Strategy now owns more than 4% of Bitcoin's entire supply

Corporate bitcoin treasuries stopped being a curiosity somewhere between the first billion-dollar buy and the first 800,000-coin balance sheet. Strategy's latest weekly filing puts a hard number on how far that shift has gone.

How Much Bitcoin Does Strategy Own Right Now?

Strategy (Nasdaq: MSTR) holds 847,666 BTC as of September 27, 2026, according to the Form 8-K it filed on September 28 — more than 4% of bitcoin's fixed 21 million supply cap . The company acquired that position for an aggregate $63.95 billion, an average cost basis of $75,437 per bitcoin, and the stack was worth roughly $70.6 billion at the time of reporting . That implies about $6.6 billion of unrealized gain on the position.

Quick Answer: Strategy owned 847,666 BTC as of September 27, 2026 — just over 4% of bitcoin's 21 million supply cap. It paid $63.95 billion in aggregate, or $75,437 per coin on average, for a position valued near $70.6 billion at the time of its September 28 Form 8-K disclosure.

The week's incremental purchase was comparatively small: 1,665 BTC bought between September 21 and September 27 for $142.7 million, at an average of $85,681 per coin . That is roughly two-tenths of one percent added to an existing stack — a reminder that at this scale, Strategy's reported holdings move far more on price than on new accumulation. It was also the company's second consecutive buying week after a no-purchase week earlier in September, when it spent $139.3 million buying back STRC preferred shares instead of bitcoin .

Inside Strategy's September 21-27 8-K: What It Bought and How It Paid

The funding side of the 8-K is where the more interesting detail sits. Strategy sold 1,469,165 shares of MSTR Class A common stock through its at-the-market (ATM) program for $246.2 million in net proceeds during the September 21-27 window, then split that capital two ways: $142.7 million into bitcoin and $103.5 million into repurchasing its own STRC preferred shares . In other words, fewer than 60 cents of every dollar raised that week went into the asset the company is built around — the rest went to shrinking a preferred class.

The STRC repurchase was actually larger than the ATM allocation implies. Strategy bought back 1,534,530 STRC shares for $151.7 million in total, covering the $48.1 million gap with USD cash on hand rather than fresh equity issuance . That draw is visible directly on the balance sheet: USD Reserve — the pool earmarked for preferred dividends and debt interest — stood at $5.02 billion as of September 27, down from $5.04 billion a week earlier, while USD Cash fell to $1.00 billion from $1.05 billion . Both lines moved down, not up, in a week the company also raised a quarter-billion dollars.

Week-over-week: the price paid is climbing

The two-week comparison is the single most useful number in the filing for anyone modeling Strategy's forward cost basis. In the September 14-20 week, Strategy bought 950 BTC for $75.7 million at an average of $79,670 per coin . One week later it paid $85,681 — roughly 7.5% more per coin — for 75% more bitcoin. Spending nearly doubled while the discount to the company's $75,437 blended cost basis narrowed sharply .

Two structural constraints frame what comes next. First, capacity is not the binding issue: approximately $18.84 billion of MSTR shares remained available under the ATM as of the filing, which at the current pace is years of runway rather than quarters . Second, the cadence is discretionary, not mechanical. Strategy reported no purchases or sales in either the August 10-16 week or the August 17-23 week , and during September 8-13 it spent $139.3 million of cash exclusively on STRC repurchases while buying zero bitcoin . The company will pause, and it will prioritize its capital structure over accumulation when it judges that the better trade.

One timing note worth flagging for anyone reading the average price as a market signal: the $85,681 paid sits above where spot settled for the rest of the week — BTC touched a weekly high near $87,363, then pulled back about 4% to hold in the $83,900-$84,200 range through the following weekend , which implies the bulk of the week's buying happened before that pullback. Michael Saylor flagged the purchase publicly with his usual orange-themed holdings tracker, which The Block described as "even more orange" than the prior week's . The filing itself is the document that matters, and it was corroborated by third-party coverage of the same 8-K on September 28 .

