Strategy Ends Its Two-Week Pause and Buys 950 Bitcoin for 75.7 Million USD — Paid Entirely in Cash

Strategy is buying Bitcoin again. The company disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission on Sept. 21 that it acquired 950 BTC between Sept. 14 and Sept. 20, ending a two-week pause in purchases and bringing its holdings back to 846,000 BTC.

The purchase cost 75.7 million USD at an average price of 79,670 USD per coin, including fees and expenses. The same week, Strategy spent another 174 million USD repurchasing approximately 1.77 million shares of its STRC preferred stock — more than twice what it paid for Bitcoin.

The numbers behind the return

The acquisition restores Strategy’s treasury to 846,000 BTC, the same total it reported at the end of the second quarter before Bitcoin sales during July and August reduced the balance. Across its entire history, the company has now acquired 846,000 BTC for a total of 63.80 billion USD, an average cost of 75,416 USD per Bitcoin.

With Bitcoin trading near 84,925 USD at the time of the filing’s publication, the market value of Strategy’s holdings stood at roughly 71.85 billion USD — an unrealized gain of approximately 8.05 billion USD over the reported cost basis. Strategy shares gained 7.4 percent to 165.20 USD in Monday premarket trading as Bitcoin held above the price paid for the latest acquisition.

How the pause unfolded

Strategy last bought Bitcoin at the end of August, when it purchased 4,603 BTC for 369.7 million USD at an average price of 80,318 USD, raising holdings from 840,447 BTC to 845,050 BTC. That purchase was financed through the company’s at-the-market common stock program: Strategy sold 4.53 million MSTR shares for 602.8 million USD in net proceeds, allocating 369.7 million USD to Bitcoin and 151.8 million USD to STRC repurchases.

Buying then stopped for two consecutive reporting periods as Strategy redirected cash toward its preferred securities. During the first week of the pause, the company spent 176.3 million USD repurchasing 1.81 million STRC shares while its board doubled the Digital Credit Securities Repurchase Program from 1 billion USD to 2 billion USD. Another 139.3 million USD went to 1.42 million STRC shares the following period, with no Bitcoin bought and no ATM sales.

STRC buybacks remain the bigger line item

Even with Bitcoin accumulation restarted, STRC repurchases stayed the larger expense. Strategy spent 174 million USD on roughly 1.77 million STRC shares between Sept. 14 and Sept. 20, against 75.7 million USD for Bitcoin.

STRC, formally Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, has a stated amount of 100 USD per share. The company has used repurchases and dividend policy to keep the security trading near that level after it fell to around 70 USD earlier this year. STRC recovered above 99 USD in intraday trading earlier this month and was changing hands at 98.85 USD in Monday premarket, up 0.35 percent.

The buyback math is deliberate: purchases below the 100 USD stated amount let Strategy retire preferred securities for less than their face value while cutting future dividend requirements. Between July 20 and Sept. 13, the company spent roughly 950.8 million USD repurchasing nearly 9.96 million STRC shares, and Monday’s repurchases pushed cumulative spending past 1 billion USD since the current sequence began. Strategy retains 875.1 million USD in authorization for further preferred repurchases, while its separate 1 billion USD MSTR common stock buyback program remains untouched.

Cash-funded, no share issuance

The latest transactions were funded directly from Strategy’s cash balance. The company made no sales through its ATM offering programs during the reporting period, meaning it did not issue common or preferred shares to replenish spending. Combined outlays for Bitcoin and STRC totaled 249.7 million USD.

Deployable USD Cash fell to 1.05 billion USD as of Sept. 20, down nearly 20 percent from 1.30 billion USD a week earlier. The balance had stood at 1.44 billion USD on Sept. 7 and 1.61 billion USD at the end of August as repeated STRC repurchases drew down the account. Strategy maintains USD Cash separately from its USD Reserve, which is primarily intended to cover preferred stock dividends and debt interest; the reserve declined to 5.04 billion USD from 5.10 billion USD after 57.4 million USD in dividend and interest payments. Combined USD assets stood at approximately 6.09 billion USD.

Strive keeps stacking too

Strategy was not the only public Bitcoin holder disclosing purchases on Monday. Strive acquired 1,355 BTC, increasing its corporate treasury to 26,355 BTC. The company had reached 25,000 BTC earlier in September after buying 469 BTC for approximately 36.6 million USD at an average price of 77,954 USD per coin, funded through proceeds from its SATA preferred stock. Strive had previously purchased 1,800 BTC in an earlier tranche.

What it means for Bitcoin markets

Strategy’s return to the market matters beyond its own balance sheet. The company remains the largest corporate holder of Bitcoin by a wide margin, and its buying cadence has historically functioned as a steady demand source — particularly when funded through ATM equity issuance, which converts stock market inflows directly into Bitcoin purchases.

This time the signal is different, and arguably healthier: the 950 BTC purchase was paid entirely from cash, with no dilution of shareholders. With Bitcoin trading around 85,756 USD at the time of writing, up 5.7 percent on the day according to CoinGecko, Strategy’s newest coins are already in profit — and the market will be watching whether next week’s filing shows the buying machine fully back on.