Strategy在STRC持续回购的同时增持1,665枚比特币

Core Points

Bitcoin positions reached 847,666 BTC. The company repurchased 1.53 million STRC shares. MSTR's sales fund Bitcoin purchases and most buybacks. Overall Bitcoin reserves remain above their reported cost basis.

According to Strategy's Form 8-K filing on September 28, the company acquired Bitcoin between September 21 and September 27 at an average price of US$85,681 per coin, including fees and expenses.

One declaration, two new capital uses

During the reporting period, Strategy sold 1.47 million shares of MSTR stock, generating net income of $246.2 million. Of this,$142.7 million was used to purchase Bitcoin and $103.5 million was used to repurchase STRC shares.

The company also used US$48.1 million in USD Cash for STRC repurchases, bringing the total repurchase amount to US$151.7 million.

US$142.7 million Bitcoin purchase

Strategy used net proceeds from MSTR stock sales to purchase 1,665 bitcoins.

US$151.7 million STRC repurchase

Strategy repurchased 1.53 million of its variable-rate preferred shares.

These two transactions serve different purposes. Bitcoin purchases expand treasury reserves, while STRC repos involve preferred securities in Strategy's broader financing structure.

Strategy now holds 847,666 bitcoins

最新购买使截至 9 月 27 日 Strategy 的比特币储备增至 847,666 BTC。公司报告的总购买成本为 639.5 亿美元，平均每枚比特币 75,437 美元（包括费用和开支）。

按撰写时的比特币价格 83,400 美元计算，这些持仓价值约 707 亿美元。这使得该储备比 Strategy 报告的总购买成本高出约 67.5 亿美元，或 10.5%。

Michael Saylor (@saylor) 于 2026 年 9 月 28 日推文表示：“Strategy 已收购 1,665 枚 $BTC 并回购了 1.52 亿美元的 $STRC。截至 9/27/26，我们持有 847,666 枚 BTC 和 60.2 亿美元的 USD 资产。”

该数字为未实现收益，使用了文件中四舍五入的成本总额，并会随比特币市场价格波动而变化。此外，它描述的是整体储备，而非仅指最新收购的部分。

这批新增的 1,665 枚比特币的平均购买价格为 85,681 美元。按 83,400 美元计算，其价值低于购买成本约 380 万美元，尽管公司更广泛的比特币头寸仍高于其混合成本基础。

此次增持使 Strategy 的储备增加了约 0.2%。它并未实质性改变现有比特币头寸的规模，但证实普通股发行仍然是 Strategy 资助进一步购买的途径之一。

Last week, Strategy also cooperated with a Bitcoin acquisition and a larger STRC repurchase. The latest document continues this practice, although only two weeks of disclosure are not enough to establish a permanent capital allocation policy.

Why STRC buybacks are part of the same story

STRC is Strategy's variable-rate perpetual preferred stock. It differs from MSTR common stock in that it has separate dividend terms and occupies a different position in the company's capital structure.

Therefore, the repurchase provides readers with another part of the picture behind the Bitcoin purchase announcement. Strategy is deciding how much new capital to invest in BTC and how much to spend on its preferred securities. The document does not use the repurchase as a prediction of the STRC price or the Bitcoin price.

Based on the totals stated in the filing, the implied average price paid by the company was approximately $98.86 per share. This is less than the $100 nominal value of the security, although the amount in the document is rounded and the disclosure does not explain the subsequent trading direction of STRC.

Cash reserves still support broader structures

Strategy reports US$5.02 billion in USD Reserve, designed to support preferred stock dividends and interest on outstanding debt. It also holds $1 billion in USD Cash, which management may use for broader treasury and capital management purposes.

During this week, Strategy spent $22.1 million from USD Reserve to pay out preferred stock dividends. The company still has US$723.5 million under the preferred share repurchase program and US$1 billion under the MSTR common share repurchase program.

These data show why Strategy's documents now require more than just updates to Bitcoin quantities. The company's treasury remains centered around BTC, but its ability to continue to expand this reserve is closely linked to common stock sales, cash resources and demand for surrounding preferred securities.

Purchases keep bitcoin accumulation active, but funding sources are still the bigger story

The purchase of 1,665 bitcoins confirms that Strategy is still increasing its treasury reserves. More useful details for readers are how management funded the purchase while also allocating $151.7 million to STRC.

Future documents may show whether this balance persists as Bitcoin prices, the company's cash position, and the Strategy preferred stock market change.

This article is for reference only and does not constitute financial or investment advice. Corporate Bitcoin holdings, stock buybacks and capital allocation policies may change rapidly.