Strategy Buys BTC for Two Consecutive Weeks, Cumulative Holdings Reach 847K BTC
nashnova research
Strategy (MSTR) added bitcoin for a second consecutive week, bringing total holdings to 847,670 BTC at a cost of $63.95 billion; but the shrinking gap between its average cost and the market price is thinning its margin of safety.
How much did Strategy buy this time?
In the week ending September 27, Strategy spent roughly $142.7 million to acquire 1,665 BTC at an average price of about $85,681 per coin.
The prior week it had already deployed $396.7 million on bitcoin. This means → the company has accelerated its buying pace across two consecutive weeks.
Funding came from its MSTR ATM program — an "at-the-market" facility that lets the company sell its own shares for cash on the open market. It sold about 1.47 million shares, raising a net $246.2 million.
What does the 847,000 BTC balance sheet look like?
As of September 27, Strategy held a cumulative 847,670 BTC purchased for roughly $63.95 billion, at an average cost of about $75,437 per coin.
At current market prices the stash is valued at roughly $64 billion. In plain terms = the position is almost exactly break-even on paper — no meaningful gain or loss.
This reflects a subtle shift: the cushion between the average cost and the market price is getting thinner.
Where did the rest of the money go?
Of the $246.2 million raised, $142.7 million went to bitcoin purchases. The remainder funded buybacks of the Series A perpetual preferred stock (STRC).
The STRC buyback program still has $723.5 million of capacity left; the MSTR share-buyback program has $1 billion remaining.
This means → Strategy still has ample "ammunition" to keep buying bitcoin or to support its share price through buybacks.
How have bitcoin and MSTR shares been trading?
Bitcoin hit an intraday high of $87,363 on September 21 — the highest since January — but pulled back. By Monday it had fallen roughly 5% to about $82,755.
Even so, bitcoin is still up 5.4% for the month.
MSTR shares fell 1.7% Monday to $155.83, marking five straight days of declines — the longest losing streak since June, when the stock dropped for eight consecutive sessions.
Why does the narrowing margin of safety matter?
Strategy's average cost sits at roughly $75,437; the current market price is about $82,755 — a gap of only about 9.7%.
In plain terms = if bitcoin drops less than ten percent from here, Strategy's entire position flips to an unrealized loss.
This reflects the core risk of the "sell equity → buy bitcoin" playbook: as the price rises, new purchases push the average cost higher, and the safety cushion actually shrinks. Tracking this margin of safety is the key metric for judging the health of Strategy's balance sheet going forward.
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