Strategy Adds 1,665 Bitcoin While Drawing on Share Sales and Cash Reserves

Summary

• Strategy purchased 1,665 Bitcoin for $142.7 million, raising its holdings to 847,666 BTC, above four percent of Bitcoin’s supply.
• Share sales and cash supported Strategy’s Bitcoin purchase, while preferred share repurchases and dividend payments also drew on company funds.
• Saylor’s August remarks described Bitcoin as transferable economic energy, offering context for Strategy’s approach to holding and financing its reserves.

Strategy acquired 1,665 Bitcoin (BTC) for approximately $142.7 million, bringing its total holdings to 847,666 BTC. According to its latest SEC filing, the company paid an average of $85,681 per BTC between September 21 and September 27.

The purchase raised Strategy’s holdings above 4% of Bitcoin’s 21 million coin supply limit, with total acquisition costs reaching approximately $64 billion, including fees and expenses, according to executive chairman Michael Saylor.

Strategy paid an average of $75,437 per BTC across its holdings, while its estimated $70.6 billion value implied approximately $6.6 billion in unrealized gains. Those gains represent the difference between estimated market value and purchase cost, while Strategy’s filing also details share sales, cash use, and preferred stock payments.

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Share Sales and Cash Support Strategy’s Bitcoin Purchase

Strategy sold 1,469,165 Class A common shares for approximately $246.2 million through its at-the-market program during the week. As of September 27, another $18.84 billion in MSTR shares remained available for issuance and sale under that program.

The company identified $103.5 million from MSTR sales and $48.1 million from its USD Cash reserve among its funding sources. Those figures total more than the reported Bitcoin purchase cost and do not provide an exact breakdown of that acquisition.

Strategy also spent approximately $151.7 million repurchasing 1,534,530 STRC preferred shares during the same reporting period. Additionally, it used $22.1 million from its USD Reserve to pay dividends on preferred stock.

As of September 27, the company reported $5.02 billion in its USD Reserve and $1 billion in its separate USD Cash balance. Strategy has proposed moving STRC, STRD, STRF, and STRK to daily dividends, subject to an October 28 shareholder vote.

The proposal would change payment schedules without increasing dividend rates or the company’s total regular dividend obligations. If approved, STRC would switch first in November, while the other three securities would follow in January.

Saylor’s August Comments Offer Context for Strategy’s Bitcoin Holdings

As 36Crypto reported in August, Saylor described Bitcoin as digital economic energy that owners can securely control and transfer. According to his post on X, that capability extends to people, companies, machines, families, and governments.

His earlier remarks explain how he views the asset underlying Strategy’s corporate treasury approach. However, they preceded this purchase, which the company disclosed separately in its latest SEC filing.

Saylor shared Strategy’s acquisition tracker on Sunday with the caption “A little more orange,” ahead of the filing. The filing subsequently confirmed the 1,665 BTC purchase and established the company’s updated total of 847,666 BTC.

Strategy shares gained 16.1% during the preceding week and closed Friday at $158.61, while Bitcoin rose 3.6%. The latest acquisition expanded Strategy’s Bitcoin position as it used stock sales and cash to support its financing activity.\

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