TheBlock
Strategy made no bitcoin purchases or sales last week, leaving its holdings unchanged at 845,050 BTC ($66.1 billion) per an 8-K filing with the SEC. Instead, the company repurchased 1.81 million STRC preferred shares for around $176.3 million and doubled its digital credit securities repurchase program to $2 billion from $1 billion. The buyback was funded from the firm's USD Cash reserve, which sat at $1.44 billion as of September 7.
Why it matters
The 845,050 BTC stack equals more than 4% of bitcoin's 21 million supply cap and sits on roughly $2.4 billion in paper gains at current prices. The move signals that Strategy, the world's largest corporate bitcoin holder, is in capital-defense mode rather than accumulation mode. CEO Phong Le defended the firm's earlier sale of roughly 7,000 BTC at $60,000-$65,000 as the right trade at the time to fund preferred dividends, after Strategy paused BTC purchases for about 10 weeks. The firm reduced net debt from roughly $7 billion to zero and built about $7 billion in total cash reserves before resuming accumulation with a 4,603 BTC buy at an average of $80,318 between August 24 and August 30.
The MSCI fight is the other strategic lever. In a letter signed by Michael Saylor and Phong Le, Strategy called MSCI's proposal to exclude non-operating asset companies from its Global Investable Market Indexes discriminatory, arbitrary, and misguided. The firm warned the move would profoundly harm MSCI's reputation as a reliable and neutral index provider.
Market impact
Strategy's stock gained 6.6% last week, closing at $142.80, while bitcoin rose 1.8% in the same window. MSTR is now down just 7.6% year-to-date after a substantial recovery, though still 56.7% negative over the past year. The broader corporate bitcoin sector keeps expanding: 197 public companies now run some form of bitcoin acquisition model, with Tether-backed Twenty One (43,514 BTC), Metaplanet (43,000 BTC), MARA (35,577 BTC), and Bitcoin Standard Treasury Company (30,021 BTC) rounding out the top five behind Strategy.
Frequently asked questions
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Why did Strategy pause bitcoin purchases last week?
The firm made no BTC buys or sells, leaving holdings unchanged at 845,050 BTC. It deployed capital instead to repurchase 1.81 million STRC preferred shares for ~$176.3 million and doubled its digital credit securities repurchase program to $2 billion from $1 billion.
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How much bitcoin does Strategy hold, and what is it worth?
Strategy holds 845,050 BTC, equal to roughly $66.1 billion at current prices and more than 4% of bitcoin's 21 million supply cap. The position carries about $2.4 billion in paper gains.
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What did Strategy say to MSCI about its index-exclusion proposal?
In a letter signed by Michael Saylor and Phong Le, Strategy called MSCI's proposal to exclude non-operating asset companies from its Global Investable Market Indexes discriminatory, arbitrary, and misguided. It warned the move would profoundly harm MSCI's reputation as a reliable and neutral index provider.
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Why did Strategy sell bitcoin earlier this year?
CEO Phong Le defended the firm's sale of roughly 7,000 BTC at $60,000-$65,000 as the right trade at the time to fund preferred-share dividends. Strategy then paused BTC purchases for about 10 weeks while reducing net debt from ~$7 billion to zero and building ~$7 billion in cash reserves.
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How is the broader corporate bitcoin treasury sector evolving?
Per Bitcoin Treasuries data, 197 public companies have adopted some form of bitcoin acquisition model. The top five are Strategy (845,050 BTC), Tether-backed Twenty One (43,514 BTC), Metaplanet (43,000 BTC), MARA (35,577 BTC), and Bitcoin Standard Treasury Company (30,021 BTC).
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