Strategy added 1,665 BTC last week while repurchasing $151.7 million of STRC, using MSTR share-sale proceeds across both parts of its capital structure.
Key Takeaways
- Bitcoin holdings reached 847,666 BTC.
- The company repurchased 1.53 million STRC shares.
- MSTR sales financed the BTC purchase and most buybacks.
- The full BTC reserve remained above its reported cost basis.
According to Strategy’s September 28 Form 8-K, the company acquired the Bitcoin between September 21 and September 27 at an average price of $85,681 per coin, including fees and expenses.
One filing, two uses for new capital
Strategy sold 1.47 million MSTR shares during the reporting period, generating $246.2 million in net proceeds. It allocated $142.7 million to Bitcoin purchases and $103.5 million to STRC repurchases.
The company used a further $48.1 million of USD Cash for the STRC buyback, bringing the total repurchase amount to $151.7 million.
$142.7M
Bitcoin purchase
Strategy acquired 1,665 BTC using net proceeds from MSTR share sales.
$151.7M
STRC repurchase
Strategy bought back 1.53 million shares of its variable-rate preferred stock.
The two transactions serve separate purposes. The Bitcoin purchase expands the treasury reserve, while the STRC repurchase concerns a preferred security within Strategy’s wider funding structure.
Strategy now holds 847,666 Bitcoin
The latest purchase lifted Strategy’s Bitcoin reserve to 847,666 BTC as of September 27. The company reported an aggregate purchase cost of $63.95 billion, or an average of $75,437 per Bitcoin, including fees and expenses.
At a Bitcoin price of $83,400 at the time of writing, those holdings would be worth about $70.70 billion. That places the reserve roughly $6.75 billion, or 10.5%, above Strategy’s reported aggregate purchase cost.
Strategy has acquired 1,665 $BTC and repurchased $152M of $STRC. As of 9/27/26, we hold 847,666 BTC and $6.02B of USD Assets. $MSTR https://t.co/h3BVtsbcBb
— Michael Saylor (@saylor) September 28, 2026
The figure is unrealized, uses the filing’s rounded cost totals and would change alongside Bitcoin’s market price. It also describes the full reserve rather than the latest acquisition alone.
The new 1,665-BTC batch was bought at an average price of $85,681. At $83,400, it would be about $3.8 million below its purchase cost, even as the company’s broader Bitcoin position remains above its blended cost basis.
The addition increased Strategy’s reserve by about 0.2%. It did not materially change the scale of the existing Bitcoin position, but it confirms that common-stock issuance remains one route through which Strategy can fund further purchases.
Last week, Strategy also paired a Bitcoin acquisition with a larger STRC repurchase. The latest filing continues that approach, although two weekly disclosures alone cannot establish a permanent capital-allocation policy.
Why the STRC buyback belongs in the same story
STRC is Strategy’s variable-rate perpetual preferred stock. It is distinct from MSTR common shares, with separate dividend terms and a different position in the company’s capital structure.
The repurchase therefore gives readers another part of the picture behind a Bitcoin-buying announcement. Strategy is deciding how much new capital to place into BTC and how much to use for its preferred securities. The filing does not present the buyback as a forecast for STRC’s price or for Bitcoin.
Based on the filing’s stated totals, the company paid an implied average of roughly $98.86 per STRC share. That is below the security’s $100 stated amount, although the amounts in the filing are rounded and the disclosure does not say where STRC should trade next.
Cash reserves still support the wider structure
Strategy reported a $5.02 billion USD Reserve intended to support preferred-stock dividends and interest on outstanding debt. It also held $1 billion in USD Cash, which management may use for broader treasury and capital-management purposes.
During the week, Strategy used $22.1 million from the USD Reserve to pay preferred-stock dividends. The company has $723.5 million remaining under its preferred-stock repurchase program and $1 billion remaining under its MSTR common-stock repurchase program.
Those figures show why a Strategy filing now requires more than a Bitcoin-count update. The company’s treasury remains centred on BTC, but its ability to keep expanding that reserve is linked to common-share sales, cash resources and demand for the preferred securities surrounding it.
The purchase keeps Bitcoin accumulation active, but funding remains the bigger story
The 1,665-BTC purchase confirms that Strategy is still adding to its treasury. The more useful detail for readers is how management funded that purchase while also allocating $151.7 million to STRC.
Future filings may show whether this balance continues as Bitcoin’s price, the company’s cash position and conditions in Strategy’s preferred-share market change.
This article is provided for informational purposes only and does not constitute financial or investment advice. Corporate Bitcoin holdings, share repurchases and capital-allocation policies can change quickly.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets – crypto first, then everything else.
It started in 2016 with Bitcoin. Like most people at the time, he didn’t fully understand it – so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can’t properly understand one without the other.
What drives him is straightforward: he wants to know why something is happening, not just that it’s happening. Most market coverage stops at the headline – price up, price down, here’s a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn?
He holds a degree in Tourism from New Bulgarian University – not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That’s probably why he hasn’t stopped.
Be the first to comment