Key points

  • Strategy sold 1,469,165 MSTR shares for $246.2 million in net proceeds during September 21–27.
  • The company used $142.7 million to buy 1,665 BTC and $103.5 million toward STRC preferred-share repurchases.
  • Another $48.1 million of cash funded the remaining STRC buybacks, while the separate USD Reserve paid $22.1 million of preferred dividends.

Strategy raised $246.2 million by selling Class A common stock and split the proceeds between two priorities: adding bitcoin and repurchasing its variable-rate STRC preferred shares. The September 28 filing gives investors a direct look at how the U.S.-listed company is financing its digital-asset treasury while also supporting a security used in its broader capital structure.

One equity sale, two uses

The company sold 1,469,165 MSTR shares through its at-the-market program between September 21 and September 27. Net proceeds were $246.2 million after commissions. Strategy allocated $142.7 million of that amount to bitcoin purchases and the remaining $103.5 million to STRC repurchases, according to its Form 8-K filed with the U.S. Securities and Exchange Commission.

Related reporting: Strategy buys 950 Bitcoin for $75.7M and repurchases $174M of STRC

Strategy bought 1,665 BTC during the period at an average price of $85,681, including fees and expenses. The transaction raised its holdings to 847,666 BTC, acquired for an aggregate $63.95 billion at an average cost of $75,437 per bitcoin. Those are historical purchase figures, not a valuation or forecast of the asset's future price.

STRC buybacks also draw on cash

The preferred-share side of the filing involved 1,534,530 STRC shares repurchased for $151.7 million. Because MSTR issuance supplied only $103.5 million of that cost, Strategy used another $48.1 million from what it calls USD Cash. That pool ended September 27 at $1.00 billion, down from $1.05 billion a week earlier.

Strategy distinguishes USD Cash from its USD Reserve. Management says cash can be deployed across general bitcoin-treasury purposes, including coin purchases and capital management. The reserve is intended to support preferred-stock dividends and interest on outstanding debt. During the same week, $22.1 million from that reserve paid preferred dividends, leaving a balance of $5.02 billion.

No STRF, STRC, STRK or STRD preferred shares were sold through the at-the-market programs during the week, and Strategy reported no MSTR repurchases. The capital movement therefore ran in one clear direction: new common shares supplied cash, while the company deployed that cash into bitcoin and the retirement of some preferred shares. The filing reports the transactions but does not calculate their per-share effect for common or preferred investors.

Why the funding mix matters

The update shows that Strategy resumed using common-share issuance after the previous week's bitcoin purchase was funded from cash. Issuing MSTR can expand resources without drawing as heavily on the company's dollar balances, but it also increases the number of common shares outstanding. At the same time, repurchasing STRC reduces the amount of that preferred security in public hands.

The Block and Cointelegraph independently reported the transaction and the filing's capital-allocation details. Both noted that the 1,665 BTC acquisition followed a 950 BTC purchase in the prior week. The latest report therefore represents a new weekly disclosure, although it continues a well-established corporate treasury strategy rather than introducing a new business line.

What remains open

The filing does not commit Strategy to a fixed pace for future bitcoin acquisitions, share issuance or STRC repurchases. It reported $18.84 billion of MSTR issuance capacity remaining under the current at-the-market program and $723.5 million available under the preferred-stock repurchase authorization. Investors will have to watch later filings to see whether management continues splitting fresh equity proceeds between bitcoin accumulation and preferred-share support.

Sources

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