Strategy purchased 1,665 bitcoin for approximately $142.7 million between Sept. 21 and Sept. 27, lifting its corporate treasury to 847,666 BTC, according to an 8-K filing with the U.S. Securities and Exchange Commission.

The average price landed at $85,681 per coin. Co-founder and executive chairman Michael Saylor posted a chart to X on Sunday with the caption: "A little more orange" — his recurring visual signal for treasury accumulation.

What does the balance sheet now look like?

The latest purchase pushes Strategy's holdings to roughly 4% of bitcoin's fixed 21 million supply cap. Aggregate cost basis stands near $64 billion at an average entry price of $75,437 per coin, leaving approximately $6.6 billion in paper gains at the implied mark-to-market value of around $70.6 billion.

Strategy funded the acquisition through a mix of equity and cash:

• $103.5 million from at-the-market sales of MSTR Class A common stock
• $48.1 million drawn from the company's USD Cash reserve
• $22.1 million of USD Reserve applied to preferred-share dividends during the same window

As of Sept. 27, the company reported $5.02 billion in its USD Reserve and $1 billion in USD Cash.

How is the equity program faring?

Last week, Strategy sold 1,469,165 MSTR shares for approximately $246.2 million, leaving $18.84 billion of Class A stock still available under its active at-the-market authorization.

In a separate capital action, the company repurchased 1,534,530 STRC preferred shares for roughly $151.7 million.

MSTR closed Friday at $158.61, up 16.1% on the week per The Block's price page. Shares remain 65% below their year-ago level but have recovered to a 2.6% year-to-date gain. Bitcoin itself rose 3.6% across the same five sessions.

Where does Strategy sit among corporate bitcoin holders?

Bitcoin Treasuries data shows 195 public companies now operate some form of bitcoin acquisition strategy. The top five by balance:

• Strategy: 847,666 BTC
• Twenty One (Tether-backed): 43,514 BTC
• Metaplanet: 43,000 BTC
• MARA: 35,577 BTC
• Bitcoin Standard Treasury Company (Adam Back and Cantor Fitzgerald-backed): 30,021 BTC

Strategy's gap over the second-ranked holder now exceeds the combined BTC of every company ranked third through fifth.

What changes at the Oct. 28 vote?

Strategy filed a proxy proposal Friday to convert four preferred listings — STRC, STRD, STRF and STRK — to daily dividend payments, subject to shareholder approval on Oct. 28. Per-share rates and total regular dividend obligations remain unchanged.

If approved, STRC would switch first, with an initial record date of Nov. 1 and payment the following day. STRF, STRD and STRK would follow in January, extending a cadence the company began tightening in June when STRC moved from monthly to semi-monthly distributions.

If shareholders greenlight the amendment, the first STRC distribution under the new cadence lands Nov. 2.