According to Woofun AI, Strategy (MSTR.US) has further consolidated its position as the largest Bitcoin holder while continuing to optimize its capital structure. The series of operations led by Michael Saylor (@saylor) involved not only adding 1,665 BTC reserves, but also huge repurchases of STRC preferred shares, marking a new stage in MSTR's dynamic balance between asset expansion and debt management.
Judging from the details of the transaction, Strategy (MSTR.US) carried out precise fund allocation from September 21 to 27, and disclosed specific data by submitting Form 8-K on September 28. During this period, the company purchased 1,665 bitcoins at an average price of $85,681 each, which already covers all associated costs. In terms of fundraising, Strategy (MSTR.US) sold 1.47 million MSTR shares to generate net revenue of $246.2 million. The funds were strictly allocated: of this amount, $142.7 million was directly used to buy Bitcoin, and the remaining $103.5 million was used to buy back STRC shares.
Notably, the company also used an additional $48.1 million in cash for STRC repurchases, bringing the total amount of STRC repurchases to $151.7 million. This two-track parallel operation revealed a different strategic intention: the purchase of Bitcoin was aimed at increasing the company's core asset reserves, while the STRC buyback concerned the management of the preferred share portion of Strategy (MSTR.US)'s overall financing structure.
According to data compiled by Woofun AI, STRC, as a floating interest rate perpetual preferred stock, has an average repurchase price of about $98.86, slightly below the face price of $100. This discount reflects subtle changes in the market's pricing of preferred shares, and also provides a key context for understanding the company's capital allocation.
In terms of asset panorama, Strategy (MSTR.US)'s total Bitcoin holdings have increased to 847,666 as of September 27. According to official disclosure, the total purchase cost of these bitcoins, including various fees, is as high as 63.95 billion US dollars, with an average cost of 75,437 dollars per coin. Based on the current Bitcoin market price of $83,400, the total market value of these bitcoins is approximately $70.7 billion.
This means that the value of the company's Bitcoin reserves is approximately $6.75 billion higher than the total purchase cost, with a floating profit ratio of approximately 10.5%. Although 1,665 new bitcoins were purchased at a higher purchase price ($85,681) than the current market price ($83,400), resulting in a book loss of approximately $3.8 million on this portion of the additional assets, this slight fluctuation did not change the profit status of the overall position. The purchase increased Bitcoin reserves by about 0.2%. Although the impact on the overall scale was limited, it confirmed that issuing common shares is still an effective way for the company to expand its Bitcoin reserves.
This data shows that Strategy (MSTR.US)'s balance sheet is being adjusted dynamically as the price of Bitcoin fluctuates, and its calculation of unrealized returns is based on rounded cost data, so it changes in real time as the market changes.
Liquidity reserves and future capital allocation forecasts show that as of September 27, 2026, Strategy (MSTR.US) has $6.20 billion in cash assets, of which $5.02 billion is earmarked to pay dividends on preferred shares and interest on outstanding debts, and another $1 billion is controlled by management for broader cash management and capital operations. This week, the company withdrew $22.1 million from reserves to pay preferred stock dividends. In terms of the repurchase plan, there is still $7235 million in credits available under the STRC Preferred Stock Repurchase Program, while the MSTR Common Stock Repurchase Program leaves a balance of $1 billion. These data clearly outline the financial resilience of Strategy (MSTR.US): although cash reserves are dominated by Bitcoin, its ability to continue to expand depends on common stock sales, cash conditions, and preferred stock market demand. In the future, as the Bitcoin price, corporate cash flow, and preferred stock market environment changes, how Strategy (MSTR.US) maintains a balance between increasing BTC and managing STRC will be a key window for observing its long-term capital strategy.