Strategy buys 950 bitcoin for $75.7 million, but spent $174 million buying back its own preferred

Strategy (MSTR) bought 950 bitcoin for $75.7 million between September 14 and 20, an average of $79,670 each including fees, according to a Form 8-K filed Monday. That lifts its holdings to 846,000 bitcoin, bought for a total of $63.80 billion at an average of $75,416.

It is Strategy's first purchase after two weekly filings in a row with none. Bitcoin was back above $86,000 on Tuesday, and Coinbase showed it at $86,417 late in the morning, up about 0.6% from the day's open.

The larger number in the filing

The bitcoin purchase was the smaller of the two things Strategy spent cash on that week. It also paid $174.0 million to buy back 1,771,238 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), more than twice what went into bitcoin.

That has been the pattern for three weeks, according to Strategy's September 8, September 14 and September 21 filings:

The other thing to notice is where the money came from. In each of these three weeks Strategy sold no shares through its at-the-market program. The bitcoin and the buybacks were paid for from what it calls "USD Cash," which fell from $1.30 billion to $1.05 billion over the latest week. A separate USD Reserve, meant to cover preferred dividends and interest, paid out $57.4 million that week and stood at $5.04 billion.

What it tells traders

The company is spending more to support the price of STRC, a preferred the company has said it wants trading near its $100 stated amount, than to add bitcoin. Every STRC share it retires also removes a future dividend payment. After this week, $875.1 million remains in the $2.0 billion preferred buyback authorization, and none of a separate $1.0 billion authorization for MSTR common stock has been used.

At Coinbase's late-morning price, Strategy's 846,000 bitcoin were worth about $73.1 billion, roughly $9.3 billion above what it paid. MSTR shares were at $169.41 at 11:51 a.m., up 0.5%, per Nasdaq.

A 950-bitcoin purchase is small next to a holding that size. The weekly filing to watch is whether Strategy restarts share sales, which would give it fresh money for larger bitcoin purchases, or keeps putting its cash into the preferred. We track all of it on our Strategy explainer page.

Sources: Strategy Inc Forms 8-K filed September 21, September 14 and September 8, 2026; Coinbase Exchange BTC-USD data; Nasdaq MSTR quote; Investing.com. This is market information, not investment advice.