Strategy’s MSTR Posts 80% Surge, Adding $32B in Three Months

TL;DR:

• The market capitalization of MSTR surged from $39.3 billion on June 22 to $70.9 billion on September 21.
• The company raised $6.3 billion by issuing approximately 61.5 million new Class A shares in the open market.
• The corporate treasury closed its balance sheet with 846,000 BTC acquired at a cumulative cost of $63.8 billion.

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Between June 22 and September 21, Strategy recorded an 80% stock market surge for MSTR, reaching an aggregate valuation of $70.9 billion.

Last 3 months for $MSTR: +$32B (+80%) pic.twitter.com/H0xvHJ4XFE

— Strategy (@Strategy) September 21, 2026

The move represented nominal growth of $31.6 billion in the company’s total market value. However, regulatory filings submitted to the U.S. Securities and Exchange Commission (SEC) reveal that $6.3 billion of that increase came directly from the open-market issuance of new shares, rather than solely from unit share price appreciation.

Over that three-month period, the price per share of MSTR climbed 54%, rising from $109.46 to $168.50 at the close of the September 21 trading session. Technical market analysis indicates that the divergence between the 80% market cap increase and the 54% single-share gain is due to the expansion of circulating Class A shares, which rose from 359 million to 421 million units.

The share offering was executed via at-the-market (ATM) programs distributed throughout the summer.

The peak issuance week occurred between August 17 and August 23, during which the firm sold 18,261,118 shares to generate net proceeds of $2 billion. Earlier, during the week ending June 28, 12,669,017 shares were placed for $1.15 billion.

Market reports highlight that nearly one-fifth of the total reported market capitalization increase came from fresh capital contributed by new institutional and retail buyers, tempering the impact of organic equity growth.

Treasury Dynamics and Bitcoin Reserves

Alongside common stock issuance, executive leadership evaluated the performance of its financial instruments. According to public statements from Chief Executive Officer Phong Le, variable-rate perpetual preferred stock (STRC) posted an 11% increase, rising from $88.79 to $98.78 within the same quarterly window.

During that same timeframe, Bitcoin advanced 35% based on daily closes, climbing from $64,020 to $86,620, reaching an intraday peak of $87,395.

The company also executed tactical liquidity moves by selling Bitcoin on three separate occasions during the current fiscal year. Between July 27 and August 2, it liquidated 1,638 BTC at an average price of $63,957 per unit to support its fiat-denominated reserves.

To date, the corporate balance sheet lists $5.04 billion allocated to its USD Reserve and $1.05 billion in USD Cash.

Between September 14 and September 20, the firm paused ATM facility sales and executed the purchase of 950 BTC for an outlay of $75.7 million. Across those same sessions, it repurchased 1,771,238 STRC preferred shares for $174 million to optimize its capital structure.

With these latest transactions, the corporation’s total holdings consolidate at 846,000 BTC at an average purchase price of $75,416 per coin, while the market awaits the upcoming third-quarter SEC financial filings.