Strategy buys 1,665 bitcoin, but 42% of the $246 million of stock it sold went to buying back its preferred

Strategy (MSTR) bought 1,665 bitcoin for $142.7 million between September 21 and 27, an average of $85,681 each including fees, according to a Form 8-K filed Monday. The company now holds 847,666 bitcoin bought for a total of $63.95 billion, or $75,437 each on average. Cointelegraph led with the purchase.

The purchase is real, but it is only part of what the filing shows. The more telling line is where the money came from and where the rest of it went.

Common stock sold, preferred bought back

For the first time in four weekly filings, Strategy sold common stock through its at-the-market program: 1,469,165 Class A shares for $246.2 million in net proceeds, or about $167.58 a share on average (our calculation). In the three previous weeks it sold none, and paid for bitcoin and buybacks out of its cash pile.

Per the filing's footnote, that $246.2 million split two ways:

• $142.7 million (58%) bought bitcoin.
• $103.5 million (42%) funded repurchases of its Variable Rate Series A Perpetual Stretch Preferred Stock, STRC.

Strategy added $48.1 million of its "USD Cash" to that, buying back 1,534,530 STRC shares for $151.7 million in all, an average of about $98.86 a share. So for the fourth straight week, more money went into buying back the preferred than into bitcoin. Put simply, common shareholders were diluted partly to shrink the preferred stack.

Four weeks of the same pattern

We reported last week that Strategy had put $489.6 million into STRC repurchases over three weeks against $75.7 million into bitcoin. Adding this filing, the four-week totals are $641.3 million for STRC buybacks and $218.4 million for bitcoin, roughly three dollars to one.

The filing says $723.5 million remains under the preferred repurchase program, down from $875.1 million a week earlier. The $1.0 billion authorization to buy back MSTR common stock has not been touched in either week.

The cash cushion

Strategy keeps a U.S. dollar reserve to pay preferred dividends and interest on its debt. That reserve was $5.02 billion on September 27, after $22.1 million went out in preferred dividends during the week, compared with $5.04 billion a week earlier. Its separate USD Cash balance fell to $1.00 billion from $1.05 billion.

Where the prices stand

Bitcoin was $83,457 on Coinbase at 8:53 a.m. ET Monday, down 1.6% from its 24-hour open and about 2.6% below what Strategy paid on average last week. At that price the 847,666 coins are worth about $70.7 billion, roughly $6.8 billion above their cost (our calculation). MSTR was $158.00 in premarket trading, down 0.4% from Friday's $158.61 close, which is below the average price Strategy got for the shares it sold last week. STRC was quoted at $98.60, below its $100 face value.

What traders will watch next: whether ATM common sales continue now that the share price has slipped below last week's selling price, and how much of the remaining $723.5 million preferred authorization gets used. More on the company: what is going on with Strategy stock and its plan for daily STRC dividends. Prices: crypto prices.

Sources: Strategy Form 8-K, Sept. 28, 2026; Form 8-K, Sept. 21, 2026; Coinbase Exchange; Nasdaq.com premarket quotes; Cointelegraph. Averages, shares of proceeds and holdings value are our calculations from the filings. This is market information, not investment advice.