How to Read a Strategy 8-K: The Three Numbers That Move CEBE

This is the first guide in a series on reading Bitcoin Treasury Company filings. We'll walk through Strategy's April 6, 2026 Form 8-K, the filing that disclosed 4,871 BTC purchased between April 1 and April 5. It is a typical weekly disclosure, and the pattern is identical across every Strategy 8-K since the ATM program began.

CEBE measures the BTC each common share owns once senior claims are accounted for. Three numbers from a filing move it. BTC bought adds to the reserve. Common shares issued divide that reserve across a larger share count. Senior claims added stand ahead of common equity, so they come off the reserve before common has a claim on what is left. Everything below is about finding those three numbers and reading what each one does.

Filing: Strategy Inc Form 8-K, filed April 6, 2026, accession 0001193125-26-142925. Every figure quoted below is taken from that filing and was checked against it on 2 August 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.

Note that the last three columns repeat the labels of the first three. The left half is the period, the right half is the running total as of the period end, and the only thing separating them is the header above each group. Reading a period figure as a cumulative one, or the reverse, is the most common mistake with this table.

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. They enter the CEBE computation in different places, so keep them apart from the start.

Two things happened in this period. Strategy sold 593,294 shares of MSTR common stock. That is share dilution, and it is the shares-issued number. They also sold 1,027,255 shares of STRC preferred stock with a notional value of $102.7M. That is a new senior claim, and it is the claims-added number picked up in Step 3.

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.

The filing defines the column for you in its own footnote: the notional value is "the total face value of the shares of preferred stock sold, which is used to calculate dividends thereon." That is the number the dividend is struck against, which is why it is the claim figure rather than the net proceeds beside it. STRC now pays semi-monthly rather than monthly per the amended and restated Certificate of Designations (acc 0001193125-26-270366).

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. It matters for what happens at maturity: if the note converts, the claim leaves the capital structure and comes back as new common shares, moving the number out of claims added and into shares issued. For reading a single period, the face value as a claim is the figure you want.

Step 4What the Three Numbers Do

You now have three numbers from the 8-K. Here is what each one does to the BTC standing behind a common share:

Adds 4,871 BTC to the reserve. Raises the numerator.

Adds 593,294 common shares. Raises the denominator, so the reserve is divided more ways.

Adds $102.7M of senior claim, about 1,517 BTC at this period's average purchase price. Comes off the reserve before common equity has a claim on it.

The period on its own terms

Take the period as a standalone transaction and the three numbers resolve into one figure. Strategy added 4,871 BTC and $102.7M of new senior claim. At the $67,718 average purchase price reported in the same filing, that claim stands against roughly 1,517 BTC, which leaves about 3,354 BTC of the purchase attributable to common equity. Spread across the 593,294 new common shares, that is roughly 565,000 sats per new share.

Notice that this figure is not fixed, because the claim is not fixed in BTC. The $102.7M is fixed in dollars, so it stands against fewer BTC when BTC is higher and more BTC when BTC is lower. Run the same arithmetic at a different price and the BTC attributable to common moves without a single coin or share changing hands. That price sensitivity is what Senior Claims % measures, and it is the reason a transaction cannot be read as good or bad from the filing alone.

One more thing this filing shows: the money and the bitcoin do not line up period to period. This period raised $174.6M net, $72.0M from common and $102.6M from preferred, and spent $329.9M on BTC. The period immediately before it raised $299.3M and bought no BTC at all. The filing does not trace particular proceeds to particular purchases, so read the two tables as a running program rather than a matched pair.

Step 5Accumulating Across Periods

Most 8-Ks cover about a week, but the capital program runs continuously, so any single filing is a slice rather than a quarter. To read a longer stretch, pull the three numbers from each filing in the period and add them. BTC bought sums, common shares issued sum, and senior claims added sum within each currency, kept apart so a yen claim and a dollar claim are not added together before conversion.

The April 6 filing carries two periods, so it does some of that work already. The earlier period, March 30 to March 31, reports no BTC acquired, 2,275,972 STRC shares sold at $227.6M notional, and 582,550 MSTR shares sold. Add the two periods together and the filing covers 4,871 BTC bought, 1,175,844 common shares issued, and $330.3M of new senior claims.

Accumulating this way also makes the funding pattern legible in a way a single period hides. The March period issued claims and shares and bought nothing; the April period bought heavily. Read separately they look like two different policies, and read together they look like one program with a lag between raising and buying.

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 you can read what the period did to the BTC behind each share.