Strategy is doubling down on its bitcoin bet once again. The company disclosed a fresh Strategy bitcoin purchase of 1,665 BTC for roughly $142.7 million, a move that pushes its total holdings past 847,000 coins and reignites questions about how long the firm can keep buying at this pace.
Key takeaways
- Strategy bought 1,665 BTC for about $142.7 million at an average price of $85,681 per bitcoin, according to a Form 8-K filing with the Securities and Exchange Commission.
- Total holdings now stand at 847,666 BTC, worth around $70.6 billion, with an average acquisition price of $75,437 and a total cost near $64 billion including fees.
- The purchase was funded through the sale of 1,469,165 MSTR shares for about $246.2 million, plus $48.1 million drawn from the company’s USD Cash reserve.
- Strategy repurchased 1,534,530 STRC preferred shares for around $151.7 million and proposed switching four preferred stocks to daily dividends, pending an October 28 shareholder vote.
Strategy’s Recent Bitcoin Purchase
Strategy acquired the bitcoin between September 21 and September 27, according to the SEC filing, paying an average of $85,681 per coin for a total outlay of approximately $142.7 million. That price sits noticeably above the company’s long-run average cost, a detail that underscores how aggressively Strategy keeps buying even as bitcoin trades well off its highs.
The purchase followed a familiar pattern. Co-founder and executive chairman Michael Saylor posted the company’s bitcoin acquisition tracker chart to X over the weekend with the caption “Even more orange.” Similar posts have often preceded acquisition announcements the next day, though the company’s buying cadence has varied recently, with holdings sitting flat for stretches before this latest addition.
Total Bitcoin Holdings and Acquisition Costs
Strategy’s total bitcoin stash now reaches 847,666 BTC, valued at roughly $70.6 billion at current prices, Saylor said. The average acquisition price across the entire position is $75,437 per coin, with an aggregate cost near $64 billion once fees and expenses are factored in.
That stockpile now represents more than 4% of bitcoin’s fixed 21 million supply cap. Based on current market pricing, the position implies roughly $6.6 billion in unrealized paper gains for the company — a cushion that helps explain why Strategy keeps leaning on its corporate bitcoin acquisition model even as the stock itself has struggled over the past year.
This scale matters beyond one company’s balance sheet. Per Bitcoin Treasuries data, 195 public companies have now adopted some form of bitcoin treasury strategy. Strategy remains far ahead of the pack; the next closest holders are Tether-backed Twenty One with 43,514 BTC, Metaplanet with 43,000 BTC, MARA with 35,577 BTC, and the Cantor Fitzgerald and Adam Back-backed Bitcoin Standard Treasury Company with 30,021 BTC. No other firm comes close to Strategy’s holdings, which reinforces just how concentrated the corporate bitcoin treasury trend has become around a single balance sheet.
Funding Through Stock Sales and Cash Reserves
The latest MSTR stock sales did the heavy lifting. Last week, Strategy offloaded 1,469,165 shares of its Class A common stock, generating roughly $246.2 million in proceeds. Of that amount, $103.5 million went toward repurchasing preferred stock, and an additional $48.1 million drawn from the company’s USD Cash reserve helped finance the bitcoin acquisition. As of September 27, the company still had $18.84 billion worth of MSTR shares available for issuance and sale under its at-the-market program — meaning this financing tool is far from exhausted.
Strategy also used part of its liquidity to manage its preferred stock obligations. It repurchased 1,534,530 STRC preferred shares for around $151.7 million, funded through a combination of MSTR sale proceeds and cash on hand, and had $723.5 million left available for further preferred-stock repurchases at the time of the filing. Separately, the company spent $22.1 million from its USD Reserve to cover dividend payments on preferred stock during the same period.
As of September 27, Strategy’s balance sheet showed $5.02 billion in its USD Reserve and $1 billion in USD Cash, alongside $1 billion still available under its MSTR buyback program. This layered liquidity — reserve cash, cash on hand, and ongoing equity issuance — is what lets Strategy keep executing a Strategy bitcoin purchase nearly every few weeks without visibly straining its books, at least for now.
Preferred Stock Dividend Policy Changes
Alongside the bitcoin buy, Strategy is asking shareholders to approve a structural change to how it pays out on four preferred securities: STRC, STRD, STRF, and STRK. Announced Friday, the proposal would shift these instruments from their current dividend schedules to daily payouts, subject to a shareholder vote set for October 28.
Importantly, the change would not alter dividend rates or increase Strategy’s overall dividend obligations — it’s a timing adjustment rather than a payout increase. STRC would move first if the vote passes, with an initial record date of November 1 and payment the following day. STRF, STRD, and STRK would follow suit in January.
What the Numbers Say About Strategy’s Bet
Put together, the filing paints a picture of a company financing its bitcoin accumulation almost entirely through capital markets rather than debt. Selling MSTR shares to buy bitcoin keeps leverage off the balance sheet, but it also means new share issuance is a constant feature of the strategy — something existing shareholders have to weigh against the paper gains sitting in the company’s bitcoin position.
The stock’s own performance tells a mixed story. MSTR gained 16.1% last week, closing Friday at $158.61, and is up 2.6% year-to-date after clawing back from steep losses. Yet the shares remain down roughly 65% over the past year, even as bitcoin itself rose 3.6% during the same period. That gap between the underlying asset’s performance and the stock’s volatility is a reminder that owning MSTR is not the same trade as owning bitcoin directly — the company’s financing structure, share issuance, and preferred stock obligations all add layers that shift how the stock reacts to crypto price swings.
FAQ
How many bitcoins did Strategy recently purchase and at what price?
At an average price of $85,681 per bitcoin, Strategy acquired 1,665 BTC, spending roughly $142.7 million in total.
What are Strategy’s total bitcoin holdings and their estimated value?
Strategy’s total bitcoin holdings are 847,666 BTC worth around $70.6 billion.
How does Strategy fund its bitcoin acquisitions?
The latest bitcoin purchases were funded by proceeds from the issuance and sale of Strategy’s Class A common stock, MSTR.
What changes has Strategy proposed regarding preferred stock dividends?
Strategy proposed moving its preferred stocks STRC, STRD, STRF, and STRK to daily dividends, pending shareholder approval on October 28, 2026.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
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