Strategy Inc., the largest publicly traded Bitcoin treasury company, returned to accumulating the cryptocurrency after a two-week hiatus, acquiring 950 BTC for $75.7 million while simultaneously spending more than twice that amount on its own preferred shares.

According to a Form 8-K filed with the U.S. Securities and Exchange Commission on September 21, the Bitcoin purchases took place between September 14 and September 20 at an average price of $79,670 per coin, including fees and expenses. The transaction raised the company’s total holdings to 846,000 BTC, acquired for approximately $63.8 billion at an average cost of $75,416 per Bitcoin.

Return to Accumulation After Quiet Period

The latest buy ended two consecutive weekly reporting periods in which Strategy made no Bitcoin purchases. The company had last added to its treasury at the end of August, when it acquired 4,603 BTC for roughly $370 million at an average price of $80,318, bringing holdings to 845,050 BTC.

Executive Chairman Michael Saylor had signaled the potential for renewed activity days earlier by posting a familiar chart of the firm’s Bitcoin holdings accompanied by the phrase “a little more orange,” a pattern that has preceded previous purchase disclosures.

At the time of the filing, Bitcoin was trading near $85,000, placing the market value of Strategy’s holdings around $71.9 billion and generating an unrealized gain of approximately $8 billion relative to the reported cost basis. The company’s 846,000 BTC position represents just over 4 percent of Bitcoin’s fixed 21 million supply.

Preferred Stock Buybacks Outpace Bitcoin Spending

During the same week, Strategy spent $174 million repurchasing approximately 1.77 million shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, known by the ticker STRC. That outlay was more than double the amount allocated to Bitcoin.

STRC carries a stated amount of $100 per share. Strategy has stated that it aims to keep the security trading near that level and has used repurchases when the shares trade at a discount, a move that can reduce future dividend obligations. The latest buybacks followed earlier periods in which the company directed substantial cash toward STRC while pausing Bitcoin accumulation. Across recent weeks, spending on the preferred stock has exceeded $480 million.

Strategy reported that $875.1 million remained available under its preferred-stock repurchase authorization after the transactions, along with a full $1 billion authorization for potential common-stock repurchases that remained unused.

Cash Funding Without New Share Issuance

Both the Bitcoin purchase and the STRC repurchases were funded from existing USD Cash balances rather than through at-the-market equity offerings. Strategy reported no sales under any of its ATM programs between September 14 and September 20.

As a result, deployable USD Cash declined nearly 20 percent to $1.05 billion as of September 20 from $1.30 billion a week earlier. A separate USD Reserve, maintained primarily to cover preferred-stock dividends and debt interest, fell to $5.04 billion from $5.10 billion after $57.4 million was used for those obligations. Combined USD assets stood at approximately $6.09 billion.

The shift toward funding purchases with cash rather than new share issuance marks a change from earlier periods when Strategy routinely sold common stock to finance Bitcoin acquisitions. The company has described Bitcoin, preferred securities, and cash as components of a broader capital-allocation framework.

Market Reaction and Parallel Activity

Strategy shares rose 7.4 percent to $165.20 in Monday premarket trading following the disclosure. Bitcoin itself traded above $85,000, recovering from levels near $63,000 in recent weeks.

In a separate announcement the same day, Strive, another publicly traded corporate Bitcoin holder, reported acquiring 1,355 BTC, lifting its treasury to 26,355 BTC. Its shares also advanced in premarket trading.

Strategy’s latest moves leave it with substantial remaining cash and repurchase capacity while restoring its Bitcoin holdings to the level last seen at the end of the second quarter, before sales earlier in the summer temporarily reduced the balance.