Strategy is buying Bitcoin again after reducing its holdings during the summer.
The company acquired 950 BTC for $75.7 million between September 14 and September 20, bringing its total Bitcoin holdings back to exactly 846,000 BTC.
At an average purchase price of $79,670 per Bitcoin, Strategy’s total cost basis now stands at about $63.8 billion, or roughly $75,416 per BTC.
The latest purchase also comes alongside a much larger transaction involving Strategy’s preferred stock.
Strategy Spends Nearly $250M on Bitcoin and STRC
Strategy used approximately $75.7 million in cash to buy Bitcoin during the week.
At the same time, the company spent $174 million to repurchase 1,771,238 shares of its STRC preferred stock.
Combined, the two transactions amounted to approximately $249.7 million.
Michael Saylor disclosed the transactions on X, saying Strategy held 846,000 BTC and $6.09 billion in USD assets as of September 20.
The latest regulatory filing shows that Strategy did not sell any MSTR shares through its at-the-market program during the week.
Strategy Returns to 846,000 BTC
The latest purchase brings Strategy back to a Bitcoin holding level it had already reached earlier this year.
The company held 846,000 BTC at the end of June before selling Bitcoin during July and August to support its preferred-stock strategy.
Its holdings subsequently fell to 840,447 BTC after the sale of 1,690 BTC in August.
Strategy later resumed accumulation. A 4,603 BTC purchase announced on August 31 lifted its holdings to 845,050 BTC.
The latest 950 BTC purchase has now taken the total back to 846,000 BTC.
Related: Strategy sells 1,690 Bitcoin to fund $108.6M STRC buyback
Strategy therefore continues to control more than 4% of Bitcoin’s eventual 21 million coin supply.
STRC Buybacks Get the Bigger Allocation
The latest transactions also show that Strategy is allocating substantial capital toward its preferred stock.
The company spent more than twice as much on STRC repurchases as it did on Bitcoin last week.
Strategy still had approximately $5.04 billion in its USD Reserve and another $1.05 billion in USD Cash at the end of the period.
The company also used $57.4 million from its reserve to cover preferred dividends and interest.
Strategy has further authorization available for both programs, with approximately $875.1 million available for preferred-stock repurchases and $1 billion authorized for MSTR common-stock buybacks.
Strategy’s Bitcoin Strategy Has Changed
The latest purchase marks another shift in Strategy’s approach to managing its Bitcoin treasury.
Earlier this year, the company sold thousands of BTC while using its capital structure to support preferred-stock obligations and strengthen its cash position.
Previously Strategy sold 6,948 BTC worth about $432.5 million during 2026 as it used Bitcoin sales to fund dividends, replenish reserves and repurchase preferred shares.
Strategy has now returned to buying Bitcoin while continuing to repurchase STRC.
The company’s balance sheet is therefore being managed across both its Bitcoin holdings and preferred-stock structure.
What Comes Next for Strategy?
Strategy ended September 20 with 846,000 BTC, $6.09 billion in USD assets and additional authorization for stock repurchases.
The company also continues to monitor the relationship between Bitcoin’s price, its preferred securities and the value of its common stock.
For now, the latest filing shows that Strategy is once again adding Bitcoin to its treasury while using even more cash to repurchase STRC.
The next question is how Strategy allocates its remaining cash and repurchase authorization as it manages both sides of its capital structure.
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