Strategy, the Bitcoin treasury company led by Michael Saylor, bought Bitcoin for a second straight week for the first time since June as it also put more money into supporting STRC.
In a Sept. 28 disclosure, the company said it purchased 1,665 BTC for $142.7 million in the week ended Sept. 27, at an average price of $85,681 per coin. The buy followed the prior week’s purchase and ended a three-month stretch without consecutive weekly additions. The latest purchase was about 75% larger than the week before, showing a stronger accumulation pace after months of alternating between buying, pausing and intermittent selling.
Bitcoin holdings return to net growth
Earlier sales had pushed Strategy’s Bitcoin position into a net decline for the current quarter. The last two purchases reversed that trend. With three trading days left in the third quarter, the company had added a net 1,666 BTC during the quarter.
Bitcoin analyst Mark Harvey said Strategy has now bought back all of the Bitcoin it sold earlier in the quarter and added more on top, extending its streak of net quarterly Bitcoin growth to 24 quarters.
The latest accumulation lifted Strategy’s Bitcoin holdings to a record 847,666 BTC. The company’s total outlay stands at about $63.9 billion, with an average acquisition cost of $75,437 per Bitcoin. Year to date, Strategy has purchased 175,166 BTC.
The report also noted that Strategy’s Bitcoin holdings have grown from 38,250 BTC in September 2020 to 847,666 BTC as of Sept. 28, 2026.
At current market prices, those holdings are worth about $70.7 billion, implying an unrealized gain of roughly $6.75 billion over total acquisition cost, or 10.6%. At the same time, Strategy’s related performance metrics showed a year-to-date Bitcoin yield of -3.7%, with BTC book yield down by 25,085 BTC, equal to about $2.1 billion in losses under the company’s reporting method. Quarterly BTC book yield fell by 100,275 BTC, corresponding to about $8.37 billion in losses.
The article said BTC book yield is a Strategy-specific accounting framework that uses BTC as the reporting currency, translating all company assets and liabilities into Bitcoin to measure changes in the firm’s net BTC position.
Bitcoin purchase funded through MSTR ATM issuance
Strategy funded the latest Bitcoin purchase through its at-the-market common stock issuance program. Last week, the company sold about 1.47 million MSTR shares and raised $246.2 million in net proceeds. The ATM program still had $18.84 billion in remaining capacity.
MSTR analyst Zaid had expected the company to spend $250 million to $300 million on Bitcoin that week, roughly double the actual amount deployed. He said the lower purchase figure suggested management chose to direct capital elsewhere instead of drawing more heavily on the company’s cash reserves. According to the article, that destination was STRC.
STRC buybacks exceeded weekly Bitcoin spending
Last week, Strategy spent $151.7 million to repurchase about 1.53 million STRC shares, slightly more than the $142.7 million it used to buy Bitcoin.
Of the STRC repurchase funds, $103.5 million came from MSTR equity financing and another $48.1 million came from the company’s U.S. dollar cash account. Separately, the company set aside $22.1 million from dollar reserves to pay preferred stock dividends. As of Sept. 27, Strategy held about $1 billion in general cash and another $5 billion in separate dollar reserves.
Zaid said last week’s STRC repurchases accounted for 18.9% of the security’s total trading volume, down from 22.8% the week before. He described that as a modest improvement, meaning Strategy no longer needed to absorb as large a share of market selling to support the product’s price.
STRC rebounds to about $99
The support effort has started to show results. STRC has recovered to about $99, leaving it just below its $100 stated par value after spending months trading under par.
STRC had been under pressure since May and fell to about $71 during Bitcoin’s sharp drop in June. Strategy then launched a $2 billion repurchase plan and has spent more than $1 billion buying back preferred shares to stabilize the product’s price.
STRC currently carries a 12% annualized dividend yield. In June, the company changed the payout frequency from monthly to twice a month. It is now proposing another adjustment aimed at making the product more attractive to income-focused investors.
Strategy seeks new dividend rules for four preferred stocks
Strategy is scheduled to hold a special shareholder meeting on Oct. 28 to propose changes to the dividend rules for four U.S.-listed preferred stocks: STRC, STRF, STRK and STRD.
Under the proposal, STRC would be the first to switch. Holders of record on Nov. 1 would receive the first dividend paid on a daily accrual basis on Nov. 2.
Paying dividends on a daily accrual basis would shorten the wait for investors to receive income and reinvest it, while also reducing price swings tied to less frequent distributions. Strategy said one goal of the change is to keep STRC trading close to its $100 par value.
Two points remain in focus before quarter-end
With the quarter nearing its end, the article pointed to two developments worth watching. First, Strategy has resumed consecutive Bitcoin purchases and still has substantial cash and equity issuance capacity. Second, after months of support, STRC has climbed back to within 1% of par.
Future disclosures are expected to answer two open questions: whether management can extend the Bitcoin buying streak into a third week, and whether buybacks combined with the proposed daily dividend structure can return STRC to par without requiring Strategy to absorb a large amount of market selling.