InvestIndependently confirmed2 publishers2 min readPublished
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
- 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.
- 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.
- 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.
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.
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.
ReportedSupportedSource: Michael Saylor, post on X on Oct. 4 alongside Strategy's acquisition chart2 sources— create a free account to open themView cited source - [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
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