Strategy purchased 1,665 Bitcoin for $142.7 million last week, paying an average of $85,681 per coin, according to an 8-K filing with the Securities and Exchange Commission disclosed on September 28. The 8-K is the form public companies use to report material events to investors, and it is where Strategy's weekly purchase updates appear.

The filing covers the week running from Monday through Sunday and brings the company's total Bitcoin holdings to 847,666 coins. Strategy has spent roughly $63.95 billion building the position to date, working out to an average acquisition cost of $75,437 per Bitcoin, including fees.

The purchase marks the second straight week of buying after a two-week pause in the company's accumulation program. The company picked up 950 BTC for $75.7 million the week before.

How Strategy Funded the Purchase

Strategy did not dip into its cash reserves to finance the latest Bitcoin buy. Instead, the company sold 1.47 million units of MSTR stock through its ongoing at-the-market equity offering — a program that lets a company sell newly issued shares into the open market at prevailing prices over time — generating $246.2 million in net proceeds during the week.

Of that total, $142.7 million went directly toward the Bitcoin purchase. The remaining $103.5 million was earmarked for buying back STRC preferred stock.

In all, Strategy repurchased 1.53 million STRC units for $151.7 million during the week. Because the stock-sale proceeds set aside for the program fell short of the total, an additional $48.1 million for the buyback came out of the company's US dollar cash pile.

According to the filing, the company still has $723.5 million left under its preferred-stock repurchase authorization. It also retains $1.0 billion of remaining capacity under its MSTR buyback program — figures that effectively cap how far the current buyback-and-buy routine can go without fresh authorization.

Cash Reserves Tick Lower

Strategy's USD Cash balance dropped to $1.0 billion from $1.05 billion over the week. The decline came after the company used $48.1 million of that cash to fund the STRC repurchases.

The firm also maintains a separate USD Reserve, which is earmarked to cover interest payments and dividends on its preferred stock. That reserve fell to $5.02 billion from $5.04 billion after $22.1 million went out in dividend payments during the week.

As of September 27, Strategy's USD Reserve sat at $5.02 billion and USD Cash stood at $1.0 billion. Those are the two pools of funds the company will likely lean on again if it wants to keep buying Bitcoin without further stock sales.

A Three-Pronged Capital Routine

Michael Saylor's company, formerly known as MicroStrategy, has built its entire corporate strategy around accumulating Bitcoin using a mix of debt, preferred stock, and equity sales. The STRC preferred stock in particular carries a variable dividend rate designed to keep it trading close to its $100 par value.

Buying back STRC alongside issuing new MSTR stock is a pattern Strategy has leaned on repeatedly in recent months. The approach gives the company flexibility to manage its capital structure while still funding new Bitcoin purchases.

Monday's filing shows the company balancing three moving pieces at once: issuing common stock, buying back preferred stock, and adding Bitcoin to its treasury, all within the same week. Taken together, the disclosures detail how the latest purchase was funded and how much buyback capacity the company retains for future use. The next weekly filing will show whether the resumed accumulation extends to a third straight week and how much of the remaining buyback capacity has been used.

Market Snapshot

In premarket trading on Monday, MSTR changed hands near $157.34, down slightly. Bitcoin itself slipped about 1% to roughly $83,340. That level sits below the $85,681 average price Strategy paid for last week's purchase, though it remains above the company's $75,437 average cost across the full 847,666-coin position.

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This article is based on reporting by CoinCentral: Strategy (MSTR) Stock: Bitcoin Holdings Climb to 847,666 Coins After Latest Buy.