Hassan Maishera
TL;DR
-
Strategy bought 334 BTC for approximately $28.7 million between Sept. 28 and Oct. 4.
-
Its holdings reached a record 848,000 BTC, worth around $73 billion at the reported market price.
-
The purchase was funded with $15.7 million from common-stock sales and $13 million from USD Cash.
Strategy Extends Its Bitcoin Accumulation
Strategy acquired another 334 bitcoin last week, pushing its treasury to a record 848,000 BTC as the company continued purchasing the cryptocurrency alongside other capital-management activities.
The company spent approximately $28.7 million between Sept. 28 and Oct. 4, paying an average of $85,838.80 per bitcoin, according to its Monday filing with the Securities and Exchange Commission.
Co-founder and executive chairman Michael Saylor said Strategy’s total holdings were worth around $73 billion. The company acquired that bitcoin at an average price of $75,440.70, with an aggregate purchase cost of approximately $64 billion, including fees and expenses.
Strategy reports a $21 billion gain on digital assets in Q3 2026. Last week, we acquired 334 $BTC and repurchased $176M of $STRC. As of 10/4/26, we hold 848,000 BTC and $5.7B of USD Assets. $MSTR https://t.co/jvwiJahdMm
— Michael Saylor (@saylor) October 5, 2026
At the reported valuation, the treasury carries roughly $9 billion in unrealized gains. Those gains fluctuate with bitcoin’s market price and do not represent profits realized through asset sales.
Strategy’s holdings also account for more than 4% of bitcoin’s maximum supply of 21 million coins.
Strategy financed the latest acquisition through a combination of common-stock issuance and existing cash.
The company sold 92,894 Class A common shares through its at-the-market program, generating approximately $15.7 million. Its USD Cash balance covered the remaining $13 million of the bitcoin purchase.
As of Oct. 4, Strategy still had approximately $18.8 billion of MSTR shares available for issuance and sale under that program, according to the filing.
That amount represents remaining issuance capacity rather than cash already raised. Future proceeds would depend on additional share sales.
The latest transaction shows Strategy continuing to combine equity financing with cash deployment to expand its bitcoin treasury, rather than funding the entire purchase through either source alone.
Preferred-Share Repurchases Draw on Liquidity
Bitcoin accumulation was only part of Strategy’s financial activity during the week.
The company also repurchased approximately 1.77 million STRC preferred shares for $176.3 million. It funded those repurchases with $154.1 million from USD Cash and $22.2 million in interest earned on cash, cash equivalents and short-term investments.
Separately, Strategy used $142.5 million from its USD Reserve to pay dividends on preferred stock and interest on outstanding debt.
By Oct. 4, the company reported a USD Reserve balance of $4.88 billion and USD Cash of $833.4 million.
The distinction between those balances matters when reading the filing: the bitcoin purchase and preferred-share repurchases drew on USD Cash, while dividend and debt-interest payments came from the USD Reserve.
Strategy Remains Far Ahead of Treasury Peers
Saylor previewed the announcement Sunday by posting Strategy’s bitcoin acquisition tracker on X with the caption “More orange than ever.” Similar posts have frequently preceded purchase disclosures.
Bitcoin Treasuries data indicates that 196 public companies have adopted some form of bitcoin acquisition strategy. Strategy remains the largest holder by a substantial margin.
Metaplanet follows with 44,000 BTC, ahead of Tether-backed Twenty One at 43,514 BTC. MARA holds 35,577 BTC, while Bitcoin Standard Treasury Company holds 30,021 BTC.
Despite the record treasury balance, Strategy’s stock declined 7.1% last week, closing Friday at $160.01, according to The Block’s price data. Bitcoin was broadly flat over the same period.
MSTR remained up approximately 0.5% year-to-date following its recovery, but was still down 48% over the preceding year. The contrasting weekly performance shows that expanding bitcoin holdings does not necessarily translate into an immediate rise in Strategy’s share price.
