Strategy buys 950 Bitcoin for roughly $75.7 million, snapping a two-week buying drought and restoring the corporate Bitcoin treasury to its pre-summer peak of 846,000 BTC. The acquisition, disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission on Sept. 21, was executed at an average price of $79,670 per coin, including fees and expenses, between Sept. 14 and Sept. 20.
Strategy buys 950 Bitcoin at a Discount to Market
At the time of the disclosure, Bitcoin was changing hands near $84,925, meaning Strategy buys 950 Bitcoin at a price well below spot. That gap translated into an unrealized gain of approximately $8.05 billion on the firm’s overall position, which had been accumulated for a total of $63.80 billion at an average cost of $75,416 per coin. With the market value of the treasury hovering around $71.85 billion, the gap between book value and fair value continued to widen.
Market reaction was swift. Strategy shares climbed 7.4% to $165.20 in Monday premarket trading as the price of Bitcoin remained comfortably above the company’s latest entry point, reinforcing the narrative that the firm views every dip as an opportunity to accumulate.
Why Strategy buys 950 Bitcoin After Sitting on the Sidelines
The latest transaction ended two consecutive reporting periods in which Strategy refrained from adding to its Bitcoin balance. During the pause, executives redirected liquidity toward STRC, the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, which carries a stated value of $100 per share. Roughly $176.3 million was deployed in the first week to repurchase 1.81 million STRC shares, while the board simultaneously doubled the Digital Credit Securities Repurchase Program from $1 billion to $2 billion.
Another $139.3 million followed in the second week, retiring 1.42 million additional STRC shares, even as Bitcoin holdings sat idle. Combined, Strategy had spent close to $950.8 million buying back nearly 9.96 million STRC shares between July 20 and Sept. 13, helping the preferred security recover from a low near $70 to trade above $99 intraday earlier this month.
Strategy buys 950 Bitcoin: Bitcoin Buys Resume, but Preferred Buybacks Still Dominate Cash Use
Even as Strategy buys 950 Bitcoin to restart accumulation, STRC remained the larger beneficiary of corporate cash. Between Sept. 14 and Sept. 20, the company spent $174 million on approximately 1.77 million STRC shares, more than double the $75.7 million allocated to Bitcoin during the same window. Combined spending on the two transactions reached $249.7 million.
Funding came entirely from the company’s balance sheet. No shares were issued through the at-the-market common stock program or any preferred offering, a notable change from the prior acquisition in late August, when Strategy sold 4.53 million MSTR shares for $602.8 million in net proceeds, splitting the haul between $369.7 million in Bitcoin and $151.8 million in STRC repurchases. This time, the firm simply dipped into its Deployable USD Cash, which fell to $1.05 billion as of Sept. 20, down nearly 20% from $1.30 billion a week earlier.
Balance Sheet Posture and Rival Activity
After the transactions, Strategy retained $875.1 million in authorization for further STRC repurchases, while the $1 billion common stock repurchase program remained untouched. Its separate USD Reserve, earmarked primarily for preferred dividends and debt interest, slipped to $5.04 billion from $5.10 billion after $57.4 million was used for those obligations. In aggregate, the company held roughly $6.09 billion in USD assets at the end of the reporting period. Strategy was not the only corporate buyer tapping the market on Monday. Strive disclosed its own acquisition of 1,355 Bitcoin, lifting its treasury to 26,355 BTC. The purchase came on the heels of a 469 BTC addition earlier this month at an average price of $77,954 per coin, funded through proceeds from its SATA preferred stock, and a 1,800 BTC buy in late August that had pushed holdings to 23,156 BTC. ASST shares gained 6.44% to $32.03 in premarket trading as a result. By restarting accumulation while continuing to retire preferred shares at a discount, Strategy buys 950 Bitcoin in a way that preserves the integrity of its balance sheet strategy: opportunistic spot exposure paired with disciplined liability management. With the treasury back at 846,000 BTC and the unrealized gain expanding, the firm appears content to let the market set the pace, returning to the buy side the moment liquidity and price conditions align, while keeping more than $1 billion in dry powder ready for the next move.