MicroStrategy's Bitcoin Holdings Near June Record After $75.7M Buy
In brief
- MicroStrategy acquired 950 BTC for $75.7M in the week ending September 20, at $79,670 per coin including fees.
- Total holdings now stand at 846,000 BTC, within 1,363 coins of the company's June 22 all-time high.
- Bitcoin stack bottomed at 840,447 BTC in August after summer sales of 6,948 coins for roughly $432.5 million.
Climbing Back to Peak
Strategy paid an average of $79,670 per coin inclusive of fees for the mid-September purchase. The move marks a reversal from the summer, when the company disposed of 6,948 BTC for around $432.5 million, trimming its stack to 840,447 BTC by August 10—the lowest level since May.
Since that August trough, Strategy has added 5,553 coins through a combination of purchases and operational gains. The company's blended cost basis for all Bitcoin stands at $75,416 per coin, reflecting the firm's dollar-cost averaging approach across bull and bear cycles.
Capital Deployment and Cash Position
Beyond Bitcoin acquisition, Strategy deployed capital across other initiatives. The firm spent $174.0 million repurchasing 1,771,238 STRC preferred shares in the week to September 20, signaling confidence in its own equity valuation.
The company's liquidity position tightened slightly. Its USD cash pool fell to $1.05 billion as of September 20 from $1.30 billion a week earlier, a shift driven by the Bitcoin purchase and share buyback activity. Still, the firm retains substantial dry powder for future acquisitions.
Staying Within Framework
Strategy operates under a June capital framework permitting up to $1.25 billion of Bitcoin sales. The summer disposals of $432.5 million consumed roughly one-third of that authorization, leaving room for additional strategic reductions if market conditions warrant. For now, the company's posture has shifted back to accumulation.
