Strategy Bitcoin Buying Picks Up Again With 1,665 BTC Purchase

• Strategy increased its Bitcoin purchases for a second straight week after pausing in early September.
• The company spent slightly more retiring STRC preferred shares than it spent on Bitcoin.
• Bitcoin now trades below the price Strategy paid last week but well above its overall cost.
• Spot Bitcoin ETFs recorded seven straight days of inflows alongside Strategy’s buying.

Strategy bought 1,665 bitcoin for $142.7 million between September 21 and September 27, almost twice what it spent a week earlier and its second consecutive purchase after two weeks in which it bought nothing. The purchase lifted holdings to a new high for the company, after it sold part of its Bitcoin over the summer to fund STRC buybacks. The company disclosed the purchase in an 8-K filed with the SEC on September 28, reporting an average price of $85,681 per coin and total holdings of 847,666 BTC. It paid for the Bitcoin by selling MSTR stock and used part of the same proceeds, together with existing cash, to retire $151.7 million of its STRC preferred shares. Bitcoin has since pulled back from its recent run toward $87,000 and now trades below the price Strategy paid last week.

Strategy has acquired 1,665 $BTC and repurchased $152M of $STRC. As of 9/27/26, we hold 847,666 BTC and $6.02B of USD Assets. $MSTR https://t.co/h3BVtsbcBb

— Michael Saylor (@saylor) September 28, 2026

Strategy’s Bitcoin buying picks up for a second straight week

The September filings show buying that stopped and then restarted with growing size. Strategy bought no Bitcoin between August 31 and September 13. It returned the following week with 950 BTC for $75.7 million, paid for entirely from its USD Cash account without selling any new shares, and last week it added 1,665 BTC funded by fresh MSTR issuance.

In coin terms, the latest purchase was about 75% larger than the one before it. Together, the two weeks lifted holdings from 845,050 to 847,666 BTC. The position is now so large that even a purchase made more than $10,000 above the company’s average moved its blended cost by only $21, to $75,437.

Bitcoin purchases   STRC repurchases  ·  Source: Strategy 8-K filings with the SEC, September 2026

How $246 million of MSTR stock funded Bitcoin and STRC

Last week’s cash flows show how Strategy now moves money through its capital structure. The company sold 1,469,165 MSTR shares through its at-the-market program for $246.2 million in net proceeds, or roughly $167.60 per share. It sent $142.7 million of that into Bitcoin and $103.5 million into STRC, then added $48.1 million from USD Cash to complete the buyback. A separate $22.1 million from the USD Reserve covered preferred dividends.

STRC, marketed as Stretch, is a perpetual preferred stock that pays a variable-rate dividend twice a month and is designed to trade close to its $100 stated amount. Retiring shares at about $98.86 cancels a future dividend obligation for less than its face value, and a steady buyer in the market also supports the price near that level. The buyback has run regardless of what Strategy did with Bitcoin: the company has spent between $139 million and $176 million on STRC every week since the end of August, including the two weeks in which it bought no BTC.

The return to share-funded buying came as MSTR recovered. The stock trades near $159, up from the $128-$130 range on Strategy’s dashboard earlier this month, though the same dashboard showed a one-year return of about -60.5% and an mNAV, the ratio of the company’s enterprise value to the value of its Bitcoin, of roughly 1.10x. At that level, each share sale adds only a thin margin of Bitcoin per remaining share, which makes the MSTR price the main variable behind how much Strategy can buy. The company also left its $1 billion MSTR buyback authorization untouched, selling common stock rather than buying it back.

Bitcoin slips back below Strategy’s latest purchase price

At the time of writing, Bitcoin trades around $82,700, down 2.15% over 24 hours and 3.84% over seven days, after a recent surge that took it to about $87,000. That leaves last week’s 1,665 coins roughly 3.5% below the $85,681 Strategy paid for them. The paper loss on that batch is about $5 million, small next to the position as a whole: at current prices, Strategy’s 847,666 BTC are worth about $70.1 billion against a total cost of $63.95 billion.

Spot Bitcoin ETFs log seven straight days of inflows

Demand through US spot Bitcoin ETFs moved in the same direction as Strategy’s buying during the second half of September. According to data compiled by Farside Investors, the funds recorded net inflows on seven consecutive trading days from September 17 through September 25, totaling $2.98 billion. The streak followed a weak stretch between September 9 and September 16, when the ETFs lost about $1.0 billion, including $450.4 million on September 15 alone.

BlackRock’s IBIT led with $1.45 billion, ahead of Fidelity’s FBTC at just under $1.0 billion. The daily figures, however, narrowed steadily after peaking at $999.0 million on September 21, and the final session of the streak brought in $134.5 million, the smallest amount of the seven.

In the week of September 21-25, which matches Strategy’s reporting window, the funds took in $2.39 billion, roughly 17 times what Strategy put into Bitcoin. The two flows are driven differently. ETF inflows reflect decisions by investors and advisers, while Strategy’s purchases depend on how much MSTR stock it can sell and at what price.

Why Strategy holds $6 billion in dollars beside its Bitcoin

Strategy reported $6.02 billion in dollar assets as of September 27, split between a $5.02 billion USD Reserve earmarked for preferred dividends and interest and $1.00 billion of USD Cash that can fund Bitcoin, buybacks and other treasury uses. The cash account paid for the September 14-20 Bitcoin purchase and part of last week’s STRC buyback.

The obligations behind the reserve are large. Strategy’s dashboard recently showed about $6.7 billion of debt, $14.5 billion of preferred securities and roughly $1.66 billion in combined annual interest and dividend payments, which the reserve alone could cover for about three years. Bitcoin produces no income, and every one of those payments is due in dollars. Strategy presents the reserve as support for dividends and interest; in practice, a drop in BTC or MSTR would not force it to sell Bitcoin or issue stock at a poor price just to meet a payment date.

Sources: Strategy 8-K filed September 28, 2026; Strategy investor dashboard. Debt and obligation figures are approximate.

MSTR’s price now sets the size of Strategy’s next Bitcoin buy

Strategy’s remaining at-the-market capacity includes $18.84 billion in MSTR and $17.51 billion in STRC, so authorization does not limit its Bitcoin purchases. The MSTR share price does. Last week showed the sequence directly: the stock recovered, the company returned to share sales, and its Bitcoin buying increased. A renewed drop in MSTR would shrink that capacity just as quickly, and with Bitcoin now below last week’s purchase price, the next weekly filing will show whether Strategy keeps buying into the pullback.

The STRC program has a clearer limit. At its recent pace of roughly $150 million a week, the remaining $723.5 million would last about five more weeks, after which the board would need to expand the program again, having already doubled it to $2 billion on September 8, or the repurchases would slow. The third quarter closes on September 30, and Strategy’s Q3 report will give the first full-quarter view of how much capital went into Bitcoin, how much into preferred buybacks and how much the company paid out of its dollar reserve.