Strategy Bitcoin Holdings Hit 847,666 BTC, Stock-Funded
Strategy bitcoin holdings climb to 847,666 BTC on a stock-funded purchase
Strategy bitcoin holdings now total 847,666 BTC, after the company — renamed from MicroStrategy in 2025 but still widely searched under its old name — disclosed on September 28 that it bought 1,665 BTC for $142.7 million during the week of September 21 to 27, an average price of $85,681 per coin. That purchase pushed Strategy's total cost basis to $63.95 billion, or $75,437 per bitcoin. The size of the buy is not the notable part; where the money came from is. Unlike the week before, when the purchase was paid entirely from cash on hand, this one was funded entirely by selling new MSTR common stock — a genuinely dilutive bitcoin purchase, disclosed plainly in the filing itself. Strategy's full filing history, cost basis and financing capacity are always live on the MSTR treasury dashboard.
That contrast — cash one week, new shares the next — is this week's real story, and it sets up everything that follows: how much shareholders are being diluted to fund the buy, how much financing capacity Strategy still has in reserve, and how this week's MSTR bitcoin treasury activity stacks up against the ETF channel over the same days.
Why this week's bitcoin purchase came from stock sales, not cash
The filing is explicit about the mechanics. During the period, Strategy sold 1,469,165 shares of MSTR Class A common stock under its at-the-market program for $246.2 million in net proceeds. Of that, $142.7 million funded the 1,665 BTC purchase and $103.5 million went toward repurchasing shares of STRC, Strategy's Variable Rate Series A Perpetual Stretch Preferred Stock, under the company's Digital Credit Securities Repurchase Program. A further $48.1 million of USD Cash — Strategy's discretionary cash pool — covered the rest of that week's STRC buyback, bringing the total STRC repurchase to $151.7 million (1,534,530 shares). Separately, $22.1 million came out of the USD Reserve, the pool set aside for preferred dividends and debt interest, to fund this week's preferred dividend payment. At week's end, USD Reserve stood at $5.02 billion and USD Cash at $1.00 billion, both down modestly from $5.04 billion and $1.05 billion the week before.
Last Thursday's treasury piece covered the September 21 filing, where the entire $75.7 million bitcoin purchase and $174.0 million STRC buyback came out of USD Cash, with no shares sold under any ATM program that week. This week inverts that funding mix almost completely: every dollar of the bitcoin purchase, and most of the buyback, came from newly issued stock rather than the balance sheet. Both are legitimate ways to fund a bitcoin purchase, but they are not the same thing for existing shareholders — one draws down a cash buffer, the other dilutes the share count to raise fresh capital. The STRC repurchase program's remaining authorization fell to $723.5 million, from $875.1 million the week before, after this week's $151.7 million of buybacks.
What is Strategy's bitcoin cost basis after the pullback?
Strategy's average cost per bitcoin now stands at $75,437, up $21 from $75,416 the week before — a negligible move, since this week's $85,681 purchase price sits well above the running average and 847,666 BTC is a big enough base that one week's buy barely moves it. What has moved more is the market price the position is held against. Bitcoin closed at $83,607 on September 30, down from the roughly $84,366–$87,000 range this column and others reported in the days immediately after the September 21 filing. At that price, bryptoflows' own institutional-analytics feed puts the position's current market value at approximately $70.91 billion against its $63.95 billion cost basis — an unrealized gain of about $6.96 billion, or roughly 10.9% above cost. That is narrower than the near-12% cushion this column and Wednesday's macro brief both reported in the days right after the September 21 filing, as bitcoin's late-September rally partly unwound.
Worth restating: that cushion is a mark-to-market reading on a single day, not a realized gain, and it moves in both directions on bitcoin's price alone. The position's cost basis changed by only $150 million this week; nearly all of the swing in the cushion's dollar value since last Thursday's reading came from bitcoin's own price move, not from anything Strategy did.
MSTR bitcoin treasury financing: how much capacity is left?
Across its five at-the-market programs, Strategy's undrawn issuance capacity — what it could still raise by selling new securities — fell to $44.09 billion as of September 27, from $44.34 billion two weeks earlier, reflecting this week's $246.2 million common-stock draw. The breakdown: $18.84 billion still available under the MSTR common program, $17.51 billion under STRC, $4.01 billion under STRD, $1.62 billion under STRF, and $2.10 billion under STRK. Set against the position's roughly $70.91 billion current value, bryptoflows' own treasury-capacity measure puts that at a ratio of 0.62 — Strategy could, in principle, raise financing equal to 62% of its entire bitcoin position's value without a new shareholder vote or fresh authorization. That is a separate pool from the STRC repurchase authorization discussed above ($723.5 million left) and from a $1.0 billion common-stock buyback authorization that has gone untouched in every filing reviewed for this piece — three distinct levers on different parts of the balance sheet, not one number.
How much is Strategy diluting shareholders to fund this?
