Key Takeaways
- • Strategy (NASDAQ: MSTR) purchased 950 bitcoin for approximately $75.7 million during the week ending September 20, 2026, at an average price of $79,670 per bitcoin, ending a two-week pause in bitcoin acquisitions.
- • The company's total bitcoin holdings reached 846,000 BTC, acquired at an aggregate cost of $63.80 billion with an average price of $75,416 per bitcoin inclusive of fees and expenses.
- • Strategy repurchased 1,771,238 shares of STRC (Variable Rate Series A Perpetual Stretch Preferred Stock) for $174.0 million during the period, with $875.1 million remaining under the preferred stock repurchase authorization.
- • Strategy maintained a USD Reserve of $5.04 billion and USD Cash balance of $1.05 billion as of September 20, 2026, with $57.4 million deployed for preferred stock dividend payments and debt interest during the week.
- • The company retained $1.0 billion in available authorization under its MSTR common stock repurchase program and did not utilize its at-the-market offering program during the reporting period.
Summary
Strategy resumed bitcoin accumulation during the week ending September 20, 2026, acquiring 950 BTC for $75.7 million after a two-week pause in purchasing activity. The acquisition, executed between September 14 and September 20, represented a return to the company's primary capital deployment strategy at an average price of $79,670 per coin. This purchase expanded Strategy's total bitcoin holdings to 846,000 BTC, representing an aggregate investment of $63.80 billion at an average cost basis of $75,416 per bitcoin inclusive of all acquisition fees and expenses.
Concurrent with the bitcoin purchase, Strategy executed a substantial share repurchase program targeting its STRC preferred shares, repurchasing 1,771,238 shares for $174.0 million during the same period. This represents a continuation of the company's capital-structure optimization strategy, whereby preferred-share buybacks are deployed to support the STRC price closer to its $100 par value and preserve capital flexibility for future bitcoin acquisitions. The STRC repurchase program maintains $875.1 million in available authorization, while the MSTR common stock repurchase program retains $1.0 billion in capacity. No repurchases occurred under the STRF, STRK, or STRD preferred stock programs during the reporting week.
Strategy allocated $57.4 million from its USD Reserve to fund preferred stock dividend obligations and debt service during the period. As of September 20, 2026, the company maintained a USD Reserve of $5.04 billion and a USD Cash balance of $1.05 billion, providing substantial liquidity for ongoing operations and future capital allocation decisions. The company did not execute any share offerings under its at-the-market program during the reporting period, indicating reliance on existing cash reserves and operational liquidity to fund both dividend obligations and bitcoin acquisitions.
The pattern of sequential capital deployment—alternating between bitcoin accumulation and preferred-share repurchases—reflects Strategy's dual objectives of building long-term bitcoin reserves while maintaining the financial flexibility of its preferred-stock financing platform. By managing the STRC price and repurchase activity, the company seeks to preserve the preferred shares as a sustainable funding mechanism for future bitcoin purchases, reducing dependence on volatile common equity markets.
Concurrent with the bitcoin purchase, Strategy executed a substantial share repurchase program targeting its STRC preferred shares, repurchasing 1,771,238 shares for $174.0 million during the same period. This represents a continuation of the company's capital-structure optimization strategy, whereby preferred-share buybacks are deployed to support the STRC price closer to its $100 par value and preserve capital flexibility for future bitcoin acquisitions. The STRC repurchase program maintains $875.1 million in available authorization, while the MSTR common stock repurchase program retains $1.0 billion in capacity. No repurchases occurred under the STRF, STRK, or STRD preferred stock programs during the reporting week.
Strategy allocated $57.4 million from its USD Reserve to fund preferred stock dividend obligations and debt service during the period. As of September 20, 2026, the company maintained a USD Reserve of $5.04 billion and a USD Cash balance of $1.05 billion, providing substantial liquidity for ongoing operations and future capital allocation decisions. The company did not execute any share offerings under its at-the-market program during the reporting period, indicating reliance on existing cash reserves and operational liquidity to fund both dividend obligations and bitcoin acquisitions.
The pattern of sequential capital deployment—alternating between bitcoin accumulation and preferred-share repurchases—reflects Strategy's dual objectives of building long-term bitcoin reserves while maintaining the financial flexibility of its preferred-stock financing platform. By managing the STRC price and repurchase activity, the company seeks to preserve the preferred shares as a sustainable funding mechanism for future bitcoin purchases, reducing dependence on volatile common equity markets.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.