Strategy has resumed buying Bitcoin in consecutive weeks for the first time since June, adding to its holdings after selling part of its position earlier in the third quarter. The Michael Saylor-led company said on Sept. 28 that it bought 1,665 BTC for $142.7 million in the week ended Sept. 27.
The purchase carried an average price of $85,681 per Bitcoin and followed the acquisition of 950 BTC for $75.7 million during the previous week. The two transactions ended a roughly three-month period in which Strategy alternated between purchases, pauses and occasional sales rather than maintaining a continuous buying sequence.
According to CryptoSlate, the latest purchase was about 75% larger than the preceding week’s acquisition. The back-to-back purchases also reversed the effect of earlier third-quarter sales. With three trading days left in the quarter, Strategy had recorded a net addition of 1,666 BTC for the period.
Bitcoin holdings reach a new record
Strategy’s total Bitcoin balance has risen to 847,666 BTC, its highest level to date. The company said it had acquired those coins for approximately $63.9 billion, giving the holdings an average purchase price of $75,437 per Bitcoin.
Strategy has purchased 175,166 BTC so far this year. Based on the figures in the company’s reporting, its Bitcoin holdings were valued at about $70.7 billion, representing an unrealized gain of roughly $6.75 billion, or 10.6%, compared with the aggregate acquisition cost.
The company’s other Bitcoin performance measures were weaker. Its Bitcoin yield for the year to date was reported at minus 3.7%, while its BTC Gain was negative 25,085 BTC, valued at about minus $2.1 billion at the prices used in its reporting. Quarterly BTC Gain stood at negative 100,275 BTC, or approximately minus $8.37 billion.
Bitcoin analyst Mark Harvey said Strategy had repurchased all the Bitcoin it sold during the quarter and then added more. That extended the company’s run of quarters with net Bitcoin growth to 24.
The latest purchases were financed through Strategy’s at-the-market common-stock program. The company sold approximately 1.47 million MSTR shares during the week and received $246.2 million in net proceeds. It still had about $18.84 billion of issuance capacity available under the program.
MSTR analyst Zaid had estimated that Strategy might spend between $250 million and $300 million on Bitcoin during the week. The eventual purchase was about half the lower end of that range, suggesting that the company directed part of the capital raised through share sales to another priority rather than relying more heavily on cash.
STRC support takes a large share of capital
That priority was Strategy’s Variable Rate Series A Perpetual Stretch preferred stock, known by its ticker STRC. The company repurchased roughly 1.53 million STRC shares for $151.7 million during the week, slightly more than it spent on Bitcoin.
The STRC buybacks were financed with $103.5 million from MSTR share sales and $48.1 million from Strategy’s USD Cash balance. The company also used $22.1 million from its USD Reserve to meet preferred-stock dividend obligations.
As of Sept. 27, Strategy held about $1 billion in general-purpose cash and $5 billion in its separate USD Reserve. Zaid estimated that the company’s STRC purchases represented 18.9% of the security’s total trading volume for the week, down from 22.8% the week before.
The lower proportion indicates that Strategy absorbed a smaller share of market selling while supporting the preferred stock. STRC has since moved to about $99, close to its $100 stated value, after trading below that level for months. It fell to approximately $71 during Bitcoin’s June selloff.
Strategy has spent more than $1 billion buying back preferred shares under a $2 billion program intended to help stabilize STRC. The security currently pays a 12% annual dividend and moved from monthly to twice-monthly payments in June.
Daily dividend proposal and market picture
Strategy has scheduled a special shareholder meeting for Oct. 28 to seek approval for daily dividend payments across its four US-listed preferred securities: STRC, STRF, STRK and STRD. Under the proposal, STRC would switch first, with its initial payment under the daily schedule expected on Nov. 2 for shareholders of record on Nov. 1.
More frequent payments could shorten the period between income payments and make dividend accruals more even around payment dates. Strategy has said that keeping STRC near its $100 stated value is one objective of the proposed structure.
The company therefore enters the final trading days of the quarter with two closely watched developments: renewed consecutive Bitcoin purchases and continued support for STRC. Future disclosures will show whether Strategy buys Bitcoin for a third consecutive week and whether the preferred stock can remain near its stated value with less direct intervention.
Moneyiar market data recorded Bitcoin at $83,820.0482 on Sept. 25 at 22:04 +03:30, down 0.61% over 24 hours but up 3.2% over seven days. The same data showed Cronos at $0.0649701295, up 2.95% in 24 hours and 8.43% over seven days; Compound at $23.8186759137, down 0.88% and up 13.75%, respectively; and Four at $0.3086832278, up 1.2% over 24 hours and 15.81% over seven days.