Sources: Strategy Form 8-K, September 28, 2026 · Strategy Form 8-K, prior week · The Block · Investing.com

Why Strategy Buys Back STRC Preferred Instead of Just Buying More Bitcoin

Strategy splits its equity proceeds because its bitcoin position and its capital structure are two separate obligations, and only one of them can be paid in bitcoin. In the September 21–27 week the company raised $246.2 million in net at-the-market proceeds from 1,469,165 MSTR Class A shares, then sent $142.7 million to bitcoin and $103.5 million to repurchasing STRC preferred . Total STRC repurchases ran higher still — 1,534,530 shares for $151.7 million, with the $48.1 million gap covered by USD cash on hand . In other words, the buyback consumed slightly more capital than the bitcoin purchase did.

The logic is that preferred shares carry a recurring cash cost that bitcoin appreciation does not settle. Retiring STRC shrinks the dividend base permanently, while buying bitcoin adds an asset that produces no cash flow. Strategy's disclosures make the separation explicit through two distinct balances: USD Reserve, earmarked for preferred dividends and debt interest, and USD Cash, the discretionary pool. As of September 27 the Reserve stood at $5.02 billion and USD Cash at $1.00 billion, down from $5.04 billion and $1.05 billion a week earlier . That is why cash can fall in the same week the bitcoin stack grows — the drawdown is servicing the capital structure, not the accumulation.

For traders, the weekly allocation split is the most direct read on management's current priority. Three patterns recur in the 2026 filings:

• Accumulation-weighted — most ATM proceeds go to bitcoin. The September 14–20 week bought 950 BTC for $75.7 million at an average of $79,670 .
• Balanced — roughly 58/42 bitcoin-to-buyback, as in the September 21–27 week .
• Defense-only — no bitcoin at all. During September 8–13 Strategy deployed $139.3 million of cash exclusively into STRC repurchases , and bought nothing in the August 10–16 or August 17–23 weeks .

Capacity is not the constraint on either side yet: roughly $18.84 billion of MSTR shares remained available under the ATM as of the filing . What the split reveals is choice, not limitation — and a run of defense-weighted weeks is a more useful early signal about perceived funding cost than any single purchase headline.

Strategy vs. Strive vs. BitMine: Comparing the Same Week's Buys

Three public crypto treasuries disclosed the same week's accumulation on Monday, September 28, 2026, deploying roughly $284 million combined — about $237.2 million into bitcoin (2,772 BTC between Strategy and Strive) and roughly $47 million into ether (BitMine) . The same-day overlap is rare, and it isolates the variable that actually separates these companies: not conviction, but the funding instrument each one uses to convert capital-markets access into coins.

Sources: Strategy Form 8-K , Strive Form 8-K , and BitMine's September 28 release .

Read across the funding row and the three profiles diverge sharply. Strategy issued 1,469,165 common shares for $246.2 million net and split the proceeds between coins and preferred buybacks . Strive leaned on SATA, adding 1,009,020 preferred shares to reach 12,193,180 outstanding — a notional near $1.22 billion — while common share count rose only 649,072 to 97,651,721 . BitMine funds partly from the asset itself: 5,067,309 ETH worth $13.7 billion sits staked at a 2.62% seven-day yield, with projected revenue rising to $424 million once the full treasury is staked through MAVAN and partners .

Scale is where the gap becomes structural. Against peers cited the same day, Twenty One held 43,514 BTC, Metaplanet roughly 43,000 BTC, MARA 35,577 BTC and Bitcoin Standard Treasury Company 30,021 BTC . Every one of those sits an order of magnitude below Strategy's 847,666 BTC, and Strive's 27,462 BTC trails the whole cohort. Practically, that means only two of these balance sheets — Strategy's in bitcoin and BitMine's in ether — are large enough for their weekly flow to register as a supply-side variable rather than a company-specific story.

One more detail worth flagging from the entry price: both bitcoin buyers paid above where spot held for the rest of the period. Strategy's $85,681 and Strive's ~$85,396 both cleared the $83,900-$84,200 range BTC settled into after pulling back about 4% from a weekly high near $87,363 . Weekly disclosures report averages, not timing, so a buy can look poorly priced simply because the pullback arrived after the purchase window closed.

Decision Framework: Which Corporate Crypto Treasury Stock Fits Your Thesis?

Choosing between Strategy, Strive, and BitMine comes down to three separable questions: how much bitcoin-supply exposure you want per dollar, how much share-count growth you can tolerate, and whether you want the underlying asset to generate yield. Strategy holds 847,666 BTC at a $75,437 average cost basis , Strive holds 27,462 BTC , and BitMine holds 6,001,302 ETH with 84% of it staked . Those are three different instruments, not three versions of the same trade.

