Strategy Buys 950 Bitcoin and Buys Back $174 Million of STRC Using USD Reserve

Strategy Inc. resumed bitcoin purchases after a two-week pause, buying 950 BTC for $75.7 million while continuing to repurchase its STRC preferred stock and funding both moves from cash already on the balance sheet rather than new equity.

In an 8-K filed with the U.S. Securities and Exchange Commission on September 21, 2026, the company reported activity for the week of September 14 through September 20. It sold no shares under its at-the-market program. The bitcoin and STRC purchases were funded with USD Cash. Separately, Strategy used $57.4 million of its restricted USD Reserve to pay preferred dividends and interest on outstanding indebtedness.

The new coins were acquired at an average price of $79,670, inclusive of fees and expenses. Holdings rose to 846,000 BTC as of September 20, with an aggregate purchase price of $63.80 billion and an average cost of $75,416 per bitcoin. The company continues to hold roughly 4% of the total bitcoin supply.

The purchase is Strategy’s first reported bitcoin buy since the week of August 24–30, when it added 4,603 BTC. Filings covering August 31–September 6 and September 8–13 showed no bitcoin purchases or sales. Last week’s 8-K, covering September 8–13, left holdings flat at 845,050 BTC while the company spent $139.3 million buying back STRC. Executive Chairman Michael Saylor previewed the restart on Sunday with a post reading “A little more orange.”

Strategy also kept buying back Variable Rate Series A Perpetual Stretch Preferred Stock. It retired 1,771,238 STRC shares for $174.0 million during the week — more than twice the amount spent on bitcoin. After those purchases, $875.1 million remains authorized under the Digital Credit Securities Repurchase Program. The separate $1.0 billion MSTR common-stock repurchase authorization is still fully unused. No STRF, STRK, STRD, or MSTR shares were repurchased in the period.

Dollar balances declined in the flexible cash pool and were little changed in the restricted reserve. As of September 20, the USD Reserve stood at $5.04 billion and USD Cash at $1.05 billion. Combined, Strategy reported $6.09 billion of designated dollar assets. USD Cash funded $75.7 million of bitcoin purchases and $174.0 million of STRC repurchases during the week.

The USD Reserve policy is unchanged. That pool remains restricted to supporting preferred-stock dividends and interest on outstanding indebtedness. USD Cash is the more flexible layer: a separately designated pool that management may deploy for general Bitcoin Treasury Company purposes, including acquiring bitcoin, expanding the USD Reserve, broader capital management, and similar uses.

“Strategy has acquired 950 $BTC and repurchased $174M of $STRC. As of 9/20/26, we hold 846,000 BTC and $6.09B of USD Assets,” the company said.

Chaitanya Jain, who works on bitcoin at Strategy, added that the purchases did not require fresh issuance. “The $BTC and $STRC purchases were fully funded by our existing USD Assets,” he wrote.

Saylor also updated the credit metrics the company uses to describe STRC. USD Duration moved to 3.8 years, and STRC’s BTC Credit tightened to 53 basis points under the company’s modeling assumptions, which include 10% bitcoin ARR, 40% bitcoin volatility, and a bitcoin price of $81,200.

No preferred stock was sold under the ATM during the week. Remaining issuance capacity is still large, including about $19.09 billion of MSTR and $17.51 billion of STRC. The Digital Credit Capital Framework adopted in late June formalized the reserve policy, the preferred and common repurchase programs, and a limited BTC monetization program. This week’s filing shows that framework being used without tapping the ATM: cash already on hand bought more bitcoin, STRC continued to be retired, and the restricted reserve was left intact to cover dividends and interest.