Strategy Adds 950 Bitcoin, and Spends $174M on Its Own Preferred Stock

Between Sept. 14 and Sept. 20, the company purchased 950 BTC for $75.7 million, paying an average of $79,670 per Bitcoin, according to its latest SEC filing. The purchase lifted Strategy’s holdings to 846,000 BTC, acquired for about $63.8 billion at an average cost of $75,416.

During the same week, however, Strategy spent $174 million repurchasing 1.77 million STRC preferred shares, more than twice what it spent on Bitcoin.

That makes the latest update less about a return to aggressive BTC accumulation and more about how Strategy is balancing Bitcoin with its increasingly complex capital structure.

Bitcoin Buying Is Back, but STRC Still Matters More

Strategy had bought zero Bitcoin for two consecutive reporting periods, instead directing cash toward STRC.

The company spent $139.3 million on STRC during the previous week, after another $176.3 million repurchase one week earlier.

The latest $174 million purchase means Strategy has now spent nearly $490 million on STRC across three reporting periods.

Why Buy Back STRC?

Strategy has said it wants STRC to trade around its $100 stated amount and plans to repurchase shares when they trade below that level.

Buying the preferred stock at a discount can reduce future dividend obligations while supporting the security’s market price. That strategy fits the broader framework Strategy recently outlined, where Bitcoin sits beneath equity, credit and debt products rather than functioning as the company’s only destination for capital.

The latest transactions were funded with USD Cash, not new ATM stock issuance. Strategy made no share sales during the week and finished Sept. 20 with about $5.04 billion in its USD Reserve and $1.05 billion in USD Cash.

Strategy’s 846,000 BTC now represents just over 4% of Bitcoin’s fixed 21 million supply.

But the bigger shift is becoming clearer: Strategy is no longer simply directing every available dollar into BTC. After selling Bitcoin during the summer and later buying some back, the company is increasingly treating Bitcoin, preferred stock and cash as parts of one capital-allocation system.