If your thesis is bitcoin supply scarcity, Strategy is the most direct vehicle. Its position exceeds 4% of the 21 million supply cap, and roughly $18.84 billion of capacity remained under the at-the-market equity program as of September 27, 2026 . That combination — the largest stack plus the deepest remaining issuance capacity — is what gives the shares their scarcity-proxy character. The trade-off is scale itself: adding 1,665 BTC in a week moves the total holdings figure by less than 0.2%, so incremental buys barely shift the thesis.

If you want a higher-beta, earlier-stage accumulation story, Strive is the smaller-base option. Its September cadence ran 1,375 BTC, then 469 BTC, then 1,355 BTC, then 1,107 BTC , and the latest 1,107-coin buy lifted holdings by about 4.2% in a single week — an impact Strategy cannot replicate at its size. Effective common shares outstanding sat at 97,651,721, with assumed fully diluted shares at 100,776,795 , a far smaller denominator than Strategy's.

If you want the treasury asset to produce cash flow, BitMine is the only one of the three that does. It had 5,067,309 ETH worth $13.7 billion staked, with annualized staking revenue projected at $358 million and rising toward $424 million once the full treasury is staked through MAVAN and partners, based on a 2.62% seven-day yield . That is a structurally different return profile: bitcoin treasuries depend entirely on price appreciation, while a staking treasury earns a native yield that partially offsets carrying costs.

Dilution tolerance is the filter that overrides all three. Neither Strategy nor Strive funds purchases from operating cash. Strategy sold 1,469,165 MSTR Class A shares for $246.2 million in net proceeds during the week ; Strive raised roughly 85% of its capital through SATA perpetual preferred, whose share count rose 1,009,020 to 12,193,180 . Before assuming either company's buying pace continues, check the remaining authorized capacity in those programs. When issuance windows close — as they effectively did for Strategy during the August 10–16 and August 17–23 weeks, when it bought nothing — accumulation stops, regardless of how constructive management sounds.

A practical read: treat Strategy as the core, liquidity-first allocation; size Strive as a satellite where a single week's purchase still meaningfully changes the per-share coin count; and hold BitMine only if you want ether exposure with a yield component rather than a bitcoin store-of-value position. Mixing Strategy and Strive adds concentration, not diversification — both are levered to the same asset through the same funding mechanism.

Strive's Accelerating Bet: Rising Buy Sizes and a Stake in Strategy's Own Preferred

Strive (Nasdaq: ASST) bought 1,107 BTC for roughly $94.5 million between September 21 and September 25, 2026, at an average of approximately $85,396 per coin including fees, lifting holdings from 26,355 BTC to 27,462 BTC . That single week moved its stack by 4.2%, a proportional impact Strategy's 1,665 BTC could not replicate against an 847,666 BTC base. Cash and equivalents still grew $19.2 million to $248.8 million over the same period, meaning the purchase was funded entirely from new capital rather than drawdown .

September's cadence shows a buyer willing to escalate into strength rather than wait for weakness. The four disclosed windows moved from 1,375 BTC at about $79,281 (August 31–September 4), to 469 BTC at about $77,954 (September 8–11), to 1,355 BTC at about $79,475 (September 14–18), then 1,107 BTC at about $85,396 . The final window's average sits roughly 7.6% above the month's earlier prints — evidence of price-insensitive, calendar-driven accumulation rather than dip-buying. For a company whose treasury began with 5,048 BTC from the January 2026 Semler Scientific merger and added 6,236 BTC during Q2 2026 at an average of $74,290, each week at $85,000-plus lifts a still-young cost basis .

The funding engine is the structural difference for equity holders. Strive attributes roughly 85% of capital raised to its SATA perpetual preferred, whose shares outstanding rose 1,009,020 to 12,193,180 — notional near $1.22 billion — while warrant exercises contributed $12.4 million . Effective common shares outstanding rose only 649,072 to 97,651,721, with assumed fully diluted shares at 100,776,795 . Common holders therefore absorb less dilution per bitcoin added than an at-the-market equity program implies, but they sit behind a growing perpetual dividend claim.

