Strategy resumes consecutive Bitcoin buys since June

Strategy resumed consecutive weekly Bitcoin purchases for the first time since June, acquiring 1,665 BTC for $142.7 million in the week ended Sept. 27. The company had bought 950 BTC for $75.7 million the prior week. The two purchases left Strategy with a net gain of about 1,666 BTC for the third quarter with three trading days remaining.

The latest purchase had an average price of $85,681 per token and was about 75% larger than the prior week’s buy. Company filings show the acquisitions were funded through an at-the-market common-stock program. Strategy sold roughly 1.47 million MSTR shares last week for $246.2 million in net proceeds and has about $18.84 billion of remaining issuance capacity under the program.

Bitcoin analyst Mark Harvey noted Strategy has repurchased all the Bitcoin it sold earlier in the quarter and has extended its streak of quarterly net Bitcoin growth to 24. The firm’s holdings reached a record 847,666 BTC by Sept. 28, acquired for about $63.9 billion at an average cost of $75,437 per coin. At current market values those holdings are worth about $70.7 billion, yielding an unrealized gain of roughly $6.75 billion, or 10.6% versus aggregate purchase cost.

Strategy has acquired 175,166 BTC so far in 2026. Its holdings grew from 38,250 BTC in September 2020 to 847,666 BTC by Sept. 28, 2026.

Company performance metrics show a year-to-date Bitcoin yield of -3.7% and a negative BTC Gain of 25,085 BTC, equivalent to about -$2.1 billion on the reporting prices. The quarterly BTC Gain stood at -100,275 BTC, valued at roughly -$8.37 billion.

Analyst Zaid had expected Strategy to spend between $250 million and $300 million on Bitcoin during the week. The actual deployment was about half that amount; Zaid attributed the smaller outlay to management directing capital toward repurchasing a preferred security rather than relying solely on cash reserves.

Strategy repurchased about 1.53 million shares of its Variable Rate Series A Perpetual Stretch preferred stock, STRC, for $151.7 million last week, slightly more than it spent on Bitcoin. Funding for the preferred-stock repurchases included $103.5 million from MSTR share sales and $48.1 million from the company’s USD Cash balance. The firm also used $22.1 million from its USD Reserve to meet preferred-stock dividend obligations. After those transactions, Strategy reported roughly $1 billion in general-purpose cash and about $5 billion in its USD Reserve as of Sept. 27.

Zaid estimated last week’s STRC purchases accounted for about 18.9% of STRC’s total trading volume, down from 22.8% a week earlier. STRC traded near $99, close to its $100 stated value after months below par; the security fell as low as about $71 during June’s Bitcoin selloff. Strategy has spent more than $1 billion repurchasing preferred shares under a $2 billion program.

STRC currently pays a 12% annual dividend and the company increased its payment frequency from monthly to twice monthly in June. Strategy has scheduled a special shareholder meeting for Oct. 28 to seek approval for daily dividend accruals across its four U.S.-listed preferred securities-STRC, STRF, STRK and STRD. If approved, STRC’s first daily-schedule payment would be made Nov. 2 to holders of record on Nov. 1, according to company materials.

Upcoming disclosures will show whether management extends its Bitcoin buying streak into a third consecutive week and the outcome of the Oct. 28 shareholder vote on daily dividend accruals.