Strategy resumes continuous crypto accumulation, with holdings reaching a new high.

Author: Oluwapelumi Adejumo

Compiled by: Chopper, Foresight News

Strategy, the Bitcoin treasury company led by Michael Saylor, has purchased Bitcoin for two consecutive weeks for the first time since June. The company had sold some of its Bitcoin earlier this quarter and is now rebuilding its position.

On September 28, the company disclosed that during the week ending September 27, it spent $142.7 million to acquire 1,665 BTC at an average price of $85,681. This purchase follows last week's acquisition, ending a three-month streak without consecutive weekly buys. This week's purchase size was about 75% larger than last week's, indicating that after months of alternating purchases, pauses, and intermittent selling, Strategy has ramped up its Bitcoin accumulation.

Strategy's Bitcoin Holdings Reach All-Time High

Previous sales had turned Strategy's quarterly Bitcoin holdings net negative. However, the recent two purchases have reversed this trend, with the company adding a net 1,666 BTC this quarter with only three trading days remaining in Q3.

Bitcoin analyst Mark Harvey stated that Strategy has repurchased all the Bitcoin sold this quarter and achieved additional growth, extending its record of consecutive quarterly net Bitcoin increases to 24 quarters.

The new wave of purchases pushed Strategy's Bitcoin holdings to an all-time high of 847,666 coins, with a total investment of approximately $63.9 billion and an average cost basis of $75,437 per coin. Year-to-date, the company has cumulatively acquired 175,166 BTC.

Strategy's Bitcoin holdings grew from 38,250 BTC in September 2020 to 847,666 on September 28, 2026

At current market prices, this batch of Bitcoin is worth approximately $70.7 billion. Compared to the total acquisition cost, there is an unrealized gain of about $6.75 billion, representing a gain rate of 10.6%. Meanwhile, relevant performance metrics for Strategy show a year-to-date Bitcoin yield of -3.7%, with book earnings in BTC decreasing by 25,085 coins, roughly equating to a $2.1 billion loss under reported valuations; quarterly BTC book earnings decreased by 100,275 coins, corresponding to a loss of approximately $8.37 billion. (Note: BTC book earnings are a special accounting method used by Strategy that uses BTC as the unit of account, converting all company assets and liabilities into BTC to measure changes in the overall net BTC position.)

Strategy funded this Bitcoin purchase through its at-the-market (ATM) equity offering program. Last week, the company sold approximately 1.47 million shares of MSTR, generating $246.2 million in net proceeds, with $18.84 billion still remaining under the issuance program.

MSTR analyst Zaid previously expected the company to spend between $250 million and $300 million to buy Bitcoin that week, which would be roughly double the actual amount invested. He noted that the lower-than-expected spending reflects management choosing to direct funds elsewhere rather than tapping further into the company's cash reserves. That destination is STRC.

Doubling Down on Supporting STRC

Last week, Strategy spent $151.7 million to repurchase approximately 1.53 million shares of STRC, an amount slightly exceeding the $142.7 million spent on Bitcoin procurement.

Funding for this STRC repurchase came from: $103.5 million from MSTR equity raises, and an additional $48.1 million from the company's U.S. dollar cash accounts. The company also separately allocated $22.1 million from its dollar reserve fund to pay preferred dividends. As of September 27, Strategy held approximately $1 billion in general cash, alongside an additional $5 billion in designated dollar reserves.

Zaid stated that last week's STRC repurchases accounted for 18.9% of the security's total trading volume, down from 22.8% the previous week. He viewed this as a modest improvement, indicating that Strategy no longer needs to absorb such a large proportion of sell orders from the market to support the product's price.

The support operation is showing early results. STRC's price has recovered to around $99, just one step away from its $100 par value after trading below par for several months. Under pressure since May, STRC hit a low of around $71 during the mid-June Bitcoin selloff. Thereafter, Strategy launched a $2 billion repurchase program, cumulatively investing over $1 billion to buy back preferred shares to stabilize the product's price.

STRC currently offers a 12% annualized dividend yield and adjusted its payout frequency from monthly to semi-monthly in June. Now, Strategy proposes another mechanism adjustment to enhance the product's appeal to income-focused investors.

The company is scheduled to hold a special meeting of shareholders on October 28, proposing adjustments to the dividend rules for its four USD-listed preferred stocks (STRC, STRF, STRK, STRD). Under the proposal, STRC will switch first, with holders recorded on November 1 receiving daily-interest payouts for the first time on November 2.

Daily-interest payouts can shorten the waiting period for investors to receive returns and reinvest them, while also mitigating price volatility caused by infrequent distributions. Strategy stated that maintaining STRC's price close to its $100 par value is one of the objectives of this mechanism reform.

Therefore, there are two key indicators to watch at the end of this quarter. Strategy has resumed consecutive Bitcoin purchases and retains substantial cash and equity issuance capacity; meanwhile, after months of support, STRC's price has recovered to within just 1% of its par value.

Subsequent disclosures will reveal the answers to two questions. First, whether management can extend consecutive Bitcoin purchases into a third week; second, whether the combination of repurchases and the proposed daily-payout scheme will ultimately push STRC back to par value, eliminating the need for Strategy to absorb large volumes of market sell orders.