Strategy put more cash into preferred buybacks than Bitcoin in its latest disclosed week
Strategy spent $151.7 million buying back STRC preferred stock and $142.7 million on 1,665 Bitcoin in the week covered by its Sept. 28 filing. Its $18.84 billion of unsold common stock can fund more of both, though Michael Saylor's Oct. 4 post confirms no new purchase.
The Investor · Invest desk
What happened
- Strategy raised $246.2 million in net proceeds by selling 1,469,165 MSTR common shares between Sept. 21 and Sept. 27.
- Holdings reached 847,666 BTC acquired for $63.95 billion in total, an average of $75,437 per coin including fees and expenses.
- Beyond the common program, the filing listed issuance room of $17.51 billion for STRC, $4.01 billion for STRD, $2.1 billion for STRK and $1.62 billion for STRF.
- Strategy ended Sept. 27 with a $5.02 billion reserve for preferred dividends and debt interest, plus $1 billion in separate cash.
- Saylor's orange-themed chart posts on Sept. 20 and Sept. 27 were each followed by a filing disclosing a purchase, first 950 BTC and then 1,665 BTC.
Why it matters
- Who has to decide decision Because the same common-stock sales now fund STRC buybacks as well as coins, the size of a raise says less about the size of the next Bitcoin purchase.
- What it limits constraint Using the full $18.84 billion at the Oct. 2 price would take about 118 million new MSTR shares, and each one shrinks existing holders' proportional stake.
- Who's exposed exposure A Bitcoin drop of about 11.5% from $85,250 would bring the whole position down to its average cost, and the newest coins already sit slightly below their $85,681 purchase price.
Next story · Invest · 4d ago
Strategy puts nearly nine dollars into retiring STRC for every dollar of new bitcoinConfirmed8 publishers
The odd entry in the Sept. 28 filing is the STRC buyback. Strategy sold common stock partly to retire STRC, a variable-rate perpetual preferred [14], while the same filing listed room to issue more STRC [13]. Bitcoin took about 58% of the common-stock proceeds [20]. The other $103.5 million went to STRC repurchases, and $48.1 million of existing cash followed it [3][4]. Counting every dollar spent that week, coins got about 48% [21].
On paper, capacity is ample. Divide the $18.84 billion left under the MSTR at-the-market program [12] by last week's $246.2 million and it lasts about 76 weeks [24]. Spent only on coins near the Oct. 4 price of $85,250 [6], it would buy roughly 221,000 BTC [25], about 26% more than Strategy holds [26]. Add the four preferred programs and total issuance room comes to $44.08 billion [30].
Last week's shares fetched about $167.58 each in net proceeds [28]. That is roughly 5% above the $159.11 Strategy's dashboard showed on Oct. 2 data [29], when the same dashboard put mNAV at 1.18x [15]. Crypto.news describes mNAV as a company-defined measure that can move with MSTR, Bitcoin and Strategy's capital structure [16].
The next filing could show another purchase funded by common stock, the sequence that followed Michael Saylor's two September posts [10]. Proceeds could instead keep flowing to STRC buybacks, leaving Bitcoin a smaller share of each raise [3]. Or a weaker MSTR price could mean each share sold raises less cash, so the same Bitcoin purchase requires selling more shares.
I think the first case is the likeliest. The two September purchases put Strategy back on consecutive weekly buying after earlier pauses [11], and the program that paid for them still has most of its room [12]. The counter-case sits in the same filing: the preferred buyback outspent the Bitcoin purchase by $9 million [22]. A filing in which common proceeds go mostly to STRC, or an mNAV well under 1.18x, would undercut that view.
Saylor, Strategy's executive chairman [19], wrote "More orange than ever" beside the company's purchase chart on Oct. 4 [8]. The post did not state an amount, a date or a price, and no SEC filing after Sept. 28 had disclosed a purchase as of Sunday [9]. His chart's tracker put the paper gain at about $8.12 billion [17], while crypto.news calculated a market value near $72.3 billion, about $8.3 billion above the official cost [7].
What to watch
- The first SEC filing after the Oct. 4 post: whether it discloses a purchase, and how common-stock proceeds split between Bitcoin and STRC buybacks.
- Strategy's mNAV against the 1.18x reading on Oct. 2 data, since a lower MSTR price means each share sold raises less cash.
- Whether STRC repurchases continue while $17.51 billion of STRC issuance capacity sits unused.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence78
- Adoption45
- Hype gap+20
- Incentives55
- Confidence72
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Strategy's Sept. 28 SEC filing shows it bought 1,665 BTC for $142.7 million between Sept. 21 and Sept. 27, at an average of $85,681 per coin.
