Strategy added 1,665 Bitcoin to its corporate treasury for about $142.7 million during the week ended Sept. 27, taking its holdings to 847,666 BTC, according to an 8-K filing with the U.S. Securities and Exchange Commission. The purchase puts the company above 4% of Bitcoin’s fixed 21 million-coin supply cap, extending a treasury strategy that relies heavily on issuing stock to acquire more of the asset.
The company paid an average of $85,681 per Bitcoin in the latest purchases. Its entire position was acquired for roughly $64 billion, including fees and expenses, at an average price of $75,437 per Bitcoin, Strategy said in the filing. At the prices used in the company’s disclosure, the holdings were worth about $70.6 billion, implying approximately $6.6 billion in unrealized gains.
Strategy’s accumulation has placed it far ahead of other publicly traded Bitcoin holders. Its 847,666 BTC treasury is nearly 20 times larger than the 43,514 BTC held by Twenty One, which was listed as the next-largest public-company holder in the supplied market data. Metaplanet held 43,000 BTC, followed by MARA with 35,577 BTC and Bitcoin Standard Treasury Company with 30,021 BTC.
Stock issuance remains the main funding source
Strategy funded most of the week’s Bitcoin purchases through its at-the-market stock sale program. The company sold 1,469,165 shares of Class A common stock, trading under the MSTR ticker, for about $246.2 million during the period.
Of the money directed to Bitcoin, $103.5 million came from MSTR stock sales and $48.1 million came from the company’s USD Cash account. The filing said Strategy had $18.84 billion of MSTR stock remaining available for sale under the program as of Sept. 27.
That capacity gives Strategy considerable room to continue raising capital through share issuance, although the approach also increases the number of common shares outstanding. Existing shareholders gain indirect exposure to a growing Bitcoin reserve, but their ownership percentage can be diluted when the company sells new stock. The trade-off has been central to Strategy’s model since Executive Chairman Michael Saylor began shifting the company’s balance sheet toward Bitcoin in 2020.
The company’s balance-sheet disclosures show it is maintaining substantial dollar liquidity alongside its crypto holdings. Strategy reported a USD Reserve balance of $5.02 billion and USD Cash of $1 billion as of Sept. 27. It used $22.1 million from the USD Reserve during the week to pay dividends on preferred shares.
Preferred-share activity reshapes capital structure
Strategy also repurchased 1,534,530 shares of its STRC preferred stock for approximately $151.7 million during the week, according to the SEC filing. The transaction came as the company proposed changing the dividend schedules for four preferred securities: STRC, STRD, STRF and STRK.
Under the proposal announced Friday, all four preferred stocks would move to daily dividend payments, subject to shareholder approval at an Oct. 28 vote. Strategy said the revisions would not change dividend rates or increase its total regular dividend obligations across the four securities.
STRC would be the first security to adopt the daily structure, with an initial record date of Nov. 1 and payment scheduled for the following day. STRF, STRD and STRK would transition in January if shareholders approve the plan.
STRC had already shifted from monthly to semi-monthly dividend payments in June, after shareholders approved an earlier amendment to its payment schedule. A daily payment format could make the preferred products more closely resemble cash-management instruments for holders seeking frequent income, while Strategy continues to use the securities as part of a capital structure designed to support Bitcoin acquisitions.
The preferred-share repurchase and dividend proposal show that Strategy’s Bitcoin purchases are only one part of its financial engineering. The company is simultaneously issuing common stock, managing cash reserves, buying back preferred shares and adjusting dividend mechanics. That structure gives it more financing options than a company relying solely on operating cash flow, though it also ties its capital strategy closely to market demand for its shares and preferred securities.
Shares outpaced Bitcoin during the week
Strategy’s MSTR shares gained 16.1% during the reported week and closed Friday at $158.61, based on the supplied market data. Bitcoin rose 3.6% over the same period. Despite the weekly gain, MSTR was up 2.6% year to date and down 65% over the preceding year.
The divergence reflects the fact that MSTR is not simply a proxy for Bitcoin’s spot price. Its performance also depends on the market’s assessment of the company’s financing decisions, the value assigned to its preferred-share structure, and whether new equity issuance creates more Bitcoin exposure per share over time.
Strategy’s latest purchase leaves its corporate treasury with a position larger than the Bitcoin holdings of many sovereign-state-level discussions in the market, while its remaining stock-sale authorization provides a clear route for additional acquisitions. The company’s next moves will depend less on whether it has access to Bitcoin and more on whether it can continue raising capital on terms shareholders accept.
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