Michael Saylor’s Strategy acquired 1,665 Bitcoin for $142.7 million during the week ending September 28, bringing its total holdings to 847,666 BTC. The company disclosed in an SEC filing that it purchased the assets at an average price of $85,681 per coin between Monday and Sunday. This transaction follows a two-week pause in buying activity, during which Strategy had previously acquired 950 BTC for $75.7 million.
The purchase was funded by proceeds from selling 1.47 million common shares, which generated $246.2 million in net proceeds. Of this amount, $142.7 million was allocated to Bitcoin, while $103.5 million was directed toward repurchasing STRC preferred stock. Additionally, Strategy repurchased 1.53 million STRC shares for $151.7 million, using $48.1 million from its USD cash balance. Consequently, the company’s USD Cash balance decreased to $1 billion from $1.05 billion. Its separate US dollar reserve, designated for dividends and debt interest, fell to $5.02 billion from $5.04 billion after $22.1 million in dividend payments. Overall, Strategy has spent $63.95 billion on its Bitcoin holdings at an average cost of $75,437 per coin, including fees and expenses.
This development underscores the continued reliance on equity capital markets to sustain corporate Bitcoin accumulation strategies. By financing purchases through common share sales rather than solely leveraging existing cash reserves or debt instruments, Strategy maintains liquidity flexibility but introduces dilution considerations for existing shareholders. The simultaneous allocation of funds to both Bitcoin acquisition and preferred stock repurchases suggests a dual focus on asset growth and capital structure management, aiming to balance long-term treasury objectives with immediate shareholder value preservation mechanisms.
From an institutional adoption perspective, the precise disclosure of average purchase prices and funding sources highlights the increasing transparency required for large-scale crypto treasuries operating within regulated jurisdictions. The reduction in USD cash balances and specific reserves indicates active management of operational liquidity to meet dividend obligations and debt service requirements. Market observers will likely monitor whether this pattern of alternating between accumulation phases and strategic pauses continues, as it reflects the company's responsiveness to prevailing market conditions and its capacity to execute complex financial engineering alongside digital asset procurement.
