Strategy bought 1,665 Bitcoin for roughly $142.7 million between September 21 and September 27, according to company disclosures. The average price came out to $85,681 per coin, and the purchase lifts Strategy's total stash to 847,666 BTC. The company's entire Bitcoin position now carries an average acquisition cost of $75,437 per BTC, for a total outlay of about $63.95 billion.
The buy is the second in as many weeks. A week earlier, Strategy picked up 950 BTC. But the more interesting piece of this filing is what happened on the other side of the balance sheet.
The STRC repurchase, funded two ways
During the same stretch in late September, Strategy repurchased about 1.53 million of its STRC preferred shares for roughly $151.7 million. It didn't pay for that out of pocket. About $103.5 million came from sales of MSTR common stock, and another $48.1 million came from cash the company already had on hand.
That structure matters. STRC is a preferred instrument, and shrinking its outstanding count while growing a common-stock-funded Bitcoin position is a deliberate move. Strategy isn't just accumulating BTC anymore — it's reworking what sits above it in the capital stack.
Where the ATM money actually went
Strategy sold roughly 1.47 million MSTR common shares through its at-the-market program, netting about $246.2 million. From that pot, $142.7 million went into Bitcoin and $103.5 million went toward the STRC repurchase. The remaining piece — $48.1 million — came from existing cash, which is why the two line items don't cleanly add up to the ATM proceeds alone.
In plain terms: the ATM is doing double duty. It's funding the Bitcoin buys and shrinking the preferred overhang at the same time, and Strategy is running both moves inside the same week.
A capital structure under active management
The company is now issuing common stock, adding to its Bitcoin position, and reducing STRC shares outstanding all at once. That's not an accident of timing. It's an explicit approach to managing the balance sheet — use equity issuance to fund hard assets, use the same window to retire preferred paper, and keep the average acquisition cost of the overall position in a range that management can defend.
The average cost across the full 847,666 BTC stack, $75,437, sits below the $85,681 average on the latest tranche. That gap says Strategy paid up for this batch relative to its historical basis, but the company clearly isn't treating the higher entry as a reason to slow down.
There's no stated pause on the strategy. The pattern over the past two weeks — 950 BTC, then 1,665 BTC, with STRC repurchases layered in — suggests the next disclosure will be watched less for the coin count and more for how the funding mix shifts. Whether the STRC retirements continue at this pace, and whether the ATM stays the primary source, is the open question heading into the next filing.
