Strategy bought 1,665 bitcoin for $142.7 million in the week to September 27, lifting its treasury to 847,666 coins, according to a Form 8-K filed with the SEC on Monday. The purchase at an average $85,681 per coin was nearly double the prior week’s buy and the company’s second consecutive purchase after two weeks of standing still.
The filing also shows the machine behind the purchase. Strategy sold 1,469,165 Class A shares through its at-the-market program for $246.2 million in net proceeds, roughly $167.60 per share. Of that, $142.7 million went into bitcoin. The rest of the raise, plus $48.1 million from the company’s USD Cash pool, funded a separate buyback of its own preferred stock.
The buyback ran bigger than the bitcoin
Strategy repurchased 1,534,530 STRC preferred shares for $151.7 million during the same week, an implied price of about $98.86 against a $100 stated amount. STRC is the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, one of four preferred issues it sells through the same ATM program. None of the others, STRF, STRK or STRD, changed hands in either direction this week. After the transaction, $723.5 million remained available under the digital credit securities repurchase program.
That sequence, sell common stock, buy bitcoin, buy back preferred, is now the standard weekly choreography. Management said it raised all new capital through common stock and sold no preferred shares under the ATM. A separate $22.1 million from the USD Reserve covered preferred dividends. Michael Saylor confirmed the totals in a post on X on Monday.
“Strategy has acquired 1,665 BTC … As of 9/27/26, we hold 847,666 BTC,” the company said in a post from Michael Saylor on September 28.
Position and price
The cumulative position now stands at 847,666 BTC acquired for about $63.95 billion including fees, an all-in average of $75,437 per coin. That is just over 4 percent of bitcoin’s 21 million supply cap. At recent prices near $83,000, the stack is worth roughly $70 billion, a paper gain of about $6 billion.
The newest batch is underwater. Bitcoin traded near $82,700 on Monday, down about 2 percent over 24 hours, which leaves last week’s 1,665 coins roughly 3.5 percent below the $85,681 Strategy paid. The paper loss on that slice is about $5 million, rounding error against the whole position but a marker of how the market has pulled back from the September run above $87,000.
| Week | BTC bought | Cost | Funding |
|---|---|---|---|
| Aug 31 – Sep 13 | 0 | $0 | None |
| Sep 14 – 20 | 950 | $75.7M | USD Cash |
| Sep 21 – 27 | 1,665 | $142.7M | MSTR share sales |
Why the pace matters
Two weeks of zero purchases in late August and early September had fed the perennial argument that Strategy’s model cracks when the premium to net asset value compresses. The company answered that by returning with a cash-funded buy, then a larger issuance-funded one. The pace is modest by the standards of early 2025, when weekly buys ran into the billions, but it signals the ATM still works at current share prices and that management sees no reason to pause.
The weekly rhythm also tells you something about how the company now manages its capital structure rather than just accumulating. The STRC buyback at $98.86 against a $100 stated amount is a financing decision: retiring preferred near par reduces future dividend obligations and tightens the cap table. In coin terms, the latest purchase was about 75 percent larger than the one before it, and the two weeks together lifted holdings from 845,050 to 847,666 BTC.
Bitcoin itself has retreated from the $87,000 September high as the 10-year Treasury yield pushed above 5.2 percent, its highest since 2007, and Brent crude held near $107 amid renewed US-Iran tension. Spot bitcoin ETFs still took in about $2.39 billion in the week to September 25, their best run since October 2025, so corporate and fund demand have both held while price consolidates in an $83,000 to $85,000 band. Daily ETF inflows then cooled to just $31 million on September 28, the smallest reading of the month, a reminder that institutional appetite is uneven even when the weekly totals look strong.
What comes next
The next test for the treasury model is mechanical. Strategy holds $18.84 billion of remaining capacity under its MSTR ATM program, and the company flagged a planned upgrade to STRC that would move its dividend to a daily schedule. Both give it more room to keep the weekly cycle running. What it cannot control is the macro side, and with markets pricing a 72 percent chance of another Fed hike in October, the funding window could narrow quickly if risk appetite sours. Traders are watching JOLTS job openings data on September 29, PCE inflation on September 30 and the September jobs report on October 2 as the near-term catalysts.
There is also the question of what the purchases signal at this size. A $142.7 million week barely moves a 847,666-coin position, and Saylor has framed the buying as a standing program rather than a market call. But the optics matter to MSTR shareholders, who have watched the stock trade at a variable premium to the value of its bitcoin for years. Resumed buying after a pause reads as confidence in the model, whatever the actual dollar amounts.
For now the company keeps executing the same trade it has run for six years: issue equity, buy bitcoin, manage the preferred stack. The 8-K is routine. The question traders actually ask is whether the premium that makes the loop accretive survives a higher-rate environment, and this week’s filing does not answer that. It only shows the loop is still turning.