Strategy buys 1,665 more bitcoin, lifting holdings to 847,666 BTC

Strategy (formerly MicroStrategy), the U.S.-listed company, bought 1,665 bitcoin worth about $142.7 million between Sept. 21 and Sept. 27, it said in a current report (Form 8-K) filed with the U.S. Securities and Exchange Commission (SEC) on Sept. 28. The purchase brought Strategy's bitcoin holdings to 847,666 BTC.

The aggregate purchase price, including fees, is $63.95 billion. This week's average price was more than $10,000 above the company's overall average cost.

Where the proceeds from 1.46 million common shares went

The purchases were funded through an at-the-market (ATM) program, under which the company sells its common stock (MSTR) gradually at market prices. Strategy sold 1,469,165 MSTR shares during the period, raising $246.2 million net of commissions. Of that, $142.7 million went to buying bitcoin and $103.5 million to repurchasing its STRC preferred stock.

STRC is a perpetual preferred stock with a variable dividend rate. In an Aug. 31 filing, the company said it would keep the annual dividend rate at 12.00% from Sept. 16. Strategy repurchased 1,534,530 STRC shares this week for $151.7 million. The $48.1 million not covered by the stock sales came from cash the company holds separately (USD Cash). Its disclosed funding position as of Sept. 27 was as follows.

• U.S. dollar reserve for dividend and interest payments (USD Reserve): $5.02 billion ($22.1 million was used this week for preferred dividends)
• General-purpose cash (USD Cash): $1.0 billion
• Remaining repurchase authorization: $723.5 million for preferred stock, $1.0 billion for common stock
• MSTR still available for issuance under the ATM: $18.8444 billion

Buying resumed after a two-week pause

After buying 4,603 bitcoin between Aug. 24 and Aug. 30 (at an average of $80,318), Strategy disclosed that it neither bought nor sold bitcoin for two weeks, from Aug. 31 to Sept. 13. Purchases resumed with 950 BTC between Sept. 14 and Sept. 20 (at an average of $79,670), funded with cash on hand (USD Cash) rather than stock sales. This week's 1,665 BTC was again bought with proceeds from common stock sales.

For the year as a whole, Strategy held 672,500 BTC as of Dec. 31, 2025, at an average cost of $74,997. Its holdings have grown by about 175,000 BTC in nine months, and the average cost has risen by $440 to $75,437. Separately, the board decided on Sept. 24 to put a proposal before shareholders to switch dividends on its four preferred stocks (STRF, STRC, STRK and STRD) to daily payments. A special shareholder meeting is scheduled to be held online on Oct. 28, and the company said the total dividend amount and dividend rates would not change.

Strive also bought 1,107 BTC the same week

Strive, another U.S.-listed company that accumulates bitcoin, disclosed on the same day that it bought 1,107 BTC between Sept. 21 and Sept. 25 at an average of about $85,396 including fees. The purchase was worth about $94.5 million, and its holdings rose from 26,355 BTC on Sept. 18 to 27,462 BTC on Sept. 25. Between Sept. 18 and Sept. 25, its cash and cash equivalents rose from $229.6 million to $248.8 million, and the number of shares of its own preferred stock (SATA) outstanding rose from 11,184,160 to 12,193,180. Strive also holds 505,000 shares of Strategy's STRC preferred stock.

Bitcoin price and the kimchi premium

Bitcoin traded between $80,850 and $87,396 from Sept. 21 to Sept. 27, based on Binance daily candles (UTC). At 11:36 p.m. KST on Sept. 29, it was at $83,889 on Binance, about $1,790 below Strategy's average price this week and about $1,510 below Strive's.

At the same time, bitcoin traded at 113,349,000 won on the Korean won market of Upbit, a South Korean exchange, and at 113,351,000 won on Bithumb. The Binance price converted into won using Coinyong's price data was about 114 million won, putting the kimchi premium, the gap between prices on Korean exchanges and global markets, at about -0.57% on Upbit.