Strategy, the Bitcoin-holding company formerly known as MicroStrategy, acquired 1,665 BTC between September 21 and September 27 at an average price of $85,681 per coin, including fees and expenses, according to its September 28 Form 8-K. The 8-K is the filing format public companies use to disclose material corporate events, which is why the Bitcoin purchase and the preferred-stock repurchase appear side by side in the same document. The purchase lifted total holdings to 847,666 BTC as of September 27, and the same filing disclosed a further $151.7 million in repurchases of STRC, the company's variable-rate perpetual preferred stock.

One filing, two uses for new capital

Strategy sold 1.47 million MSTR shares during the reporting period, generating $246.2 million in net proceeds. It allocated $142.7 million of that sum to Bitcoin purchases and $103.5 million to STRC repurchases. A further $48.1 million of USD Cash went toward the buyback, bringing the total repurchase amount to $151.7 million. In all, the company repurchased 1.53 million STRC shares during the week.

The two transactions serve separate purposes. The Bitcoin purchase expands the treasury reserve, while the STRC repurchase concerns a preferred security within Strategy's wider funding structure. Common-stock issuance, meanwhile, remains one route through which the company can fund purchases of both kinds.

Holdings reach 847,666 BTC

The latest purchase increased Strategy's Bitcoin reserve to 847,666 BTC as of September 27. The company reported an aggregate purchase cost of $63.95 billion, or an average of75,437 per Bitcoin, including fees and expenses. The reserve has been built up since the company adopted its Bitcoin treasury strategy in 2020, financed through a combination of common-stock sales, convertible debt and preferred-stock issuances.

At a Bitcoin price of $83,400 at the time of writing, those holdings would be worth about $70.70 billion, placing the reserve roughly $6.75 billion, or 10.5%, above Strategy's reported aggregate purchase cost. That figure is unrealized, relies on the filing's rounded cost totals, and would change alongside Bitcoin's market price. It also describes the full reserve rather than the latest acquisition alone.

The newly acquired 1,665-BTC batch was bought at an average price of $85,681. At $83,400, it would sit about $3.8 million below its purchase cost, even as the company's broader Bitcoin position remains above its blended cost basis. The addition increased Strategy's reserve by about 0.2% and did not materially change the scale of the existing position, but it confirms that Bitcoin accumulation remains active.

Last week, Strategy likewise paired a Bitcoin acquisition with a larger STRC repurchase. The latest filing continues that approach, although two weekly disclosures alone cannot establish a permanent capital-allocation policy.

Strategy co-founder Michael Saylor confirmed the transactions on X:

Strategy has acquired 1,665 $BTC and repurchased $152M of $STRC . As of 9/27/26, we hold 847,666 BTC and $6.02B of USD Assets. $MSTR

— Michael Saylor (@saylor) September 28, 2026 (via X)

Why the STRC buyback belongs in the same story

STRC is Strategy's variable-rate perpetual preferred stock, meaning its dividend rate adjusts over time and the security carries no maturity date. It is distinct from MSTR common shares, with separate dividend terms and a different position in the company's capital structure. The repurchase therefore gives readers another part of the picture behind a Bitcoin-buying announcement: Strategy is deciding how much new capital to place into BTC and how much to use for preferred securities.

The filing does not present the buyback as a forecast for STRC's price or for Bitcoin. Based on the filing's stated totals, the company paid an implied average of roughly $98.86 per STRC share, which is below the security's $100 stated amount — in other words, it retired preferred shares for less than their face value. The amounts in the filing are rounded, however, and the disclosure does not say where STRC should trade next.

Cash reserves still support the wider structure

Strategy reported a $5.02 billion USD Reserve intended to support preferred-stock dividends and interest on outstanding debt. It also held $1 billion in USD Cash, which management may use for broader treasury and capital-management purposes. Together, those two balances account for the $6.02 billion of USD Assets Saylor cited in his post.

During the week, Strategy used $22.1 million from the USD Reserve to pay preferred-stock dividends. The company has $723.5 million remaining under its preferred-stock repurchase program and $1 billion remaining under its MSTR common-stock repurchase program.

Those figures show why a Strategy filing now requires more than a Bitcoin-count update. The company's treasury remains centered on BTC, but its ability to keep expanding that reserve is linked to common-share sales, cash resources, and demand for the preferred securities surrounding it.

Accumulation continues, but funding remains the bigger story

The 1,665-BTC purchase confirms that Strategy is still adding to its treasury. The more useful detail for readers is how management funded that purchase while also allocating $151.7 million to STRC. Future filings may show whether this balance continues as Bitcoin's price, the company's cash position, and conditions in Strategy's preferred-share market change. The remaining capacity under both repurchase programs — $723.5 million for preferred stock and $1 billion for common shares — along with the pace of MSTR share sales and any further draws on the USD Reserve, give readers concrete figures to follow in those filings.

This article is provided for informational purposes only and does not constitute financial or investment advice. Corporate Bitcoin holdings, share repurchases, and capital-allocation policies can change quickly.