026 | 475 | $169.00 |
| Patten Jarrod M | Sell | Sep 21, 2026 | 475 | $167.00 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $463.5M | $477.2M |
| Gross Profit | - | $334.0M | $327.8M |
| Operating Income | - | -$1.9B | -$5.4B |
| Net Income | - | -$1.2B | -$3.8B |
| Gross Margin | - | 72.1% | 68.7% |
| Op. Margin | - | -399.8% | -1140.8% |
| Net Margin | - | -251.7% | -806.3% |
| Balance Sheet | |||
| Total Assets | $4.8B | $25.8B | $61.6B |
| Equity | $2.2B | $18.2B | $44.1B |
| ROE | - | -6.4% | -8.7% |
| Per Share | |||
| EPS | - | $-6.06 | $-15.23 |
| Cash Flow | |||
| Operating CF | - | -$53.0M | -$67.2M |
| CapEx | - | $3.0M | $8.2M |
Source: XBRL data in MicroStrategy (MSTR)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate MSTR share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 35 | $8.26B |
| Q1 2026 | 36 | $11.29B |
| Q4 2025 | 38 | $16.17B |
| Q3 2025 | 42 | $32.09B |
| Q2 2025 | 42 | $36.94B |
| Q1 2025 | 37 | $19.39B |
| Q4 2024 | 33 | $14.55B |
| Q3 2024 | 25 | $4.65B |
- Goldman Sachs Group+4.02M (+225%)
- BlackRock+1.64M (+9%)
- Wells Fargo & Co+1.27M (+175%)
- Vanguard Capital Management LLC+861.1K (+6%)
- Invesco Ltd+616.3K (+7%)
- Bank of America Corp−2.79M (-70%)
- Marex Group plc−1.94M (-57%)
- Citadel Advisors LLC−1.10M (-90%)
- FMR LLC (Fidelity)−535.9K (-55%)
- M&T Bank−5.6K (-36%)
Source: 13F-HR filings on SEC EDGAR (aggregated from 288 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
MSTR filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Oct 5, 2026 | - | - | - |
| 8-K | Oct 1, 2026 | - | Analysis | - |
| 8-K | Sep 28, 2026 | - | Analysis | - |
| 8-K | Sep 25, 2026 | - | Analysis | - |
| 4 | Sep 23, 2026 | - | - | - |
| 4 | Sep 22, 2026 | - | - | - |
| 8-K | Sep 21, 2026 | - | Analysis | - |
| 8-K | Sep 14, 2026 | - | Analysis | - |
| 8-K | Sep 8, 2026 | - | Analysis | - |
| 4 | Sep 8, 2026 | - | - | - |
| 8-K | Sep 1, 2026 | - | Analysis | - |
| 4 | Aug 31, 2026 | - | - | - |
| 8-K | Aug 31, 2026 | - | Analysis | - |
| 4 | Aug 26, 2026 | - | - | - |
| 8-K | Aug 24, 2026 | - | Analysis | - |
| 8-K | Aug 17, 2026 | - | Analysis | - |
| 4 | Aug 10, 2026 | - | - | - |
| 8-K | Aug 10, 2026 | - | Analysis | - |
| 10-Q | Aug 3, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 3, 2026 | - | Analysis | - |
| 8-K | Jul 31, 2026 | - | - | - |
| 8-K | Jul 30, 2026 | - | - | - |
| 4 | Jul 28, 2026 | - | - | - |
| 8-K | Jul 27, 2026 | - | - | - |
| 4 | Jul 23, 2026 | - | - | - |
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MSTR SEC filings: frequently asked questions
Are MSTR insiders buying or selling?
In the last 90 days, MicroStrategy (MSTR) officers, directors and 10% owners reported no open-market purchases and 17 open-market sales worth $1.9 million by 2 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold MSTR stock?
As of June 30, 2026, the largest MicroStrategy (MSTR) holders among the 13F filers tracked by SignalX were BlackRock ($1.7 billion), Vanguard Portfolio Management LLC ($1.3 billion), Vanguard Capital Management LLC ($1.3 billion), Invesco Ltd ($812.0 million), Morgan Stanley ($811.1 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was MSTR's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), MicroStrategy (MSTR) reported revenue of $477.2 million (up 3.0% from FY2024) and a net loss of $3.8 billion. Diluted EPS was -$15.23. The figures come from the XBRL data in the 10-K.
What are the main risks in MSTR's latest 10-K?
In the 10-K filed February 19, 2026, MicroStrategy (MSTR) flagged: Regulatory risk from adoption of ASC 2023-08 requiring unrealized bitcoin fair value changes recognized in income, causing $5.4B unrealized loss in 2025. Macroeconomic risk due to bitcoin market volatility impacting liquidity, with holdings of ~717K bitcoins valued at $49.29B as of Feb 13, 2026. (AI summary of the Risk Factors section.)
What did MSTR report in its latest 8-K?
MicroStrategy (MSTR) filed an 8-K on October 1, 2026 reporting Item 8.01 (Other Events) and Item 7.01 (Regulation FD Disclosure). STRC dividend rate maintained at 12.00% annually, equal to $0.50 per share semi-monthly.
What are the latest MSTR SEC filings?
MicroStrategy (MSTR) filed its latest 10-K annual report on February 19, 2026, a 10-Q quarterly report on August 3, 2026, an 8-K current report on October 5, 2026 and a Form 4 insider filing on September 23, 2026.
What is MSTR's SEC CIK number?
MicroStrategy (MSTR)'s SEC Central Index Key (CIK) is 1050446. EDGAR lists every MSTR filing under that number.
Ask anything about MSTR
The research agent reads MSTR's filings, financials, insider trades and 13F holders, then answers with sources.