Strategy added 950 Bitcoin to its corporate treasury between Sept. 14 and Sept. 20, spending about $75.7 million from its USD Cash balance at an average price of $79,670 per BTC, according to the company’s latest filing with the US Securities and Exchange Commission.
The purchase lifts Strategy’s Bitcoin holdings to 846,000 BTC, a position accumulated for roughly $63.8 billion, including fees and expenses. The company’s average acquisition cost is now $75,416 per Bitcoin. Based on the valuation cited in the filing materials, the holdings were worth about $71.9 billion, leaving Strategy with roughly $8.1 billion in unrealized gains.
The latest purchase is small relative to Strategy’s existing reserve, but it shows the company is continuing to deploy cash into Bitcoin while also managing the obligations created by its preferred stock and debt financing. Strategy’s treasury now represents just over 4% of Bitcoin’s fixed 21 million-coin supply cap, giving one public company an unusually concentrated position in the asset.
Cash deployment continues alongside capital management
Strategy funded the 950-Bitcoin acquisition from its USD Cash account rather than its separately reported USD Reserve. As of Sept. 20, the company reported a USD Reserve balance of $5.04 billion and a USD Cash balance of $1.05 billion.
That distinction provides a clearer picture of the company’s balance-sheet approach. The larger reserve remains available for corporate purposes, while the cash account supplied the latest Bitcoin purchases. Maintaining both pools gives Strategy room to continue its acquisition program without relying solely on new securities issuance or immediate asset sales.
During the same Sept. 14-to-Sept. 20 period, the company also used cash for shareholder and financing commitments. Strategy repurchased about 1.77 million shares of its STRC preferred stock for approximately $174 million, according to the SEC filing. It separately spent $57.4 million from the USD Reserve to pay preferred-stock dividends and interest on outstanding debt.
Those transactions show the financial mechanics surrounding Strategy’s Bitcoin strategy. The company’s Bitcoin holdings may be its defining asset, but its capital structure also includes preferred shares and debt that require recurring cash payments. Repurchases can reduce the number of preferred shares outstanding, while dividends and interest remain direct claims on the company’s liquidity.
Strategy’s holdings dwarf other public-company treasuries
With 846,000 BTC, Strategy remains far ahead of every other publicly listed company tracked by Bitcoin Treasuries, a platform that monitors corporate Bitcoin holdings. Bitcoin Treasuries lists 196 public companies that have adopted a Bitcoin acquisition model.
The gap between Strategy and the next-largest reported holders is substantial. Twenty One ranks second with 43,514 BTC, followed by Metaplanet with 43,000 BTC, MARA with 35,577 BTC and Bitcoin Standard Treasury Company with 30,021 BTC, according to Bitcoin Treasuries data.
Strategy’s holdings are therefore nearly 20 times larger than those of Twenty One, the second-largest company on that list. The scale gives Strategy a distinct market profile: changes in Bitcoin’s price can have an outsized effect on the value of its assets, while the company’s financing decisions can determine how quickly it expands or protects its treasury.
At the reported average cost of $75,416 per BTC, Strategy’s total Bitcoin position would be underwater if Bitcoin traded materially below that level, excluding the effect of any future purchases. At the valuation cited in the filing materials, the position remains above its aggregate cost basis. The company’s reported holdings also remain below Bitcoin’s currently mined supply, but they account for a sizeable share of the maximum 21 million coins that can ever exist.
Treasury strategy faces recurring funding demands
Strategy’s buying program differs from a company making a one-time Bitcoin allocation. Its filings show a continuing process of accumulating BTC while raising and deploying capital across several instruments. That model can increase Bitcoin exposure more quickly than using operating cash flow alone, but it also places greater weight on access to capital markets and the company’s ability to meet dividend and interest obligations.
The Sept. transactions illustrate that balance. Strategy spent $75.7 million on Bitcoin, $174 million on STRC repurchases, and $57.4 million on dividends and debt interest during the same reporting period. Combined, those uses totaled more than $307 million, with the majority directed toward preferred-share management and financing costs rather than the latest Bitcoin purchase.
The company’s $5.04 billion USD Reserve and $1.05 billion USD Cash balance provide a substantial liquidity cushion based on the reported figures. Yet cash preservation is likely to remain closely watched as Strategy combines large Bitcoin holdings with preferred equity and debt commitments.
Strategy’s latest purchase reinforces its position as the dominant corporate Bitcoin holder, while the accompanying preferred-stock repurchases and financing payments show that its treasury strategy depends as much on balance-sheet management as on the direction of Bitcoin’s price.
Wondering if Bitcoin is still worth accumulating at these prices? Explore our latest outlook in this analysis today.
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