Key highlights:
- Strategy resumed Bitcoin buying after a 2-week pause, acquiring 950 BTC for $75.7M, bringing total holdings to 846,000 BTC
- Capital allocation is shifting as Strategy spent $174M on STRC preferred share repurchases in September vs. $75.7M on Bitcoin, with $1B+ spent on STRC buybacks since July
- Strategy holds $6.09B in combined USD assets, with the latest BTC purchase funded from cash rather than new MSTR equity issuance
Strategy has resumed its Bitcoin accumulation after a two-week pause, purchasing another 950 BTC for $75.7 million as the company continues to balance its long-term Bitcoin strategy with a separate push to repurchase its preferred shares.
In a Form 8-K filing with the U.S. Securities and Exchange Commission on September 21, Strategy said it acquired the 950 BTC between September 14 and September 20 at an average price of $79,670 per Bitcoin, including fees and expenses.
The purchase brings the companys Bitcoin holdings to 846,000 BTC, with an aggregate acquisition cost of approximately $63.8 billion and an average purchase price of $75,416 per Bitcoin, including fees and expenses.
Strategys Bitcoin buying spree is slowing; what changed in 2026？
Strategys Bitcoin strategy has also undergone several changes this year. The company began 2026 with 673,783 BTC and significantly increased its holdings through a series of large purchases, although some of those gains were later offset by Bitcoin sales.
Its largest reported acquisition of the year came in April, when Strategy bought 34,164 BTC for approximately $2.54 billion at an average price of $74,395.
The company followed with another 24,869 BTC purchase worth roughly $2.01 billion in May. Earlier in the year, it also bought 22,337 BTC in March and 22,305 BTC in January.
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However, the pace of accumulation slowed in the third quarter. Strategy reported reductions in its Bitcoin holdings in June, July, and August, including the sale of 3,588 BTC in July to help fund digital credit dividends.
The company returned to buying Bitcoin on August 31, acquiring 4,603 BTC, which is further supported by the 950 BTC purchase announced today.
The latest purchase ended a 10-week pause in accumulation, but the smaller size compared with its earlier purchases points to a shift in how Strategy is deploying its liquidity.
Why did Strategy spend more on STRC than Bitcoin？
The latest purchase shows that Strategy is still adding Bitcoin, but its available capital is increasingly being divided between Bitcoin accumulation and other parts of its capital strategy.
During September, Strategy has spent $174 million repurchasing roughly 1.77 million STRC shares, compared with $75.7 million spent on Bitcoin on the latest purchase.
The latest STRC purchase follows $176.3 million of repurchases in one reporting period and another $139.3 million in the following period, during which its Bitcoin holdings remained unchanged.
The companys cash position also helps explain the different uses of capital.
As of September 20, Strategy held $1.05 billion in USD cash, down from $1.30 billion a week earlier, alongside $5.04 billion in its USD reserve. Combined, the two pools represented about $6.09 billion in USD assets.
Strategy describes USD Cash as its more flexible liquidity pool, which can be used for Bitcoin purchases, funding reserves, and other capital management activities.
The USD Reserve is primarily intended to cover preferred stock dividends and debt interest. During the latest week, Strategy used $57.4 million from the reserve for those payments.
The continued STRC repurchases form part of Strategys preferred stock strategy.
STRC has a stated value of $100 per share, so buying shares below that level allows the company to retire preferred stock at a discount while reducing the amount of outstanding preferred equity and associated future dividend obligations.
Strategy has now spent more than $1 billion on STRC repurchases since launching the program in July. About $875.1 million remained under the STRC authorization, while a separate $1 billion authorization for MSTR common stock buybacks remained unused.
The capital allocation therefore reflects two different objectives. Bitcoin purchases increase Strategys BTC holdings, while STRC repurchases allow the company to manage its preferred stock structure and deploy cash when those shares trade below their stated value.
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The latest Bitcoin purchase was funded from USD cash rather than a new MSTR common stock issuance.
Strategy reported no ATM sales during the week, meaning it was not raising fresh equity capital to fund the $75.7 million Bitcoin purchase.
The shift does not necessarily mean Strategy is replacing its Bitcoin accumulation strategy with preferred stock buybacks.
Instead, the latest figures show the company continuing to balance Bitcoin purchases with capital management while using different parts of its liquidity for different purposes.