Strategy, the Bitcoin treasury company co-founded by Michael Saylor, bought another 1,665 Bitcoin for 142.7 million USD last week, pushing its total holdings to 847,666 BTC, according to a Sept. 28 filing with the US Securities and Exchange Commission.
By Sarah Park | September 28, 2026
The purchase, disclosed in an 8-K filing on Monday, was made between Monday and Sunday at an average price of 85,681 USD per coin, according to Cointelegraph. That is above the company’s all-in average cost of 75,437 USD per Bitcoin — meaning Strategy is now adding to its position at a premium of roughly 13 percent over what it has historically paid. For everyday Bitcoin holders, the message from one of the largest corporate buyers in the market is simple: it is still buying, even with Bitcoin trading near 83,700 USD, down about 1.4 percent over the past 24 hours.
The Hook: How Strategy Paid for Its Latest Bitcoin
The mechanics of the purchase matter as much as the size. Strategy funded the buy by selling shares of itself. The company sold 1.47 million MSTR shares for 246.2 million USD in net proceeds, allocating 142.7 million USD to Bitcoin and 103.5 million USD to repurchases of its STRC preferred stock.
In total, Strategy repurchased 1.53 million STRC preferred shares for 151.7 million USD, with the remaining 48.1 million USD coming from its US dollar cash holdings, the filing shows. Think of it as a company rotating money between three buckets: selling regular stock, buying Bitcoin, and buying back its preferred shares. The Bitcoin bucket keeps growing.
On-Chain Evidence: The Numbers Behind the Stack
Here is where the company stands after the latest purchase, according to the Sept. 28 filing:
- 847,666 BTC — total Bitcoin held, the largest corporate treasury position in the world
- 63.95 billion USD — total amount spent on those holdings, including fees and expenses
- 75,437 USD — average purchase price per Bitcoin across the entire position
- 85,681 USD — average price paid for last week’s 1,665 BTC tranche
- 1 billion USD — remaining “USD Cash” balance, down from 1.05 billion USD a week earlier
The company also keeps a separate dollar reserve — 5.02 billion USD, down from 5.04 billion USD — that exists to cover preferred stock dividends and debt interest. It paid out 22.1 million USD in dividends during the week. That reserve is a safety cushion, and it remains well above the payouts it supports.
The Core Conflict: Buying More, But at Higher Prices
Last week’s purchase was Strategy’s second in a row after a two-week pause. The previous week, the company bought 950 BTC for 75.7 million USD before resuming its accumulation. The pace is slower than during the buying binges of past quarters, and the average price is creeping up — the company is no longer averaging in below its historical cost.
That shift matters for investors who watch Strategy as a proxy for institutional conviction. Buying at 85,681 USD while the market price sits near 83,700 USD means the company paid above the current spot price for its weekly tranche. It is a modest but real signal: management is comfortable accumulating even when it has no discount to capture.
At the same time, Strategy is spreading its capital across more than one priority. More than 100 million USD of this week’s stock-sale proceeds went to preferred share buybacks rather than Bitcoin. For a company long described as a leveraged Bitcoin proxy, that diversification of capital use — buying back its own paper while still accumulating BTC — is worth noting.
Market Implications: What This Means for Your Wallet
Strategy’s steady accumulation removes coins from circulating supply and puts them into a treasury that has publicly said it does not plan to sell. With 847,666 BTC now locked in one corporate vault — more than 4 percent of all Bitcoin that will ever exist — every additional purchase tightens available supply a little further.
The funding method is the part retail investors should watch. When Strategy sells MSTR shares to buy Bitcoin, it effectively converts stock market demand into Bitcoin demand. If that pipeline keeps flowing, it acts as a slow, structural bid under the market. If share sales slow — as the recent two-week pause showed they can — that bid temporarily disappears, which can coincide with softer price action.
For regular holders, the practical takeaway is perspective, not a trading signal. Bitcoin is trading around 83,700 USD, below Strategy’s latest buy price but well above its 75,437 USD lifetime average. The largest corporate holder is neither panic-selling nor racing to buy at any price — it is accumulating methodically, funded by its own stock.
The Verdict
The Sept. 28 filing shows a company that is still committed to its Bitcoin thesis but is doing so with more discipline than the headline numbers suggest: smaller weekly tranches, buybacks alongside BTC purchases, and a cash cushion maintained for its dividend and debt obligations. An 847,666 BTC stack bought at an average of 75,437 USD remains profitable at current prices near 83,700 USD — a roughly 11 percent unrealized gain on the whole position. Investors should treat the purchase as a long-term conviction marker, not a reason to chase price in the short term.
The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.
847,666 btc and theyre still buying above their own average. saylor is just speedrunning the circulating supply at this point
buying at 85,681 with a 75,437 cost basis isnt a dip buy, its conviction. or possibly a problem, jury is still out
847k btc is over 4 percent of supply that just never sells. every 142M monday makes the float thinner for everyone else
speedrunning supply and paying 13 percent above their own 75,437 average to do it. the 142.7M tranche is small change next to the issuance machine behind it
selling MSTR stock at a premium to buy btc at 85k, roughly 13 percent above their 75,437 average, and they just keep going. cleanest trade in public markets
847,666 btc and counting. saylor is just gonna vampirize the float until nothing is left lol
vampirize the float is exactly right. 847,666 of 21 million is over 4 percent of supply that never touches an exchange again
that premium nav trade only works while the stock holds up. one rough quarter and the cleanest trade in public markets unwinds fast
every premium trade in history looked clean until one rough quarter. the difference here is the unwind hits btc spot too, not just the stock
1.47 million shares sold for 246.2 million and only 142.7 million went to Bitcoin. Those STRC buybacks are eating real chunks of the proceeds now.
thats the part nobody prices. 246.2 million raised and roughly 100 million stayed inside the mSTR and STRC maze instead of btc
the 100M that stayed behind in the mSTR maze is the real story. at some point the buybacks fund the stock more than the btc does
the mSTR premium is the real flywheel question. if it compresses the buybacks slow down and youre left holding a leveraged btc proxy
even if the premium compresses they still sit on 847,666 btc at a 75,437 basis. the flywheel stalling burns new mSTR buyers way harder than the stack itself
100 million of the 246 stayed in the mSTR maze. at some point the buybacks ARE the product
at some point you model the whole thing as a closed loop and the btc is marketing. only 142.7 of the 246.2 raised actually landed on chain
a 13 percent premium to their own average and the market barely shrugged. one 8-K on a monday and everyone acts like this is routine now
13 percent premium over their own basis and the market yawns. routine is the scariest word in an 8-K
1,665 coins at 85,681 feels tiny next to the old 10k coin weeks. with a 75,437 basis they can just chill now
1,665 coins is one of the smaller bites lately. even the treasury machine paces itself at 85k, that says more than any chart does
Bought 1,665 coins at an 85,681 average. In my day a treasury bought the dip. These folks buy whatever price is on the screen.
85,681 average against a 75,437 basis and they dont even flinch. every monday filing is just a reload now
the routine-ness is the signal. 8-K monday, buy above average, repeat. the only question left is what happens to the premium in a real drawdown
over 4 percent of all btc that never sells now sits in one treasury. float shrink is the quiet story under every monday filing
1,665 coins barely moves the needle at 847k held. even the buys getting boring is part of the float drain thesis playing out in slow motion
paying 85.6k when your average is 75.4k and calling it disciplined. saylor really does buy like the entry price doesnt exist lol
buying above your average is literally the point of a perpetual treasury vehicle tho. the 13 percent premium over a 75,437 basis is noise if your horizon is longer than one cycle