One cross-holding deserves attention: Strive holds 505,000 shares of Strategy's STRC preferred, fair value about $49.76 million, unchanged across the period . In the same week, Strategy repurchased 1,534,530 STRC shares for $151.7 million . Strive elected to hold the security its larger peer was buying in — a small position at roughly 20% of its cash balance, but a signal that it treats competitor preferred yield as an acceptable use of treasury capital alongside bitcoin itself.

BitMine Crosses 6 Million ETH: The Staking Yield Case

BitMine Immersion (NYSE: BMNR) is the only one of the three disclosing companies whose treasury generates operating revenue from the asset itself rather than from price appreciation alone. Its September 28 release, issued at 08:30 ET, reported 17,362 ETH acquired over the prior week, lifting holdings to 6,001,302 ETH from 5,983,940 — the first time the position closed above 6 million tokens . At the $2,698 Coinbase reference price used in the filing, that ether was worth roughly $16.2 billion, or 4.9% of the 122.1 million ETH supply . For a reader weighing treasury stocks, that is the structural difference: Strategy and Strive hold a non-yielding asset; BitMine holds one that pays.

The yield is not theoretical. Of the 6,001,302 ETH held, 5,067,309 ETH worth $13.7 billion — 84% of the position — was staked as of the disclosure, producing projected annualized staking revenue of $358 million. BitMine expects that figure to reach $424 million once the full treasury is staked through MAVAN and its partner validators, a projection built on a 2.62% seven-day yield . The gap between $358 million and $424 million is the measurable value of finishing the staking migration, and it is one of the few forward numbers in this cohort that does not depend on a price assumption.

Scale came fast. BitMine framed the 6 million milestone as 98% of the way to its stated "Alchemy of 5%" target — owning 5% of circulating ether — accumulated in under 15 months, a run that also earned the stock inclusion in the Russell 1000 on June 26, 2026 . Chairman Tom Lee tied the week's buy to that cadence:

"Over the past week, we acquired 17,362 ETH. Bitmine's track record of consistent buying of crypto is unmatched by any public company in the world," — Tom Lee, Chairman, BitMine Immersion Technologies (source: PR Newswire, 2026-09)

Two qualifications belong next to that claim. First, the pace of accumulation is decelerating in percentage terms: BitMine's September 7 update showed 5,929,198 ETH and $15.7 billion in total holdings , so roughly three weeks added about 72,000 ETH — a sub-1.5% increase in tokens, with most of the jump from $15.7 billion to $17.2 billion coming from ether's move to $2,698 rather than from buying. A 17,362-ETH week is about 0.3% growth on a 6 million-token base; the compounding that got BitMine to 4.9% cannot repeat at the same rate.

Second, BitMine is not a pure ether vehicle. Its $17.2 billion of crypto, cash and marketable securities includes 213 BTC, a $180 million stake in Beast Industries, a $115 million stake in Eightco Holdings (Nasdaq: ORBS), and $672 million of cash and marketable securities alongside the ETH position . Roughly $967 million of the balance sheet — about 5.6% — sits in private and small-cap equity plus cash, which introduces valuation inputs that a bitcoin-only treasury does not carry. Investors buying BMNR for staking yield are also underwriting two illiquid venture positions and a validator operation whose 2.62% seven-day yield resets with network conditions, not with a contract.

What to Watch Next: Cost Basis Creep, Dilution Capacity, and Supply Scarcity

The three variables that will decide whether this accumulation pace holds are entry-price timing, blended cost basis drift, and remaining issuance capacity. All three were visible in the September 21–27 window: Strategy paid an average of $85,681 per bitcoin and Strive paid roughly $85,396, both above the $83,900-$84,200 range BTC settled into after pulling back about 4% from a weekly high near $87,363 . Weekly buyers that concentrate purchases early in a reporting window will keep printing above-market averages in pullback weeks — a pattern worth logging rather than reading as a single-week error.

Cost basis creep is the slower-moving signal. Strategy's blended average sits at $75,437 across 847,666 BTC acquired for $63.95 billion, while recent purchases clear near $85,681 . Every buy above the average pulls the blended figure upward, thinning the cushion between cost and spot. At roughly $70.6 billion of market value against $63.95 billion of cost, the position carried about $6.6 billion of unrealized gain — a buffer that narrows arithmetically as new tranches price higher . Strive shows the same drift faster: its September buys stepped from about $79,281 to about $85,396 inside four weeks .

