Strategy continued using the equity market to expand its Bitcoin treasury, purchasing an additional 1,665 BTC for $142.7 million during the week ending September 27 and bringing its holdings to a record 847,666 BTC. The company paid an average of $85,681 per BTC. It funded the transaction using proceeds from the sale of MSTR common stock, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on September 28.
The transaction marks Strategy’s second consecutive week of Bitcoin purchases. The company also used a portion of the raised capital to repurchase STRC, suggesting MSTR’s issuance activity serves both BTC accumulation and preferred stock management.
Stock Sales Fund Bitcoin Purchase and STRC Buyback
To fund the Bitcoin transaction and the STRC repurchase, Strategy continued raising capital through its at-the-market (ATM) equity offering program, which allows the company to sell shares directly into the market in tranches. From September 21 to September 27, Strategy sold 1,469,165 MSTR shares, raising net proceeds of $246.2 million after commissions.
Strategy used $142.7 million to purchase Bitcoin, while $103.5 million was allocated to repurchasing STRC preferred stock. Strategy supplemented this with $48.1 million from “USD Cash,” bringing the total repurchase value to $151.7 million. The expenditure on STRC was approximately $9 million larger than the amount Strategy spent on purchasing Bitcoin during the same period.
Repurchase Program Updates. Source: SEC
As of September 27, Strategy had $18.84 billion remaining in issuance capacity to sell MSTR under the ATM program, along with $723.5 million in preferred stock repurchase capacity.
Strategy’s Bitcoin Holdings Reach a Record 847,666 BTC
The new transaction increased Strategy’s Bitcoin holdings by approximately 0.2%, bringing its total portfolio to a record 847,666 BTC. This amount represents roughly 4.04% of the maximum 21 million Bitcoin supply and helps Strategy maintain its position as the largest corporate holder of BTC.
Based on Bitcoin’s price level of 83,100-83,200 on September 29, Strategy’s BTC treasury has a market value of approximately $70.5 billion. This figure is about $6.5 billion higher than the total cost basis of $63.95 billion, although the difference fluctuates with the price of Bitcoin and does not represent realized profit.
The average purchase price of $85,681 for the new batch is approximately 13.6% higher than the overall portfolio’s average cost basis of $75,437. This indicates that Strategy is continuing to accumulate at prices significantly higher than its current cost basis.
Bitcoin Accumulation Resumes After Earlier Sales
The latest transaction marks the second consecutive week Strategy has purchased additional Bitcoin. During the week ending September 20, following two weeks with no purchase transactions, the company added 950 BTC for $75.7 million, at an average price of $79,670 per BTC.
The resumption of purchases comes after Strategy used Bitcoin as a source of liquidity in 2026. According to its Q2 report, the company sold approximately 1,395 BTC during the three months ending June 30. From July 1 to July 24, Strategy sold an additional ~2,225 BTC at an average price of $60,773, raising $135.2 million.
Proceeds from the July sales were used to pay preferred stock dividends and top up the USD Reserve. These transactions reduced Strategy’s Bitcoin holdings from 846,000 BTC at the end of Q2 to 843,775 BTC on July 24. Subsequent purchases have pushed the portfolio to 847,666 BTC, surpassing the level prior to when the company began selling in July.
Dilution and Liquidity Remain Key Risks
Because the Bitcoin purchase was funded by issuing MSTR, Strategy’s BTC holdings and common shares outstanding both increased. The September 28 filing did not update the Bitcoin-per-share metric following the transaction.
Strategy previously warned that using proceeds from equity offerings for dividends, interest expenses, or purposes other than buying Bitcoin could dilute BTC Yield. A portion of the capital raised over the past week was also redirected to repurchasing STRC instead of acquiring BTC.
Strategy’s USD Reserve stood at $5.02 billion as of September 27. The company stated that software operations do not generate sufficient cash to meet all liquidity needs, and it may continue issuing securities or selling Bitcoin to fulfill financial obligations.
