1,665 BTC at $85,681 each

Strategy's September 28 Form 8-K filed with the SEC provides the exact transaction. Between September 21 and September 27, the company acquired 1,665 BTC for $142.7 million.

Its reported average purchase price was $85,681 per bitcoin, including fees and expenses.

That price was above bitcoin's market level when the purchase was announced the following Monday. This is not a realized loss because the newly acquired coins were not sold. It simply demonstrates how a purchase spread across a week can immediately sit above spot when the market subsequently declines.

847,666 BTC on the balance sheet

Following the acquisition, Strategy reported total holdings of 847,666 BTC as of September 27.

Their aggregate acquisition cost is $63.95 billion, equivalent to an average of $75,437 per bitcoin including fees and expenses.

Acquisition cost should not be confused with market value. The $63.95 billion figure records what Strategy spent building the position; its economic value at any particular moment moves with bitcoin's market price.

New MSTR shares paid for the bitcoin

The regulatory filing is unusually explicit about funding. Strategy sold 1,469,165 shares of MSTR common stock through its at-the-market program between September 21 and September 27.

Those sales generated $246.2 million in net proceeds. The Form 8-K states that $142.7 million of that amount funded bitcoin purchases.

The 1,665 BTC were therefore not financed by reducing Strategy's dollar reserve or by issuing a new batch of preferred shares during the week. The company issued common equity into the market and directed part of the proceeds into BTC.

Another $103.5 million from those MSTR sales went into STRC

The rest of the common-stock proceeds reveals the other side of the transaction. Strategy allocated $103.5 million from MSTR sales to repurchases of STRC.

STRC is Strategy's Variable Rate Series A Perpetual Stretch Preferred Stock, part of the "digital credit" layer the company has developed around its bitcoin treasury.

Issuing common stock therefore funded two simultaneous movements in the capital structure: more BTC on the balance sheet and fewer STRC preferred shares outstanding.

Strategy spent more on STRC than on bitcoin

Strategy repurchased 1,534,530 STRC shares for $151.7 million during the week.

The $103.5 million coming from MSTR issuance did not cover the entire repurchase. Strategy supplied another $48.1 million from its USD Cash balance.

That creates an unusual comparison. Strategy spent $142.7 million acquiring bitcoin during the period and $151.7 million retiring STRC. For this particular week, buying back part of its own preferred credit consumed slightly more capital than accumulating additional BTC.

Repurchasing STRC is not repurchasing MSTR

The two securities should not be conflated. Strategy reported no repurchases of MSTR common stock during the period.

It was doing the opposite with MSTR, selling shares through its ATM program. A separate authorization for up to $1 billion of MSTR repurchases remained available as of September 27.

The security actually being retired was STRC, the perpetual preferred stock. Strategy's filing says $723.5 million remained available under its digital-credit-securities repurchase authorization after the week's activity.

There is still $18.84 billion of MSTR issuance capacity

The filing lists another $18.8444 billion as available for issuance and sale under the relevant MSTR ATM program.

That does not mean Strategy will necessarily raise $18.84 billion, nor that this amount will automatically be converted into bitcoin. It is remaining authorized issuance capacity.

The distinction matters when assessing Strategy's funding model. An ATM authorization is a financing option, not cash already sitting on the balance sheet.

Another $6.02 billion remains in dollar assets

As of September 27, Strategy reported $5.02 billion in its USD Reserve and $1 billion in USD Cash, or approximately $6.02 billion across those two dollar-asset categories.

Strategy defines the USD Reserve as supporting preferred-stock dividends and interest on outstanding debt. USD Cash has a broader mandate that can include bitcoin purchases, capital management and additions to the reserve.

During the week, $22.1 million from the USD Reserve funded preferred dividends. The $48.1 million taken from USD Cash instead completed the STRC repurchase.

The purchase follows 950 BTC the previous week

Strategy had acquired 950 BTC for approximately $75.7 million one week earlier after two consecutive weeks without a new purchase.

The latest 1,665 BTC therefore represent a second straight week of accumulation and a larger purchase than the preceding week.

That sequence should not be extrapolated into a fixed weekly pace. Strategy's acquisitions depend on capital raising, liquidity, the market prices of its securities and management's capital-allocation decisions.

Holdings are back above their pre-summer-sale level

The transaction also has a less obvious consequence. At 847,666 BTC, Strategy now owns more bitcoin than it held before its sales during the summer of 2026.

The company sold several thousand BTC across June, July and August as its treasury policy became more flexible, breaking with the historical image of strictly one-way accumulation.

Recent purchases have now replenished that volume and pushed the number of bitcoins held to a new company high.

More than 4% of Bitcoin's ultimate supply cap

847,666 BTC is approximately 4.04% of Bitcoin's 21 million maximum protocol supply.

That comparison illustrates scale, but it does not mean Strategy owns 4.04% of the bitcoin currently liquid or available for sale. Some of the 21 million coins have not yet been mined, while part of the existing supply is lost or held for long periods.

Percentage of maximum supply is therefore a simple measure of asset concentration rather than a direct measure of control over market liquidity.

Capital engineering now matters as much as the BTC counter

For years, following Strategy could almost be reduced to two numbers: how many bitcoins it had just bought and how many it held in total.

The week of September 21 shows how much more complicated the structure has become. The same MSTR issuance funds both BTC purchases and part of an STRC buyback; cash completes that repurchase; a separate reserve services preferred dividends; and multiple issuance and repurchase programs remain open simultaneously.

The 1,665 BTC are real and verified in the regulatory filing. But the week's more revealing number may be $246.2 million: the amount of new common equity Strategy sold to keep several layers of its financial machine moving at once.