Strategy Inc. acquired 950 Bitcoin and repurchased $174 million of its variable-rate STRC preferred stock during the week of September 14–20, 2026, according to the latest Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on September 21.
The company, formerly known as MicroStrategy, reported that this latest Bitcoin purchases were funded from USD Cash and that no shares were sold under its at-the-market equity program in the same period.
Executive Chairman Michael Saylor announced the update the same day, stating that Strategy now holds 846,000 BTC and $6.09 billion of USD assets as of September 20.
Bitcoin purchase and updated treasury
The 8-K shows Strategy purchased 950 Bitcoin between September 14 and September 20 for an aggregate $75.7 million, or an average of $79,670 per coin inclusive of fees and expenses. Those coins were bought with USD Cash rather than new equity issuance. After the purchases, Strategy reported 846,000 Bitcoin acquired for $63.80 billion at an average cost of $75,416 per bitcoin.
At the prevailing BTC price of $85,200 (as of 12:20 PM UTC), the stash is valued at $72.08 billion. This puts Strategy’s unrealized gain on holdings at approximately $8.28 billion.
The modest size of the weekly addition follows several periods in which the company either paused Bitcoin buying or limited it while focusing on preferred-stock management. Strategy’s public acquisition history page tracks the longer series of purchases that built the current stack. The latest 8-K does not report any bitcoin sales during the week.
The company maintains two distinct dollar pools. The USD Reserve is intended to support preferred dividends and interest on outstanding indebtedness. USD Cash is available for broader bitcoin-treasury purposes, including additional bitcoin purchases, reserve replenishment, and capital-management uses such as share repurchases.
During the reporting week, Strategy used $75.7 million of USD Cash for Bitcoin and $174.0 million of USD Cash for STRC repurchases. It separately used $57.4 million of the USD Reserve for dividends and interest—as mentioned in the 8–K.
STRC repurchase and remaining authorizations
Strategy retired $174 million of Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC, in the same week. The filing lists 1,771,238 STRC shares purchased for that amount. After the activity, $875.1 million remained available under the digital credit securities repurchase program and $1.0 billion remained available under the separate Class A common-stock repurchase program.
As of September 20 the USD Reserve stood at $5.04 billion and USD Cash at $1.05 billion. Combined USD assets therefore totaled $6.09 billion, matching the figure Saylor published. The 8-K notes that the company sold no shares under its ATM program between September 14 and September 20.
STRC is one of several perpetual preferred series Strategy has issued as part of its digital-credit structure. The instrument carries a variable dividend rate evaluated on a regular schedule and is intended to trade near its $100 stated amount. Weekly 8-K updates have become the primary official channel for disclosing both bitcoin movements and preferred-stock repurchase activity.
Earlier company updates described similar pairings of Bitcoin accumulation and STRC buybacks, including when Strategy resumed buying after a pause and when it added bitcoin while managing dividend obligations. A separate period of reserve-building and buybacks was also covered when Strategy adjusted cash and STRC activity.
Credit metrics and disclosure framework
Saylor’s follow-up post stated that USD duration was 3.8 years and that STRC’s BTC credit was 53 basis points under assumptions of a 10 percent bitcoin annualized return, 40 Bitcoin volatility, and a BTC price of $81,200. Strategy publishes those credit metrics on its website and treats the dashboard as a Regulation FD disclosure channel.
The September 21 8-K itself is limited to the week’s operational update: ATM activity (none), bitcoin purchases, repurchase program activity, and the resulting cash and bitcoin balances. It does not announce a change to the broader Digital Credit Capital Framework previously adopted by the board. That framework separates the USD Reserve, which is reserved for contractual dividend and interest payments, from USD Cash, which management may deploy for bitcoin purchases or capital-structure actions.
Investors seeking the complete tables, footnotes, and legal caveats should review the Form 8-K and the accompanying press release. Strategy also maintains market-data and holdings information on strategy.com. The latest filing shows a week of limited bitcoin accumulation financed from existing cash, continued STRC retirement under an existing authorization, and no new common-equity issuance through the ATM.
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