The key points from the MicroStrategy (MSTR) Form 8-K filing dated April 7, 2025, are: Financial and Bitcoin Holdings: • No new stock or Bitcoin acquisitions occurred between March 31, 2025, and April 6, 2025. • As of April 6, 2025, MSTR holds 528,185 BTC, acquired at an average price of 67,458 per Bitcoin, totaling an aggregate purchase price of 35.63 billion. Capital Markets Activities (Q1 2025): • Net proceeds received totaled approximately 7.69 billion through various offerings: • Perpetual Strike Preferred Stock (STRK) offering: raised ~563.3 million. • STRK ATM offering: raised ~30.4 million. • Perpetual Strife Preferred Stock (STRF) offering: raised ~711.2 million. • Class A Common Stock (MSTR ATM): raised ~4.4 billion. • 2030B Convertible Notes: raised ~1.99 billion. Debt Structure: • Outstanding convertible notes as of March 31, 2025, total 8.22 billion, comprising: • 1.01 billion of 0.625% Convertible Senior Notes due 2028. • 3.0 billion of 0% Convertible Senior Notes due 2029. • 800 million of 0.625% Convertible Senior Notes due 2030A. • 2.0 billion of 0% Convertible Senior Notes due 2030B. • 603.8 million of 0.875% Convertible Senior Notes due 2031. • 800 million of 2.25% Convertible Senior Notes due 2032. Preferred Stock: • Issued two new preferred stocks with detailed dividend structures: • Perpetual Strike Preferred Stock (STRK): Cumulative dividends at 8% annually, payable quarterly in cash, shares, or combination. • Perpetual Strife Preferred Stock (STRF): Higher priority, cumulative dividends at 10% annually, payable solely in cash. Bitcoin Accounting and Financial Impact: • Effective January 1, 2025, MSTR adopted ASU 2023-08, shifting from cost-less-impairment to fair-value accounting for Bitcoin. • Resulted in a 5.91 billion unrealized loss on digital assets for Q1 2025. • This unrealized loss is expected to significantly impact net loss, offset partially by an income tax benefit of approximately 1.69 billion. Key Risks Highlighted: • Significant volatility and risks associated with Bitcoin holdings and concentration. • Dependency on debt and equity financing for Bitcoin purchases. • Regulatory and market risks potentially affecting asset liquidity and company solvency. https://assets.contentstack.io/v3/assets/bltf8d808d9b8cebd37/blt941a23a55f18d2b0/67f2f722e78a92adc130dcaf/form-8-k_04-07-2025.pdf