Strategy Bitcoin buying has already gone quiet again.
Just one week after returning to the market with a $370 million Bitcoin purchase, Strategy bought zero BTC during the seven days ending September 7. Instead, the company spent $176.3 million repurchasing its own preferred stock, shifting attention from expanding its Bitcoin holdings to managing the securities tied to its capital structure.
The purchases focused entirely on STRC, Strategy’s variable-rate perpetual preferred stock. The company bought back 1,810,885 shares and did not repurchase STRF, STRK, STRD, or its MSTR common shares.
The money came from Strategy’s USD Cash reserve, giving the move a distinctly different feel from its familiar Bitcoin accumulation strategy. Rather than adding another asset to the balance sheet, the company used cash to buy back its own securities.
Strategy Bitcoin buying takes a back seat
Strategy’s board also expanded the authorization for its digital credit securities repurchase program from $1 billion to $2 billion. As of September 7, the company said $1.19 billion remained available under that program.
There is still a separate $1 billion authorization for buying back MSTR common stock, but Strategy has not used it.
For now, the Bitcoin pile is unchanged at 845,050 BTC. The company says it acquired those coins for a total of $63.73 billion, including fees, putting its average purchase price at $75,412 per Bitcoin.
With Bitcoin trading near $77,760 at the time of writing, the holdings were worth about $65.7 billion. That puts the stack at an unrealized gain of roughly 3%.
But the numbers also underline how quickly Strategy’s latest purchases can move in and out of profitability. The Bitcoin bought in the previous week at an average price of $80,318 was already below that cost when the latest filing was disclosed.
Strategy’s cash position also helps explain why the company had room to change course. It reported $5.10 billion in its USD Reserve, which is designated to cover preferred dividends and interest, alongside $1.44 billion in USD Cash that management can deploy more freely, including for Bitcoin purchases.
The company built that USD Cash pool after raising $2 billion through MSTR stock sales in August. It subsequently used $370 million to buy Bitcoin, marking its first BTC purchase since June.
A week later, the buying stopped.
Strategy Bitcoin buying is only part of the story
The pause comes as Strategy is also dealing with pressure around its place in major stock indexes.
Last week, Chair Michael Saylor and CEO Phong Le asked MSCI to withdraw a proposed index rule that could remove Strategy from its global benchmarks. The executives described the rule as discriminatory.
The stakes are significant beyond Strategy itself. Funds that track those indexes currently hold 3.1% of the company’s basic shares, making the index decision another important variable for the business.
MSCI’s consultation is scheduled to close at the end of September, with a decision expected on October 16.
For investors watching Strategy Bitcoin buying, the latest filing offers a reminder that the company is no longer simply a story about adding more Bitcoin. Its cash reserves, preferred securities, stock offerings and index eligibility are increasingly intertwined with how aggressively it can keep accumulating BTC.
For now, at least, the Bitcoin count remains exactly where it was last week.