Strategy Shares Surge 47.65% in a Month to Lead Nasdaq-100 as Bitcoin Tops $80K

MSTR Outperforms Nasdaq-100 Peers

Strategy shares have posted a 47.65% gain over the one-month period ending Sept. 18, according to market data, placing the Bitcoin treasury company at the top of the latest **Nasdaq-100** constituent return ranking.

The stock closed at $153.92 on Friday, Sept. 18, after surging 16.39% in a single session as Bitcoin reclaimed the $80,000 level.

A Single Session Drives the Monthly Return

The final trading day of the measurement period accounted for a substantial portion of MSTR's latest advance. Shares opened at $132.25 — matching the prior session's close — and traded as high as $154.02 before settling at $153.92, according to market data.

Trading volume reached 54.34 million shares, well above the company's recent daily levels. One month earlier, on Aug.

19, MSTR had closed at $104.25. The move from that level to $153.92 produced the 47.65% trailing return.

The rally has recovered a portion of the stock's earlier losses, though MSTR remained down more than 55% over the trailing 12 months as of Sept. 18.

Bitcoin's Rally Lifts Crypto Equities

Bitcoin's Friday advance coincided with the sharp move in Strategy. The largest cryptocurrency climbed more than 5% and pushed through $80,000 during a volatile U.S. trading session, while the Nasdaq finished higher.

As crypto.news reported, BTC reached an intraday high of $81,258 after recovering from $75,560.

The timing supports a close relationship between the two moves, but it does not establish Bitcoin as the sole cause of MSTR's entire one-month gain. Strategy's stock incorporates its Bitcoin exposure alongside its debt, preferred securities, cash balances, common-share structure, and investor expectations for future capital activity.

Strategy Holds 845,050 Bitcoin

Strategy's latest SEC filing shows the company held 845,050 BTC as of Sept. 13. It acquired those coins for $63.73 billion in aggregate, including expenses, at an average cost of approximately $75,412 per Bitcoin.

The position equals just over 4% of Bitcoin's fixed 21 million supply cap, making Strategy the largest publicly traded corporate Bitcoin holder based on its disclosed balance.

Its latest addition came during the week ending Aug. 30, when the company purchased 4,603 BTC for $369.7 million at an average price of $80,318. The transaction increased holdings from 840,447 BTC to the current 845,050 BTC.

That acquisition was funded through common-stock sales. Strategy sold 4.53 million MSTR shares that week for $602.8 million in net proceeds, directing $369.7 million toward Bitcoin.

Bitcoin Purchases Pause for Two Weeks

The company then stopped buying Bitcoin for the following two reporting periods. Its Sept.

8 and Sept. 14 SEC filings showed no Bitcoin purchases or sales and no at-the-market share issuance during either week.

Strategy's Bitcoin exposure therefore remained unchanged while MSTR's market price moved sharply.

Capital Redirected to STRC Buybacks

During the pause in Bitcoin purchases, Strategy directed capital toward its Variable Rate Series A Perpetual Stretch preferred stock, or STRC.

From Aug. 31 through Sept. 7, the company repurchased 1.81 million STRC shares for $176.3 million.

Strategy simultaneously increased its Digital Credit Securities Repurchase Program authorization from $1 billion to $2 billion, according to its Sept. 8 filing.

Another 1.42 million STRC shares were repurchased for $139.3 million between Sept. 8 and Sept.

1. Strategy funded that transaction from its separate USD Cash balance, leaving its designated USD Reserve untouched.

Strategy had spent roughly $950.8 million on STRC repurchases since the program began in July. The preferred shares had recovered toward Strategy's targeted $99-to-$100 range.

CEO Phong Le has described discounted STRC repurchases as an attractive use of capital because buying the preferred shares below their $100 stated amount reduces future dividend requirements at a lower purchase price. The policy does not commit the company to a fixed amount or timing for future purchases.

MSTR's Rally Outpaces Bitcoin's Move

Strategy's one-month return has been considerably larger than Bitcoin's price increase over the same general period, reinforcing MSTR's history of producing amplified moves around changes in the value of its primary treasury asset.

On Sept. 18 alone, MSTR gained 16.39% while Bitcoin rose roughly 5% to 6%, depending on the reference time.

Regulatory news coincided with the rally. The SEC had announced a five-year Innovation Exemption on Sept. 17 for qualifying tokenized U.S. stock trading, while the CFTC had sent proposed crypto-market rules for White House review. Bitcoin ETF flows had also returned to positive territory before Friday's move.

Against a mixed broader market, crypto-related stocks strengthened alongside the Bitcoin recovery, making Strategy's advance part of a sector move rather than an isolated company event.

Index Weight and Capital Position

Strategy carries an estimated Nasdaq-100 index weight of roughly 0.20%, far below the index's largest holdings such as Nvidia, Apple, and Microsoft. The company's shorter-term rebound has not erased its longer-term decline, with a roughly 55.35% trailing one-year loss despite the latest monthly rise.

Strategy's official capital position last disclosed on Sept. 14 included $5.10 billion in its USD Reserve and $1.30 billion in USD Cash. After the latest STRC purchases, approximately $1.05 billion remained under its preferred-securities repurchase authorization, while the separate $1 billion MSTR common-stock repurchase authorization remained unused.

Coinasity's Take

Strategy's 47.65% monthly gain underscores the persistent beta between MSTR and Bitcoin, but the two-week pause in BTC purchases and the pivot toward STRC buybacks signal a more nuanced capital-allocation strategy. The company is managing its preferred-share obligations while keeping its 845,050 BTC treasury intact. For investors, MSTR remains a leveraged proxy for Bitcoin, but the recent rally also reflects broader crypto-equity momentum tied to U.S. regulatory developments.