Issuance capacity is the actual constraint on duration, not conviction. The metrics to track weekly:

• Strategy's ATM headroom — about $18.84 billion of MSTR shares remained available after the $246.2 million raise, roughly 76 weeks of buying at the September 21–27 pace if the full amount were used for bitcoin alone .
• Strive's SATA issuance pace — SATA outstanding rose 1,009,020 shares to 12,193,180, with roughly 85% of capital raised attributed to that preferred . A slowdown here caps buying before cash does; Strive still held $248.8 million.
• Reserve drawdown — Strategy's USD Reserve fell from $5.04 billion to $5.02 billion and USD Cash from $1.05 billion to $1.00 billion in one week .

As of October 1, 2026, none of the three had disclosed purchases covering September 28–30; the next weekly updates are due in early October. The concrete takeaway: treat the 8-K average price against that week's spot close as your first read, the blended cost basis as your medium-term margin of safety, and remaining ATM or preferred capacity as the hard ceiling on how long the flow lasts. If capacity shrinks while average entry prices keep rising, the accumulation story weakens well before any holdings number does.

Frequently asked questions

What percentage of Bitcoin's total supply does Strategy own?

Strategy owns just over 4% of Bitcoin's maximum supply. Its 847,666 BTC as of September 27, 2026 equals roughly 4.03% of the 21 million hard cap . That figure measures against coins that exist plus coins not yet mined, so the share of currently circulating bitcoin is higher still. The position was acquired for an aggregate $63.95 billion and carried a market value near $70.6 billion at disclosure .

How does Strategy keep buying Bitcoin every week without running out of cash?

Strategy funds purchases mainly by selling new shares, not from operating cash flow. In the September 21–27 week it sold 1,469,165 MSTR Class A shares through its at-the-market program for $246.2 million net, directing $142.7 million to bitcoin and $103.5 million to buying back its STRC preferred . Approximately $18.84 billion of MSTR shares remained available under the ATM, which is the practical ceiling on how long the weekly cadence can continue at current sizes . Separate USD Reserve and USD Cash balances of $5.02 billion and $1.00 billion are earmarked for preferred dividends and debt interest rather than accumulation .

Is Strive or BitMine a better crypto treasury stock than Strategy?

There is no single winner — the three map to different theses, as the decision framework above sets out. Strategy offers scale and liquidity, with 847,666 BTC and an ATM capacity measured in tens of billions. Strive (Nasdaq: ASST) held 27,462 BTC as of September 25, 2026, a smaller base where each weekly buy moves holdings by roughly 4% and funding leans about 85% on its SATA perpetual preferred rather than common equity . BitMine (NYSE: BMNR) is the only one of the three whose holdings generate revenue, with 6,001,302 ETH and 84% of it staked . Match the vehicle to whether you want asset scale, higher-beta bitcoin exposure, or yield-bearing ether.

Why did Strategy and Strive pay more than Bitcoin's market price that week?

Both firms bought earlier in the week, before spot pulled back. Strategy's average was $85,681 per coin and Strive's approximately $85,396 inclusive of fees, both above the $83,900-$84,200 range BTC held through the following weekend after retreating about 4% from a weekly high near $87,363 . Weekly 8-K averages are volume-weighted across several trading days, so they routinely diverge from the closing price on the disclosure date in either direction.

What is BitMine's ETH staking yield and why does it matter for investors?

BitMine reported a 2.62% seven-day annualized staking yield, with 5,067,309 ETH — 84% of its 6,001,302 ETH holdings, worth about $13.7 billion — staked as of September 28, 2026 . Annualized staking revenue was projected at $358 million, rising toward $424 million once the full treasury is staked through MAVAN and partners . That matters because bitcoin treasuries have no native equivalent: Strategy's 847,666 BTC produces no income, so dividend and interest obligations must be met from cash reserves or new share sales, while BitMine's stack partially funds itself. Chairman Tom Lee framed the week's 17,362 ETH addition as part of a record of "consistent buying of crypto" among public companies .

Last updated: 2026-10-01. Figures reflect the Form 8-K and press disclosures filed September 28, 2026; no purchase disclosures covering September 28–30 had been filed by Strategy, Strive, or BitMine as of this date.

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