We'll walk through Strategy's April 6, 2026 Form 8-K, the filing that disclosed 4,871 BTC purchased between April 1-5. This is a typical weekly disclosure, and the pattern is identical across every Strategy 8-K since the ATM program began.
Filing: Strategy Inc Form 8-K, filed April 6, 2026
Step 1Find BTC Bought
Scroll to the section titled "BTC Updates". You'll see a table with columns for the reporting period. The number you want is "BTC Acquired" in the left column.
| During Period April 1, 2026 to April 5, 2026 | As of April 5, 2026 | ||||
|---|---|---|---|---|---|
| BTC Acquired | Agg. Purchase Price | Avg. Price | Total BTC | Agg. Cost | Avg. Cost |
| 4,871 | $329.9M | $67,718 | 766,970 | $58.02B | $75,644 |
Step 2Find Shares Issued
Scroll up to the "ATM Updates" section. This table shows every security sold during the reporting period. You're looking for two things: MSTR Stock (Class A common) shares sold, and any preferred shares sold.
Common shares (MSTR) dilute existing shareholders directly. Preferred shares (STRC, STRK, STRF, STRD) add claims to the capital structure instead. These go in different Decision Lab inputs.
| Security | Shares Sold | Notional Value | Net Proceeds |
|---|---|---|---|
| STRF Stock (10% Strife Preferred) | - | $- | $- |
| STRC Stock (Variable Stretch Preferred) | 1,027,255 | $102.7M | $102.6M |
| STRK Stock (8% Strike Preferred) | - | $- | $- |
| STRD Stock (10% Stride Preferred) | - | $- | $- |
| MSTR Stock (Class A Common) | 593,294 | - | $72.0M |
| Total | $174.6M |
Two things happened in this period. Strategy sold 593,294 shares of MSTR common stock. That's share dilution, and it goes into the Shares Issued slider. They also sold 1,027,255 shares of STRC preferred stock with a notional value of $102.7M. That's a new senior claim, and it goes into Claims Added.
Step 3Find Claims Added
Back in the same ATM Updates table, find the Notional Value column for any preferred stock sold. The notional value is the face amount of the preferred. It's the number that determines the dividend obligation and the liquidation preference. That's the claim on the BTC reserve.
| Security | Notional Value | Claim Type |
|---|---|---|
| STRC Stock (Variable Stretch Preferred) | $102.7M | Cash-pay variable preferred @ 11.50% |
What about convertible debt?
This particular 8-K only has preferred stock issuance. But Strategy's older 8-Ks (and filings from companies like Metaplanet, ProCap, and OranjeBTC) include convertible note issuances. For those, look for:
"Aggregate principal amount". This is the face value of the debt, and it goes into Claims Added. If the note is zero-coupon (no interest payments), the claim is still the face value because that's what's owed at maturity.
"Conversion price". This tells you at what share price the debt converts to equity. In the Decision Lab, this matters for modeling the dilution at maturity, but for a simple transaction analysis, the face value as a claim is the primary input.
Step 4Plug It In
You now have three numbers from the 8-K. Here's how they map to the Decision Lab:
Open the Decision Lab for Strategy, select "Build your own deal", and set each slider to these values. The chart will immediately show you the payoff curve: where the deal is accretive, where it's dilutive, and (if applicable) where the break-even BTC price falls.
For this specific transaction: Strategy bought 4,871 BTC using $72M from common share sales (dilution) and $102.6M from STRC preferred sales (new claims), plus likely some existing cash. The verdict depends on BTC price. The Decision Lab shows you the full curve.
Step 5Stacking Multiple Periods
Most 8-Ks cover a one-week period, but Strategy's capital plan operates continuously. To model a full quarter, use the Stacked Transactions feature: enter one week's numbers, press + Stack, then enter the next week's numbers. The chart shows the combined impact of all stacked deals on sats per share.
For example, the same April 6 filing also includes a prior period (March 30-31) where no BTC was purchased but 2,275,972 STRC shares were sold for $227.6M in notional value and 582,550 MSTR shares were sold. You could stack that as a separate deal to see the combined Q1 close + Q2 open impact.
For Other CompaniesSame Pattern, Different Filing
The three inputs are universal across every Bitcoin Treasury Company, but the filing format varies by jurisdiction:
US companies (SEC EDGAR): Form 8-K for material events, 10-Q for quarterly, 10-K for annual. Strategy, Strive, ProCap, Nakamoto, DDC all file here. Search at SEC EDGAR.
Japan (Metaplanet): Tanshin (quarterly earnings) and press releases via IR page. BTC purchases announced via press release, not a standard form.
UK (Smarter Web): RNS announcements via Investegate or the LSE's Regulatory News Service. CLN (convertible loan note) terms disclosed in admission documents.
France (Capital B): Euronext filings and press releases. OCA (convertible bond) terms in AMF-registered prospectuses.
Brazil (OranjeBTC): CVM filings via the Brazilian securities regulator. Convertible debenture terms in the offering documentation.
In every case, the three questions are the same: How much BTC did they buy? How many common shares did they issue? What new senior claims were added? Find those three numbers and the Decision Lab does the rest.
Ready to model a deal?
Pick a company and drag the numbers across the price of money.
Open the Decision Lab ->