Strategy (formerly MicroStrategy) acquired 1,665 Bitcoin for $142.7 million during the week ended Sept. 27, marking its first back-to-back weekly purchase since June and the resumption of a buying program interrupted by mid-quarter sales.

The acquisition followed a $75.7 million purchase of 950 BTC the prior week, ending a three-month stretch in which Strategy alternated between accumulation, pauses and divestments. The latest buy was roughly 75% larger than the previous week's, signaling an inflection in pace. The average price paid was $85,681 per token.

How large is the position now?

The two weekly purchases added a net 1,666 BTC to third-quarter accumulation, reversing a quarter that had slipped into negative territory after Strategy sold Bitcoin earlier in the period. With three trading days remaining, the quarterly tally has turned positive.

Bitcoin analyst Mark Harvey wrote on X that the repurchases have now offset all third-quarter sales. "Strategy has now repurchased all the Bitcoin it sold during the quarter and added more, extending its streak of consecutive quarters with net Bitcoin growth to 24," Harvey said.

Total holdings now stand at 847,666 BTC, a record, acquired for approximately $63.9 billion at an average cost of $75,437, according to the disclosure. Year-to-date, the company has added 175,166 BTC. At current market prices the position is worth roughly $70.7 billion, implying an unrealized gain near $6.75 billion, or 10.6%.

Strategy's reported performance metrics remain negative for the year. Year-to-date BTC yield is -3.7%, BTC Gain stands at -25,085 BTC (about -$2.1 billion), and the quarterly BTC Gain is -100,275 (about -$8.37 billion).

How is the buying being funded?

Strategy financed last week's Bitcoin purchase through its at-the-market common-stock program. The company sold about 1.47 million MSTR shares for $246.2 million in net proceeds, leaving approximately $18.84 billion of remaining issuance capacity under the program.

MSTR analyst Zaid had projected outlays of $250 million to $300 million for the week, roughly twice the actual deployment. He said the lower purchase reflected management's decision to route capital elsewhere rather than rely more heavily on the cash position.

What is the STRC intervention doing?

The other destination was STRC. Strategy repurchased about 1.53 million shares of its Variable Rate Series A Perpetual Stretch preferred stock for $151.7 million last week, slightly more than the $142.7 million it spent on Bitcoin. The STRC buy used $103.5 million from MSTR share sales and $48.1 million from USD Cash, with another $22.1 million drawn from the USD Reserve to cover dividend obligations.

The intervention has begun to work. STRC climbed to roughly $99, close to its $100 stated value after trading as low as $71 during Bitcoin's June selloff. Zaid estimated the repurchases accounted for 18.9% of STRC's total trading volume, down from 22.8% the prior week. He described the decline as a "modest improvement" because Strategy needed to absorb a smaller share of market selling to support the instrument.

Strategy has now spent more than $1 billion repurchasing preferred shares under a $2 billion program.

What comes next for STRC?

The company has scheduled an Oct. 28 special shareholder meeting to seek approval for daily dividend payments across its four US-listed preferred securities: STRC, STRF, STRK and STRD. Under the proposal, STRC would switch first, with its initial daily-schedule payment expected Nov. 2 for holders of record on Nov. 1.

Strategy has said anchoring STRC near $100 is one objective of the change. Daily accruals could shorten reinvestment lags and smooth distortions that build around less frequent payment dates. The company increased STRC's distribution cadence from monthly to twice monthly in June; the security currently pays a 12% annual dividend.

Strategy ended the week with about $1 billion of general-purpose cash and $5 billion in its separate USD Reserve. The next weekly disclosure will show whether management extends the Bitcoin buying streak into a third week, and whether the daily-dividend proposal — combined with ongoing preferred-stock repurchases — can hold STRC at par without requiring the company to absorb such a large share of its own trading volume.