Saylor's Strategy Hits Snooze on BTC Shopping Spree One Week After Reopening 🥱

Strategy, the world's largest publicly traded corporate holder of Bitcoin, bought no BTC in the week ending September 7 — exactly one week after ending a roughly ten-week purchasing pause with a $369.7 million acquisition of 4,603 coins. The company's holdings remain at 845,050 BTC, acquired for $63.73 billion at an average cost of $75,412 per coin.

During the latest reporting period, the firm directed $176.3 million to repurchasing 1,810,885 shares of its STRC variable-rate preferred stock, the only preferred series it bought back. None of its STRF, STRK or STRD preferreds and no MSTR common shares were repurchased, and the company issued no new MSTR shares through its at-the-market program. Bitcoin's price was trading around $77,760, putting Strategy's position at roughly $65.7 billion, about 3% above cost, while last week's $80,318 purchase price stands underwater.

The company also doubled the authorization behind the STRC buyback, expanding its Digital Credit Securities Repurchase Program from $1 billion to $2 billion, leaving $1.19 billion available as of September 7. A separate $1 billion authorization to buy back MSTR stock remains untouched, according to the filing. Strategy's dollar balances stand at $5.10 billion in the ring-fenced USD Reserve, designated for preferred dividends and interest, and $1.44 billion in the unrestricted USD Cash pot created in August, from which the STRC buybacks were funded.

Strategy raised about $2 billion selling MSTR stock in August and seeded the USD Cash pool with $1.59 billion of those proceeds. The company then deployed $370 million to purchase 4,603 BTC — its first Bitcoin acquisition since June — before pausing purchases again the following week. Between May and August, Strategy sold 6,948 BTC for roughly $432.5 million at an average of about $62,250 per coin, leaving it 2,345 BTC lighter overall, with approximately $63 million of the spread retained in cash. The summer shift to capital preservation coincided with the buildup of dollar pools that brought net leverage to 0.0% as of August 30.

Separately, Strategy Chair Michael Saylor and CEO Phong Le asked MSCI last week to withdraw an index rule that would remove the company from its global benchmarks, calling the proposed measure discriminatory. Funds tracking those indexes hold 3.1% of Strategy's basic shares, according to the filing signed by general counsel Thomas C. Chow. MSCI's consultation closes at the end of September, with a decision scheduled for October 16.