Strategy Buys 950 Bitcoin and Rebuilds Its 846,000 BTC Hoard – Bitcoin News

Strategy Adds 950 Bitcoin as Its Treasury Returns to 846,000 BTC

Strategy’s bitcoin pile has worked its way back to a familiar number: 846,000 BTC. After selling bitcoin during the summer, Michael Saylor’s treasury company spent $75.7 million between Sept. 14 and Sept. 20 to acquire another 950 BTC at an average price of $79,670.

That brings the company’s total cost basis to $63.80 billion, or $75,416 per coin. Put another way, a single public company now controls just over 4% of the 21 million bitcoin that can ever exist. And interestingly, the bitcoin treasury firm Strategy reached 846,000 BTC while spending considerably more money last week buying back one of its own preferred securities.

Nearly $250 Million Went Out the Door

Saylor announced the numbers Monday on X, putting the two transactions side by side. He said:

“Strategy has acquired 950 $BTC and repurchased $174M of $STRC. As of 9/20/26, we hold 846,000 BTC and $6.09B of USD Assets.”

The regulatory filing fills in the blanks. Strategy used $75.7 million of what it calls “USD Cash” to buy the bitcoin and another $174 million to repurchase 1,771,238 shares of its variable-rate STRC preferred stock. No shares were sold through Strategy’s at-the-market offering program during the week.

That makes the week a little different from the classic Strategy playbook. Rather than issuing shares and turning the proceeds into bitcoin, the company deployed cash already on hand.

Strategy Is Playing Both Sides of Its Balance Sheet

The strange part is the split. Strategy spent more than twice as much repurchasing STRC as it did buying bitcoin.

Its filing shows $174 million went toward STRC and $75.7 million toward bitcoin, for a combined $249.7 million. On the flip side, Strategy still finished Sept. 20 with $5.04 billion in its USD Reserve and another $1.05 billion in USD Cash, matching the $6.09 billion in USD assets cited by Saylor. The company also used $57.4 million from its reserve during the week to cover preferred dividends and interest.

Strategy’s remaining authorization leaves plenty of room to keep doing both. It has $875.1 million available for preferred-stock repurchases and $1 billion authorized for MSTR common-stock repurchases.

The 846,000 Bitcoin Mountain Is Back

There’s another wrinkle. Strategy previously reached 846,000 BTC at the end of June before selling bitcoin in July and August, then began rebuilding the stack. Its ledger shows holdings fell as low as 840,447 BTC before a 4,603 BTC purchase announced Aug. 31 lifted the total to 845,050 BTC.

Now another 950 BTC has put the treasury right back at 846,000.

Saylor also offered a glimpse into the math Strategy is using around its capital structure. The Strategy founder wrote:

“USD Duration is 3.8 yrs and STRC’s BTC Credit is 53 bps assuming 10% BTC ARR, 40% BTC Vol, and a BTC price of $81,200.”

For now, Strategy has plenty of dry powder, a bitcoin position costing $63.8 billion and two separate repurchase programs still open. The company spent last week buying both bitcoin and its own preferred stock. Which side gets the bigger check next is anyone’s guess.