Strategy Buys 950 BTC With Cash, Holdings Hit 846,000

Strategy bought 950 bitcoin for roughly $75.7 million last week and paid for it from cash on hand rather than new stock sales, according to an 8-K filing dated Sept. 21. The company, formerly known as MicroStrategy, now holds 846,000 BTC, its highest reported total since June.

The filing covers purchases made between Sept. 14 and 20 at an average price of $79,670 per coin. Across all holdings, Strategy has spent about $63.8 billion, an average of $75,416 per bitcoin.

A change in how the buying is funded

What marks this filing out is the funding. Strategy’s recent accumulation runs have typically been financed through at-the-market equity offerings, selling new shares to raise cash. This time the company said the purchases came from its USD Cash reserve, which stood at $1.05 billion as of Sept. 20. A second bucket, the USD Reserve, held $5.04 billion on the same date.

The same filing shows Strategy repurchased 1,771,238 shares of its STRC preferred stock for $174 million, and used $57.4 million of the USD Reserve to pay preferred dividends and interest on outstanding debt. It reported no bitcoin sales under its at-the-market offering during the week.

The shift matters because it suggests the company is no longer leaning on new share issuance to fund the treasury, after a stretch in which its preferred stock traded below par and reserve money went to servicing it. The filing discloses the buyback but not its rationale.

Mark-to-market figures from the week put the holdings at around $71.9 billion, implying roughly $8.1 billion in paper gains. Those numbers move with bitcoin’s price and should be read as a snapshot, not a balance.

846,000 BTC is more than 4% of bitcoin’s 21 million supply cap. The company’s reported peak was 847,363 BTC in June, before it sold 1,363 coins.