Strategy's own weekly 8-Ks disclose bitcoin activity and ATM proceeds, not share count directly, so bryptoflows estimates the current count from the latest quarterly baseline plus disclosed issuance and repurchases. On that basis, shares outstanding have grown from a reported 384,225,751 on the July 24 baseline to an estimated 427,993,556 — an increase of roughly 43.8 million shares, or about 11.4%, in a little over two months, with a roughly 1.4% band of uncertainty around that estimate. This week's $246.2 million stock sale is part of that growth. One rough way to see the trade-off: Strategy currently holds about 1.98 BTC for every 1,000 shares outstanding. Issuing shares to buy bitcoin only grows that ratio if the bitcoin bought per dollar raised outpaces the dilution from the shares sold to raise it — a test this week's purchase, priced at $85,681 against new shares sold into the market, does not obviously pass or fail on its own; it depends on where MSTR's share price and bitcoin's price each go from here, which this filing cannot answer.
Is Strategy still a bitcoin accumulator, or something more mixed?
It is worth being direct about the shape of 2026 so far, because the simple accumulation story that defined Strategy for years no longer fully applies. The company disclosed bitcoin sales in four separate weeks this year — June 1 (32 BTC sold for $2.5 million, a trade too small to move much), July 6 (3,588 BTC sold for $216.0 million at an average $60,201 per coin), August 3 (1,638 BTC sold for $104.7 million at $63,957) and August 10 (1,690 BTC sold for $108.6 million at $64,262). The July and August sales were all disclosed below Strategy's own average cost basis at the time — roughly $75,400–$75,480 per coin in each case — meaning each was a realized loss relative to cost, on the order of $15–19 million per sale. Since August 10, every filing has read either "none" (two quiet weeks) or "acquired" (August 31, September 21 and this week), and holdings have climbed back. Zooming out to the full third quarter, Strategy sold 6,916 BTC and bought back 7,218 — a net gain of just 302 BTC across three months that included both the loss-making sales and the past two weeks of renewed buying. None of this is a call on whether that pattern continues; it is simply what the filings, read in sequence, show.
How does the treasury channel compare to the ETF channel this week?
US spot bitcoin ETFs took in +$2,385.8M net across the reporting week of September 21 through 25 — covered in full in last Friday's weekly recap — against Strategy's $142.7 million bitcoin purchase disclosed for a nearly identical week (September 21–27). The ETF channel outsized the treasury channel by roughly 17-to-1 this week, a sharp reversal from the September 21 filing week, when Strategy's buy briefly exceeded a historically flat ETF week. Neither comparison should be read as a trend in either direction; the two channels have swung back and forth in relative size several times over the past month, and a single week says more about that week's idiosyncrasies than about any structural shift between the two sources of demand. Live, side-by-side readings for both channels sit on the overview dashboard and the institutional signal dashboard; Tuesday's supply-absorption piece covers how this same filing fits into the broader bitcoin supply picture against the 450 BTC mined daily.
What the MSCI index decision still means for Strategy
One open question from last week's column has moved a step closer to resolution without actually resolving: MSCI's public comment period on whether to exclude bitcoin treasury companies, Strategy included, from its widely tracked global equity indexes closed on September 30. The review itself — a two-step screen based on operating-versus-non-operating assets and five financial ratios that would, if applied to current data, remove Strategy, Metaplanet and uranium holder Yellow Cake from the MSCI ACWI IMI Index — is still pending a decision due October 16. Nothing in this week's 8-K bears on that outcome, and there is no new information to report on it this week beyond the comment period's close; it remains an open question for the next two weeks regardless of what Strategy's own bitcoin buying does between now and then.
Risks and open questions the filings don't resolve
None of the figures above should be read as a recommendation on MSTR stock; this is a read of what Strategy disclosed, not investment advice. A few limits are worth stating plainly. The filing is accurate as of September 27 and says nothing about October 1 — the roughly one-percentage-point swing in this piece's own cushion estimate over the past week shows how quickly that number moves. Strategy's bitcoin position is unhedged and entirely mark-to-market; this week's purchase does not change that exposure, and $22.13 billion of senior claims — $6.67 billion of long-term debt plus $15.46 billion of preferred stock at its liquidation preference, per Strategy's 10-Q for the quarter ended June 30, 2026 — sit ahead of common shareholders regardless of where bitcoin trades. That balance-sheet figure is a quarterly snapshot and predates several of the filings discussed here. Share-count growth is bryptoflows' own estimate rather than a disclosed figure between quarterly baselines, carrying a roughly 1.4% band of uncertainty. And this week's return to equity-funded buying is itself a reversible choice — nothing in the filings commits Strategy to keep funding purchases this way, or to keep buying at all, given the sales disclosed earlier this year. Two other public companies run comparable corporate treasury strategies in other assets — BitMine (BMNR) in ether and Hyperliquid Strategies (PURR/HYPE) — each with its own coverage on this site; this piece is Strategy-only.
Track Strategy's full filing history, financing programs and share structure on the MSTR treasury dashboard. Bitcoin-holdings, cost-basis, financing and share-structure figures are read from bryptoflows' own API and cross-checked directly against Strategy's Form 8-K filed September 28, 2026 (accession 0001193125-26-403417, covering September 21–27, 2026), corroborated against the company's own press release and contemporaneous reporting from Benzinga and The Block. Prior-week figures are drawn from the filing cited in last Thursday's treasury piece. Senior-claims figures are from Strategy's Form 10-Q for the quarter ended June 30, 2026. Bitcoin price figures are from bryptoflows' own candle feed, current through the September 30 close. ETF flow figures are from bryptoflows' own flow data, current through the September 25 close. Retrieved and published October 1, 2026.