Strategy acquired 950 Bitcoin between September 14 and September 20 for about $75.7 million, paying an average of $79,670 per coin. The purchase raised the company’s total position to 846,000 BTC and ended a three-week pause in its accumulation program.
The treasury after the purchase
As of September 20, Strategy reported an aggregate purchase cost of $63.80 billion and an average cost of $75,416 for its 846,000 BTC. BlockchainReporter estimated the reserve’s value at about $68.7 billion; that mark-to-market figure is not stated in the Form 8-K. The company also reported a $5.04 billion U.S. dollar reserve and $1.05 billion in cash.
The figures appeared in a Form 8-K dated September 21 and on Strategy’s Bitcoin acquisition ledger. The 950-BTC addition was the first purchase since the company reported buying 4,603 BTC at the end of August.
Cash funded the latest buy
Strategy did not sell shares through its at-the-market programs during the acquisition week. The company said the Bitcoin purchase came from cash on hand, separating this transaction from periods in which new common or preferred shares financed additions to the reserve.
The source of funding affects existing shareholders differently. A cash purchase reduces liquid resources but does not create immediate share dilution. It still exposes the company to Bitcoin price changes and leaves less cash available for other corporate needs.
Preferred-stock repurchases continued
During the same week, Strategy repurchased 1,771,238 shares of Series A Perpetual Stretch preferred stock, or STRC, for $174.0 million. It bought no MSTR common shares and no STRK, STRF or STRD preferred shares in the period.
The company reported $875.1 million of remaining authority under its digital-credit-securities repurchase program and $1.0 billion under its MSTR common-stock repurchase program. Buying Bitcoin while retiring preferred shares shows cash being used on both sides of the capital structure.
Yield metrics were negative
BlockchainReporter reported Bitcoin yield of negative 11.7% quarter to date and negative 3.6% year to date; those figures are not stated in the Form 8-K. The company’s Bitcoin-yield measure tracks the relationship between its BTC holdings and assumed diluted shares; it is not interest earned by the coins and should not be read as a conventional portfolio yield.
A falling Bitcoin price can also reduce the market value of the reserve without changing the number of coins held. The reported position is highly concentrated in Bitcoin, and its size does not remove financing, volatility or concentration risk.
What the next filing should clarify
Investors can track three moving parts in later disclosures: changes in BTC holdings, cash and dollar reserves, and issuance or repurchases across the company’s securities. The combination shows whether accumulation is being funded through operations, cash, debt-like preferred instruments or common equity.
The September purchase confirms a return to buying after the August pause. It does not establish a fixed schedule for further purchases, which remain dependent on capital availability and management decisions disclosed in subsequent filings.
Sources & further reading
- BlockchainReporter — Adapted from: Strategy Buys 950 Bitcoin in First Purchase Since August
- Strategy — Primary filing: Form 8-K filed September 21, 2026