Michael Saylor’s Strategy has resumed its Bitcoin accumulation strategy following a two-week hiatus. According to a Form 8-K filing with the US Securities and Exchange Commission on Monday, the company acquired 950 Bitcoin (BTC) for $75.7 million between Monday and Sunday of the previous week. The purchase was executed at an average price of $79,670 per coin. This transaction brings Strategy’s total holdings to 846,000 BTC, which were acquired for approximately $63.8 billion at an average cost of $75,416 per Bitcoin, inclusive of fees and expenses. With Bitcoin trading at $84,925 at the time of publication, the company holds an unrealized gain of about $8.05 billion.
Concurrent with the asset acquisition, Strategy continued its capital management efforts by repurchasing about 1.77 million shares of its perpetual preferred stock, STRC, for $174 million during the same period. Shares of Strategy rose 7.4% to $165.2 in pre-market trading on Monday, while STRC increased 0.35% to $98.85. The company reported that it still had $875.1 million available under its preferred-stock repurchase program and $1 billion remaining under its MSTR share repurchase program. Additionally, Strategy noted no sales under its at-the-market offering programs between Sept. 14 and Sept. 20. Its “USD Cash” balance decreased nearly 20% to $1.05 billion from $1.30 billion a week earlier, reflecting funds used for these purchases. The separate “USD Reserve” declined to $5.04 billion from $5.10 billion as the company paid $57.4 million in preferred-stock dividends and debt interest.
The resumption of Bitcoin purchases signals that Strategy is actively balancing its treasury accumulation mandate with immediate liquidity needs and shareholder return mechanisms. By executing both a significant BTC buyback and a substantial repurchase of its preferred stock within the same week, the firm demonstrates a dual approach to capital allocation: expanding its core digital asset exposure while simultaneously reducing the outstanding supply of its hybrid securities. This activity suggests confidence in the current market structure, allowing the company to deploy cash reserves without relying on new equity issuance through at-the-market offerings, which remained inactive during the reporting period.
From an institutional adoption perspective, the divergence in Strategy’s cash balances highlights the operational complexity of managing a large-scale crypto treasury. The near 20% drop in USD Cash indicates aggressive deployment into assets and liabilities, whereas the modest decline in the USD Reserve reflects routine servicing of debt and dividends. Investors should monitor whether this pattern of simultaneous asset accumulation and liability reduction continues, as it impacts the company’s leverage profile and its ability to sustain operations without diluting existing shareholders or increasing debt burdens. The positive market reaction, evidenced by the rise in both common and preferred shares, implies that participants view this balanced capital management as a stabilizing factor amidst volatile crypto markets.
