Strategy Buys 950 More Bitcoin for $76 Million, Pushing Holdings to 846,000 BTC
For nearly three weeks, the orange dots stopped appearing. Michael Saylor’s weekly ritual of posting Strategy’s bitcoin accumulation chart to X had gone quiet, and in a market conditioned to read his social feed like a ticker tape, the silence itself became a talking point. Had the largest corporate bitcoin holder in the world finally paused for good? On Sunday, September 20, Saylor answered with two words and a familiar chart: “More Orange.”
The confirmation followed a day later. Strategy, the company formerly known as MicroStrategy, disclosed that it purchased 950 BTC between September 14 and September 20 for approximately $76 million, at an average price of roughly $79,670 per bitcoin. The purchase lifts the company’s total holdings to 846,000 BTC, acquired for an aggregate cost of about $63.8 billion at an average price near $75,416 per coin, inclusive of fees and expenses.
The timing is notable. Just days earlier, on September 16, coin680 reported that Strategy had repurchased $139.3 million of its STRC preferred shares while its bitcoin holdings sat unchanged at 845,050 BTC — the company was actively deploying capital, but into its own preferred stock rather than fresh coin purchases. This week’s 950 BTC buy is the company’s first new bitcoin acquisition since that update, moving the treasury from 845,050 to 846,000 BTC and ending the pause that had briefly reignited questions about whether Strategy’s aggressive accumulation strategy was slowing down.
It was not an either-or period for Strategy’s cash. Alongside the bitcoin purchase, the company also repurchased 1,771,238 shares of its STRC Stock — the Variable Rate Series A Perpetual Stretch Preferred Stock — for approximately $174 million, meaning close to $250 million moved out the door across two very different instruments in the same week. The bitcoin leg was funded through USD cash on hand rather than new equity issuance, a detail that matters to investors who have watched Strategy’s capital structure evolve into an increasingly complex mix of common stock, convertible notes, and multiple classes of preferred shares layered on top of its core bitcoin holding strategy.
Strategy remains, by a wide margin, the largest corporate holder of bitcoin anywhere in the world, dwarfing the treasuries of every other public company pursuing a similar strategy. Its purchases are watched less for their marginal impact on any single week’s price action and more as a signal of institutional conviction — a weekly data point that traders, competitors, and critics alike have learned to parse for hints about where large-scale corporate demand for bitcoin is heading next.
Bitcoin remains a volatile asset, and corporate treasury strategies built around it carry risk that can move in either direction. This article is for informational purposes only and does not constitute investment advice. To understand how institutional adoption of bitcoin took shape, see coin680’s Bitcoin Academy piece on Bitcoin’s 2020–2021 bull run and the start of institutional adoption.