Michael Saylor's bitcoin treasury company, Strategy (MSTR.US), has resumed its buying spree with a fresh acquisition of 950 bitcoins during the week ending September 20, as disclosed in a Monday 8-K filing. The purchase totaled $75.7 million, with an all-in average price of $79,670 per coin. This marks the first buy in three weeks, coming after the firm had worked to rebuild investor confidence by reshaping its balance sheet and establishing reserves.
The latest transaction brings Strategy's total holdings to 846,000 bitcoins, accumulated at an aggregate cost of $63.8 billion, translating to an average price of $75,416 per coin. The company now sits just 1,363 coins shy of its all-time high record, a gap of roughly 0.2%. According to BitcoinTreasuries data, Strategy held 847,363 bitcoins on June 22, its largest reported position to date. If the current weekly pace of accumulation continues for another two weeks, the company would set a new record.
It took Strategy about two months to return to this level. Summer divestments reduced the stash to 840,447 coins by August 10, the lowest point since May, after which the company has added 5,553 coins. The latest average buy price of $79,670 is $15,408 higher than the $64,262 average at which the firm sold 1,690 coins during the week ending August 9, representing a premium of roughly $4,250 over its own blended cost basis.
Strategy broke its longstanding no-sale stance back in May and offloaded 6,948 bitcoins during the summer, cashing out approximately $432.5 million. Under the June capital framework, the company is permitted to sell up to $1.25 billion in bitcoin, leaving roughly $820 million of that allowance still unused.
Alongside the bitcoin purchase, Strategy repurchased 1,771,238 shares of its STRC perpetual preferred stock for $174 million, up from $139.3 million the prior week. No buybacks were executed for shares of STRF, STRK, STRD, or MSTR. The bitcoin acquisition spend was less than half of what the company allocated to repurchasing its own preferred shares. This move is part of an effort to push the STRC price above par value, which would enable those securities to be used again for financing future bitcoin purchases. The filing shows the preferred stock trading at just under $99 per share.
Both expenditures were funded from USD Cash, the pool management established last month for bitcoin acquisitions, buybacks, and general corporate use. As of September 20, USD Cash stood at $1.05 billion, down from $1.30 billion a week earlier, with withdrawals of $249.7 million nearly exactly matching the combined cost of the two purchases. During the period, Strategy sold no shares through its at-the-market (ATM) program, despite having raised $333.7 million in a single week through that channel in August. Another $57.4 million was drawn from USD Reserve, which supports preferred dividend and interest payments, bringing that balance to $5.04 billion.
Approximately $875.1 million remains available under the digital credit securities repurchase program, while a separate $1 billion authorization covering MSTR common stock remains untouched. The latest buy comes as the financing environment for Strategy's model has improved modestly. Bitcoin's rebound to roughly $85,000, an eight-month high, has helped lift Strategy's share price and pushed the company's market value closer to the worth of its bitcoin holdings, which now total around $71 billion.
Saylor has partially reversed some elements of his bitcoin purchase financing approach, as concerns over shareholder dilution and liquidity had intensified during the prolonged downturn in digital assets. Even so, Strategy's stock has still declined 55% over the past year.
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