How Much Bitcoin Did Strategy Buy?
Strategy purchased another 1,665 Bitcoin for approximately $142.7 million last week, pushing its holdings to 847,666 BTC as the company returned to using common-stock issuance to finance its treasury accumulation.
The company acquired the Bitcoin between Sept. 21 and Sept. 27 at an average price of $85,681 per coin, including fees and expenses, according to a Form 8-K filed with the Securities and Exchange Commission on Monday.
Strategy has now spent about $63.95 billion building its Bitcoin treasury, giving the entire holding an average purchase price of $75,437 per BTC. The 847,666 BTC balance represents just over 4% of Bitcoin’s fixed 21 million supply.
The latest transaction followed a 950 BTC purchase the previous week, when Strategy spent $75.7 million at an average price of $79,670. That acquisition was funded from existing cash rather than new equity sales.
The new purchase was considerably more expensive on a per-coin basis, reflecting Bitcoin’s recent recovery into the mid-$80,000 range before the cryptocurrency pulled back below $83,000 on Monday.
Why Does The Return To MSTR Share Sales Matter?
Strategy sold 1,469,165 shares of its Class A common stock during the week, generating approximately $246.2 million in net proceeds through its at-the-market offering program.
Of that amount, $142.7 million was used to buy Bitcoin. Another $103.5 million was directed toward repurchasing the company’s STRC preferred shares.
The distinction matters because Strategy has increasingly divided its capital between expanding its Bitcoin treasury and supporting securities already issued to finance the wider strategy.
As of Sept. 27, Strategy still had approximately $18.84 billion of MSTR shares available for issuance under its existing ATM program. That leaves the company with substantial capacity to continue converting equity-market demand into additional Bitcoin purchases.
The economics of that strategy depend partly on the valuation investors assign to MSTR relative to the company’s Bitcoin assets and other obligations. When the common stock trades strongly, issuing shares can provide fresh capital without requiring Strategy to sell Bitcoin or draw heavily on cash reserves.
MSTR closed Friday at $158.61 after gaining about 16% during the week, extending a sharp recovery that has also revived interest in the company as a leveraged public-market route to Bitcoin exposure. FinanceFeeds recently examined how MSTR’s rebound accelerated alongside the broader crypto recovery.
Investor Takeaway
Strategy is again using common-stock issuance to buy Bitcoin, but part of the same capital raise is now being used to manage its preferred-stock structure. Investors therefore need to watch not only how quickly the BTC balance grows, but how much new equity is required to fund Bitcoin purchases and preferred-security obligations at the same time.
Why Is Strategy Buying Back STRC At The Same Time?
Strategy repurchased 1,534,530 STRC preferred shares during the week for approximately $151.7 million.
The company funded $103.5 million of those purchases with proceeds from MSTR share sales and another $48.1 million from its USD Cash balance.
STRC is Strategy’s variable-rate perpetual preferred stock and has become an important part of the company’s financing structure. Strategy has spent heavily repurchasing the security in recent months, including periods when it temporarily paused Bitcoin purchases.
The company still has $723.5 million available under its preferred-security repurchase authorization. It also retains a separate $1 billion authorization for repurchasing MSTR common stock.
Strategy ended Sept. 27 with $5.02 billion in its USD Reserve, which is intended primarily to support preferred dividends and interest payments, and another $1 billion of USD Cash available for broader treasury purposes. It used $22.1 million from the USD Reserve to pay preferred-stock dividends during the week.
What Does The Purchase Mean For Strategy’s Bitcoin Model?
The latest filing shows a more complex version of Strategy’s original accumulation model. The company is still issuing common stock and converting part of the proceeds into Bitcoin, but it is simultaneously managing preferred shares, dividend payments and cash reserves.
That makes future Bitcoin purchases increasingly dependent on capital-market conditions rather than simply the direction of Bitcoin itself.
Strategy remains by far the largest corporate Bitcoin holder. Its balance is several times larger than those of Twenty One Capital, Metaplanet and MARA Holdings, leaving the company uniquely sensitive to changes in Bitcoin’s price.
At the same time, the large remaining MSTR ATM authorization means additional purchases could continue quickly if equity demand remains strong. The next weekly filings will show whether the latest $142.7 million acquisition represents a return to sustained accumulation or another selective purchase within Strategy’s increasingly flexible capital-allocation framework.