- [2]
Strategy's holdings stand at 847,666 BTC acquired for an aggregate $63.95 billion ($63.945 billion), an average of $75,437 per BTC including fees and expenses.
- [3]
Strategy sold 1,469,165 MSTR shares between Sept. 21 and Sept. 27 for $246.2 million in net proceeds; $142.7 million funded Bitcoin purchases and $103.5 million funded repurchases of STRC preferred stock.
- [4]
Another $48.1 million from existing cash was used for STRC repurchases, bringing the total preferred-share buyback to $151.7 million during the week.
- [5]
As of Sept. 27, Strategy maintained a $5.02 billion reserve for preferred dividends and debt interest, plus $1 billion in separate cash available for treasury purposes.
- [6]
CoinGecko shows Bitcoin trading near $85,250 on Oct. 4.
- [7]
At that market price, Strategy's 847,666 BTC would be worth close to $72.3 billion, roughly $8.3 billion above the reported $63.95 billion acquisition cost.
- [8]
More orange than ever.
- [9]
Saylor's Oct. 4 message did not disclose a purchase amount, transaction date or price, and no newer SEC filing had disclosed an additional Bitcoin purchase as of Sunday.
- [10]
An orange-themed Saylor post on Sept. 20 was followed by a next-day filing reporting a 950 BTC purchase for $75.7 million; his 'Even more orange' post on Sept. 27 was followed by the Sept. 28 disclosure of the 1,665 BTC purchase.
- [11]
The 950 BTC and 1,665 BTC transactions returned Strategy to consecutive weekly buying after earlier pauses.
- [12]
The filing showed $18.84 billion remained available for issuance and sale under Strategy's MSTR at-the-market program as of Sept. 27.
- [13]
Separate available issuance capacity stood at $17.51 billion for STRC, $4.01 billion for STRD, $2.1 billion for STRK and $1.62 billion for STRF.
- [14]
Strategy's filing identifies STRC as variable-rate perpetual preferred stock; STRF and STRD are 10% perpetual preferred and STRK is 8% perpetual preferred.
- [15]
Strategy's market dashboard reported an mNAV ratio of 1.18x using market data last updated Oct. 2, with MSTR at $159.11 and preferred stock at roughly $14.13 billion.
- [16]
The company-defined mNAV measure can move with MSTR, Bitcoin and Strategy's capital structure.
- [17]
The chart Saylor shared showed tracker-reported appreciation of 12.65%, or roughly $8.12 billion, figures that differ from a calculation using the official aggregate acquisition cost.
- [18]
Issuing new stock raises money for purchases but can reduce existing investors' proportional ownership.
- [19]
Michael Saylor is executive chairman of Strategy Inc. (Nasdaq: MSTR).
- [20]
About 58% of the week's net proceeds from MSTR share sales went to Bitcoin.
- [21]
Bitcoin took about 48% of the $294.4 million Strategy spent on Bitcoin and STRC buybacks that week.
- [22]
The STRC buyback exceeded the Bitcoin purchase by $9 million.
- [23]
Bitcoin would need to fall about 11.5% from $85,250 to reach Strategy's $75,437 average cost; the newest coins were bought at $85,681, about $431 above the Oct. 4 price.
- [24]
At the latest week's $246.2 million of net share sales, the $18.84 billion MSTR capacity would last about 76 weeks.
- [25]
$18.84 billion spent entirely on Bitcoin at $85,250 would buy roughly 221,000 BTC.
- [26]
Roughly 221,000 BTC would be about 26% more than Strategy's 847,666 BTC holdings.
- [27]
Raising the full $18.84 billion at the Oct. 2 MSTR price of $159.11 would take about 118 million new shares.
- [28]
Net proceeds per MSTR share sold in the week were about $167.58.
- [29]
The $167.58 net proceeds per share were about 5% above the $159.11 Oct. 2 dashboard price.
- [30]
Total remaining issuance capacity across the MSTR, STRC, STRD, STRK and STRF programs is $44.08 billion.
Sources
2 independent publishers whose own reporting we read for this story.
- crypto.newsMichael Saylor’s Strategy hints at another big Bitcoin buy
1 article · October 4, 2026
- news.bitcoin.com‘More Orange Than Ever’: Saylor Stirs Strategy Bitcoin Buy Speculation
1 article · October 4, 2026
Topics and entities
Topics
- Perpetual preferred stock
- Corporate Bitcoin Treasuries
- At-the-market offerings