MicroStrategy Ends Two-Week Pause With 950 Bitcoin: Is the Buying Engine Stalling?

Strategy added 950 Bitcoin (BTC) in the week to Sept. 20 and repurchased $174 million of its own preferred stock over the same stretch. Total holdings now sit at 846,000 BTC.

The buy ends a two-week gap in accumulation. At the $81,200 bitcoin price Strategy used in Monday's filing, the 950 coins are worth roughly $77 million.

How the Strategy Bitcoin Purchase Compares With August

The company's previous acquisition landed on Aug. 31, when it ended a 10-week pause with 4,603 BTC bought for $369.7 million at an average of $80,318 a coin. In dollar terms, last week's purchase is about 79% smaller.

Executive Chairman Michael Saylor teased the buy on Sunday with a post reading "A little more orange."

Bitcoin has since climbed above the level Strategy used in its own math. The asset traded near $85,104 on Monday, up 5.8% over 24 hours.

Why the Preferred Buyback Cost More Than the Bitcoin

The $174 million went to Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), a Nasdaq-listed share class Strategy designed to trade close to $100. That is more than twice what the bitcoin cost.

Strategy started buying STRC back in late July at an average of $86.52 a share. The stock closed at $98.51 on Friday. Chief Executive Phong Le explained the logic when the program began.