SStrategy Inc. said it purchased 1,665 Bitcoin and repurchased about $152 million of its Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC, during the week ended September 27, 2026.
As per the company’s latest form 8-K filed with the U.S. Securities and Exchange Commission (SEC), the new coins cost $142.7 million, inclusive of fees and expenses, or about $85,706 per BTC. With this latest purchase, the company now holds 847,666 BTC and $6.02 billion of USD assets as of that date.
Strategy’s full treasury now has an aggregate purchase price of $63.95 billion and an average cost of $75,437 per coin.
The latest addition follows a smaller purchase disclosed a week earlier, when Strategy reported buying 950 BTC, which took holdings to 846,000 coins. The new total of 847,666 BTC represents about 4.04% of Bitcoin’s 21 million supply cap and keeps Strategy the largest confirmed public-company holder.
Bitcoin purchase and updated treasury
Strategy described the week’s activity as an update to both its Bitcoin holdings and its at-the-market, or ATM, sales. Between September 21 and September 27, the company bought 1,665 BTC and used common-stock (MSTR) proceeds to fund that purchase.
The 8-K separates two dollar buckets inside the $6.02 billion USD-asset total. The USD Reserve stood at $5.02 billion whereas USD Cash stood at $1.00 billion.
Strategy defines the reserve as liquidity set aside to support preferred-stock dividends and interest on outstanding indebtedness. USD Cash is a management-designated balance that may be used more broadly, including for Bitcoin purchases, reserve additions, or other capital-management purposes.
During the same week, Strategy used $22.1 million of the USD Reserve to pay preferred dividends. It used $48.1 million of USD Cash to help fund STRC repurchases. Those two uses help explain why the company can report both a large Bitcoin stack and a sizable dollar buffer at the same time.
Strategy presents Bitcoin as Digital Capital and STRC as Digital Credit in its own materials. That framing does not change the legal structure of the securities. Company disclosures state that the preferred shares are not collateralized by Bitcoin and have a preferred claim only on residual assets. Dividends remain subject to board declaration and are not guaranteed.
How the transactions were funded
The Bitcoin purchase was not funded from the USD Reserve. The 8-K says the coins were bought with net proceeds from sales of MSTR Class A common stock under Strategy’s ATM program.
Strategy sold 1,469,165 MSTR shares during the week for $246.2 million in net proceeds after sales commissions. Of that amount, $142.7 million went to Bitcoin. Another $103.5 million went to STRC repurchases under the digital credit securities repurchase program. The remaining STRC buybacks were funded with USD Cash.
That split matters for readers following dilution and preferred-stock support. Common-stock issuance added cash. Part of that cash bought more Bitcoin. Another part retired preferred shares. The company did not report new sales of STRC, STRF, STRK, or STRD during the week. The ATM table in the filing lists dashes for those preferred series and shows MSTR as the only security sold.
Still, the company’s preferred issuance capacity remains large—as shown in its dashboard. As of September 27, Strategy reported the following amounts still available for issuance and sale: $1.62 billion of STRF, $17.51 billion of STRC, $2.10 billion of STRK, $4.01 billion of STRD, and $18.84 billion of MSTR. Those figures are authorization amounts, not commitments to sell.
The filing also updates repurchase capacity. After the week’s activity, $723.5 million remained under the digital credit securities repurchase program. A separate $1.0 billion authorization remained available for MSTR stock.
STRC buybacks and credit metrics
Strategy retired 1,534,530 STRC shares for an aggregate $151.7 million, or about $98.86 per share. Saylor rounded the buyback to $152 million. The purchases continue a policy the company set out when it first initiated STRC repurchases in July. That release said Strategy intends to be a regular purchaser while STRC trades below its $100 stated amount, subject to market conditions, law, liquidity, and capital-allocation priorities. It also said the USD Reserve is not authorized for those buybacks.
STRC is Strategy’s variable-rate perpetual preferred. Company pages describe it as a short-duration income security with a $100 stated amount and a board-adjusted dividend rate. The current rate listed on Strategy’s STRC information page is 12.00% annualized, payable in cash on a semi-monthly schedule, with the rate subject to monthly adjustment. Recently, the company has separately proposed moving preferred dividends to a daily record-date model.
Saylor attached credit metrics to the latest update. He said USD Duration is 3.8 years. He also said STRC’s BTC Credit tightened to 49 basis points, down 1 basis point, assuming 10% Bitcoin ARR, 40% Bitcoin volatility, and a Bitcoin price of $84,006. Strategy presents those measures as illustrations. They are not ratings from a credit-rating agency and, per the company’s own notes, should not form the basis for an investment decision.
The week’s mix is consistent with the model Strategy has described throughout 2026: issue common stock when it chooses to raise cash, hold Bitcoin as the primary treasury asset, keep a dollar reserve for preferred dividends and interest, and buy back STRC when the shares trade below par. The 8-K does not project the next purchase. It reports what was bought, what was sold, and what remained on the books as of September 27.
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