Strategy (NASDAQ:MSTR), the largest corporate holder of Bitcoin, disclosed in a regulatory filing Monday that it purchased an additional 1,665 Bitcoin for $142.7 million between September 21 and September 27, marking its second consecutive weekly acquisition.
The purchase lifted the company's total Bitcoin treasury to 847,666 BTC, acquired for a cumulative $63.95 billion at an average price of $75,437 per coin, according to the 8-K filing with the U.S. Securities and Exchange Commission. The latest tranche was bought at an average price of $85,681 per Bitcoin.
The buying resumed after Michael Saylor, Strategy's executive chairman, posted his characteristically cryptic Sunday message on social media: "Even more orange." The post followed the pattern of previous tracker messages that have typically preceded Monday purchase announcements.
Funding Shift Back to Stock Sales
Unlike the prior week's purchase, which drew from the company's USD reserve, Strategy returned to equity markets to fund this acquisition. The company sold 1.47 million MSTR shares through its at-the-market program for $246.2 million in net proceeds, then allocated the capital across two priorities:
Strategy also repurchased 1.53 million STRC shares for $151.7 million in total, covering the remaining $48.1 million from its cash balance. The company has $723.5 million remaining for preferred repurchases and $1 billion authorized for MSTR buybacks.
The company's USD reserve, maintained to cover preferred stock dividends and debt interest, declined to $5.02 billion from $5.04 billion after $22.1 million in dividend payments. Its separate USD cash balance fell to $1 billion from $1.05 billion week over week.
Two-Week Buying Streak
The latest acquisition follows the 950 BTC purchase announced the prior week for $75.7 million, which ended a two-week pause in buying. Combined, the two purchases total 2,615 BTC for $218.4 million.
The return to stock sales as a funding mechanism marks a notable shift from the previous week, when the company tapped its USD reserve instead. Strategy has alternated between debt issuance, preferred stock offerings, and equity sales to finance its Bitcoin accumulation strategy over the past several years.
Market Context
MSTR shares closed Friday at $158.61, down 1.86%, cooling off after reclaiming the 200-day exponential moving average at $152.68 and breaking the descending trendline from May's highs. Premarket trading Monday showed a mild 0.5% dip near $157.43.
The parabolic SAR indicator at $133.46 remains well below the current price, suggesting the uptrend remains intact. Technical analysts are watching $169.52 as the recent swing high and resistance level above, while $152.68 serves as key support.
Strategy has maintained its position as the world's largest corporate Bitcoin holder by a wide margin, with its treasury now valued at roughly $72.7 billion at recent market prices. The company's aggressive accumulation strategy, which began in August 2020 under Saylor's leadership, has transformed it from a business intelligence software firm into what many investors now view as a leveraged proxy for Bitcoin exposure.
The company discloses its Bitcoin purchases and related metrics through a dashboard on its website, providing real-time transparency into its treasury operations. Strategy has also sought shareholder approval for daily preferred stock dividends, a move aimed at enhancing the appeal of its STRC preferred shares to income-focused investors.
For investors tracking Strategy's Bitcoin yield metrics, the continued accumulation at prices above $85,000 per coin reflects the company's conviction in Bitcoin's long-term value proposition, even as the cryptocurrency trades below its all-time highs from earlier in the year.
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