Strategy Discloses $142.7 Million Bitcoin Purchase and $151.7 Million STRC Buyback

Strategy Inc disclosed that it bought 1,665 bitcoin for $142.7 million during the week ended Sept. 27 while also repurchasing $151.7 million of its Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC. The two moves were funded mainly by sales of Strategy’s Class A common stock, showing how the company is using its equity programs both to add bitcoin and to manage the capital structure around its preferred securities.

The bitcoin purchase was made at an average price of $85,681 per coin, including fees and expenses. Strategy’s total holdings rose to 847,666 bitcoin as of Sept. 27, acquired for an aggregate $63.95 billion at an average purchase price of $75,437 per bitcoin. The company’s Sept. 28 Form 8-K also shows that it repurchased 1,534,530 STRC shares during the same seven-day period.

The disclosure puts two parts of Strategy’s financing model in the same weekly update. Common-stock issuance supplied fresh capital, bitcoin remained a major destination for that capital, and the company continued buying back STRC while the preferred stock trades below its $100 stated amount.

MSTR sales funded the bitcoin purchase and most of the STRC buyback

Strategy sold 1,469,165 shares of MSTR through its at-the-market program between Sept. 21 and Sept. 27, generating $246.2 million in net proceeds. The filing assigns $142.7 million of those proceeds to the bitcoin purchase and $103.5 million to STRC repurchases. No STRF, STRC, STRK or STRD preferred shares were issued through the company’s ATM programs during the week.

The STRC repurchase cost was larger than the amount allocated from MSTR sales, so Strategy used another $48.1 million from what it calls USD Cash. That brought total STRC repurchase spending for the week to $151.7 million. The company distinguishes USD Cash from its separate USD Reserve: USD Cash can be used for broader Bitcoin Treasury Company purposes, including bitcoin purchases and capital management, while the USD Reserve is intended to support preferred-stock dividends and interest on outstanding debt.

Strategy also used $22.1 million of the USD Reserve during the week to pay dividends on its preferred stock. As of Sept. 27, the USD Reserve stood at $5.02 billion and USD Cash at $1.00 billion, for a combined $6.02 billion. The company still had $18.84 billion available for issuance and sale under its MSTR ATM program, according to the filing.

The latest week follows another active period. In the week ended Sept. 20, Strategy bought 950 bitcoin for $75.7 million and repurchased $174.0 million of STRC. The new filing therefore shows a larger bitcoin purchase but a somewhat smaller preferred-stock repurchase than the preceding week, with common-stock issuance returning as the principal funding source for the latest bitcoin acquisition.

STRC repurchases remain part of Strategy’s preferred-stock policy

STRC is a perpetual preferred security with a variable cash dividend rate. Strategy’s current STRC materials list a 12.00% annualized dividend rate for September 2026 record dates, with payments on a semi-monthly schedule. The rate can change, and the company has described the structure as one designed to encourage STRC to trade near its $100 stated amount.

Strategy began open-market STRC repurchases in July and said at the time that it intended to be a regular and disciplined buyer while STRC traded below $100, subject to market conditions, liquidity, applicable law and other capital-allocation priorities. Management has also said that repurchasing shares below the stated amount reduces future preferred dividend requirements while supporting its objective of keeping the security near the $99 to $100 range over time.

The Sept. 28 filing says $723.5 million of aggregate purchase capacity remained under Strategy’s digital credit securities repurchase program after the latest STRC activity. The separate authorization for MSTR common-stock repurchases remained at $1.0 billion, and Strategy reported no MSTR buybacks during the week.

The contrast is notable within Strategy’s own capital structure. The company was a seller of MSTR common stock during the period and a buyer of STRC preferred stock. In practical terms, it raised capital through one security while retiring part of another, with the proceeds divided between bitcoin accumulation and the preferred-stock repurchase program.

Bitcoin holdings rise to 847,666 BTC as Strategy keeps both capital tracks active

Strategy’s bitcoin ledger now shows 847,666 BTC, up from 846,000 a week earlier. The company reports a cumulative acquisition cost of about $63.95 billion, which translates to an average of $75,437 per bitcoin. The latest $85,681 average purchase price was above that historical average, so the new acquisition raised the blended cost basis slightly.

The company’s capital framework has become increasingly layered as its bitcoin holdings have grown. MSTR remains the common equity, while STRC is one of several preferred securities that Strategy uses as part of its financing structure. The preferred stock carries cash dividend obligations, which is why repurchases can affect future cash requirements even though they do not directly reduce the company’s bitcoin position.

Strategy’s Sept. 28 disclosure does not signal a change in its stated bitcoin policy. It continues to describe itself as a Bitcoin Treasury Company and maintains public reporting channels for purchases, holdings, preferred securities and related capital-market activity. The weekly filing instead shows how the company is balancing two uses of capital at once: adding to its bitcoin holdings and buying back STRC below stated value.

For the period just reported, the largest single cash use among those two actions was the STRC repurchase at $151.7 million, compared with $142.7 million for bitcoin. The funding mix, however, differed. Bitcoin was funded entirely from MSTR sale proceeds, while the STRC buyback combined $103.5 million of those proceeds with $48.1 million of USD Cash. Strategy ended the week with both programs still carrying substantial remaining capacity, leaving room for further common-stock issuance, bitcoin purchases or preferred-stock repurchases in future updates.