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Possible new Strategy shares

MSTRDilution

Known so far: no new shares from the prospectus covers read · no effective shelf · not yet read: warrants, converts.

Shelf room

  • Room today none, no effective shelf
How this is worked out

Shelf room: none. No shelf registration on EDGAR was declared effective in the last 3 years, so a sale needs a new registration or a private placement. Sources: public float, as of Jun 30, 2025.

What could become new Strategy (MSTR) shares: options and RSUs and an ATM program, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

Strategy dilution ladder

Every source of new shares on record, from the filings that created it.

422.4M outstanding; up to 638M fully diluted, +51%

  1. Outstandingas of Oct 25, 2026 (10-Q filed Nov 2) · share count on the cover page
    422.4M
  2. At-the-market program$21.0B program424B5 Nov 2, 2026 · At-the-market prospectus supplementat $99.13, stated in the filing on Oct 30
    +211.8M
  3. Options and RSUs3.1M options, 633K RSUs10-Q Nov 2, 2026 · equity note
    +3.8M

Not stated in the filings we read: warrants, convertible notes.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Financing terms to know

None found in filings since Nov 2, 2026.

Each term is quoted from the exhibit it comes from; numbers are as stated in the filing. A flag describes a financing term. It is not investment advice.