Strategy Inc disclosed in an 8-K filed September 21, 2026 that it sold no shares under its at-the-market program during the week of September 14 to September 20, 2026, while directing $174.0 million of cash toward buybacks of its Stretch preferred stock and $75.7 million toward bitcoin purchases.

• Strategy used $57.4 million of its USD Reserve to cover preferred dividends and debt interest
• USD Reserve stood at $5.04 billion and USD Cash at $1.05 billion as of September 20, 2026
• $875.1 million remains available under the preferred-stock repurchase program, $1.0 billion under the MSTR buyback

• $174.0M cash spent buying back Stretch preferred stock this week
• $75.7M cash spent on bitcoin purchases this week
• $5.04B USD Reserve balance backing preferred dividends and debt

Strategy filed the filing under Item 7.01, its recurring Regulation FD disclosure covering weekly bitcoin and capital-program updates. The company did not sell shares through its ATM offering during the period, a mechanism it has relied on repeatedly to fund bitcoin accumulation.

STRC Buyback Outpaces Bitcoin Purchase

Strategy put more cash into repurchasing its Variable Rate Series A Perpetual Stretch Preferred Stock than into bitcoin itself. The filing states the company used “$174.0 million of USD Cash to fund repurchases of STRC Stock and $75.7 million of USD Cash to purchase bitcoin” during the week.

Holders of STRC preferred shares are the direct counterparty to this action, and the buyback reduces the outstanding float of that security. $875.1 million remains authorized for further preferred repurchases, per the filing.

No ATM Draw for the Week

The filing confirms zero shares were sold under the at-the-market program between September 14 and September 20, 2026. Strategy has used ATM issuance as a primary bitcoin-funding lever since it adopted the bitcoin treasury strategy, so a blank week is notable on its own terms.

The filing gives no reason for the pause, whether market conditions, capital allocation choice, or something else.

Reserve Balances Signal Runway

The USD Reserve, which funds preferred dividends and debt interest, held $5.04 billion as of September 20, 2026, after a $57.4 million draw for those payments during the week. USD Cash, the pool management uses for bitcoin purchases, capital management, and expanding the reserve, stood at $1.05 billion.

Those two balances give bondholders and preferred holders a rough sense of coverage. The filing does not disclose how many bitcoin were bought at what price, nor the company’s total bitcoin holdings after the purchase.

What the Filing Leaves Out

The 8-K states dollar amounts spent on bitcoin but omits BTC quantity, average purchase price, and cumulative holdings, details Strategy has sometimes included in prior disclosures. It also does not explain the ATM pause or the shift toward preferred buybacks over bitcoin accumulation.

The CCS read. A week where preferred buybacks beat bitcoin purchases and the ATM sat idle looks like balance-sheet management, not retreat. Watch whether Strategy resumes ATM draws once STRC trades closer to par, since the buyback only makes sense while the preferred is cheap relative to its coupon.

Strategy’s next weekly 8-K, due on or around September 28, 2026, will show whether the ATM pause continues and whether bitcoin purchases resume their prior pace.