Strategy has set a new record for its Bitcoin holdings after acquiring 1,665 BTC for $142.7 million last week, according to an 8-K filing submitted to the US Securities and Exchange Commission on September 28 [1]. The purchase lifts the company's total stash to 847,666 BTC — surpassing its previous peak of 847,363 BTC reported on June 22 [2].
The Purchase Details
The coins were acquired between September 21 and September 27 at an average price of $85,681 per Bitcoin [1]. Strategy's cumulative spend on its holdings now stands at $63.95 billion, with an all-in average acquisition price of $75,437 per coin, including fees and expenses [2].
The buy marks the second consecutive week of accumulation for the company. It had purchased 950 BTC for $75.7 million the prior week, ending a two-week pause in buying activity [1]. That resumption itself followed a more prolonged retreat: Strategy sold 6,948 BTC between May and August as it prioritized building dollar reserves, before beginning to rebuild its position in August [2].
How the Purchase Was Funded
Strategy financed the Bitcoin acquisition primarily through its at-the-market stock offering program, selling 1.47 million shares of its MSTR common stock to generate $246.2 million in net proceeds [1]. Of that sum, $142.7 million was directed toward Bitcoin and $103.5 million toward repurchases of its STRC preferred stock [2].
The company also drew on its USD Cash balance — a separate capital pool established last month — using $48.1 million from that fund to contribute to STRC buybacks [1]. The USD Cash balance consequently fell to $1 billion from $1.05 billion week over week [1].
A Parallel Preferred Stock Buyback
Running alongside the Bitcoin purchase was a significant repurchase of Strategy's Variable Rate Series A Perpetual Stretch Preferred Stock, known by its ticker STRC. The company bought back 1.53 million STRC shares for $151.7 million [2]. According to the filing, $723.5 million remains available under its digital credit securities repurchase program [2].
Strategy has framed STRC repurchases as a deliberate capital-allocation move, taking advantage of the preferred stock trading below its stated value [2]. Last week, the firm also proposed daily dividend accrual on its suite of preferred securities — including STRF, STRC, SREK, and STRD — a measure it described as intended to reduce volatility in those instruments [2].
The Balance Sheet Picture
As of September 27, Strategy reported $6.02 billion in total USD assets, composed of a $5.02 billion USD Reserve and $1 billion in USD Cash [2]. The two pools serve distinct purposes: the USD Reserve is a dedicated fund earmarked for preferred-stock dividends and debt interest payments, while the USD Cash account is a more flexible vehicle that can be deployed for Bitcoin purchases, reserve top-ups, or other capital-management needs [2].
During the week, $22.1 million was drawn from the USD Reserve to cover preferred-stock dividend payments, nudging that balance down slightly from $5.04 billion [1]. The company has previously disclosed that its capital framework permits selling up to $1.25 billion worth of Bitcoin to replenish the USD Reserve and cover preferred-stock and interest obligations if needed [2].
Context: A Summer of Selling, Now Reversed
The record holding comes after an unusual stretch in which Strategy was a net seller of Bitcoin. The company offloaded nearly 7,000 BTC across the summer months before pivoting back to accumulation in August [2]. The two consecutive weeks of buying suggest that pivot has solidified, at least for now.
The broader strategy — using equity issuance to fund Bitcoin accumulation while simultaneously managing a growing stack of preferred-stock obligations — reflects the increasingly complex financial architecture Michael Saylor's firm has built around its core Bitcoin thesis. Whether that architecture can sustain continued accumulation at scale, particularly as preferred-stock liabilities grow, remains an open question.
What to Watch
The key metrics to monitor in coming weeks include whether Strategy continues buying Bitcoin for a third consecutive week, how the STRC buyback program progresses given the $723.5 million still available under its repurchase authorization [2], and whether the USD Cash balance — now at $1 billion — is deployed toward further BTC purchases or held in reserve. Separately, the proposed daily dividend accrual on preferred stock awaits shareholder approval, a vote that could reshape how the company manages its preferred-stock obligations going forward [1].
