Strategy Adds 950 BTC and Spends $174M to Repurchase Preferred Stock
nashnova research
Strategy bought 950 bitcoin for roughly $75.7 million last week while spending $174 million to retire preferred shares — buying coin and shrinking obligations at the same time sends a signal worth more than either number alone.
How much bitcoin did they add?
In the week ending September 20, Strategy purchased 950 BTC for about $75.7 million, at an average price of roughly $79,670 per coin (fees included).
Total holdings now stand at roughly 846,000 BTC, acquired at a cumulative cost of about $63.8 billion — an average of approximately $75,416 per coin.
This means → with bitcoin trading near $85,325, the entire position is in the money on a cost basis.
Why buy back preferred stock at the same time?
In the same week the company retired 1.77 million shares of Series A preferred stock (STRC) for $174 million.
About $875.1 million remains under the preferred buyback program — plenty of room to continue.
In plain terms = preferred stock pays a fixed dividend on a set schedule; buying it back is like prepaying future interest to cut long-term costs.
This reflects management confidence in its cash position — you don't spend on both coin and debt reduction unless you believe liquidity is solid.
Where did the money come from?
As of September 20, Strategy held roughly $5.04 billion in dollar reserves and $1.05 billion in cash — about $6.09 billion in total liquidity.
The company did not sell any MSTR shares through its at-the-market (ATM) equity program — a mechanism that lets a company sell new shares into the open market at prevailing prices — during the period.
This means → every dollar spent that week came from existing funds, with no dilution to current shareholders.
How did the market react?
After the disclosure, MSTR rose roughly 8% to $165.38 in pre-market trading; bitcoin climbed about 5% to $85,325 over the same window.
This means → the market read two signals at once: continued accumulation says the bull thesis is intact, and no new share issuance says the company is not cash-strapped.
In plain terms = the scenario investors fear most — "buying bitcoin while diluting equity" — did not materialize, and the stock was rewarded for it.
市场有风险，内容仅供研究参考，不构成投资建议。