During the October 1 episode of Mad Money, Jim Cramer reviewed the Nasdaq 100’s third-quarter performance and questioned buying Strategy Inc (NASDAQ:MSTR) as a way to gain Bitcoin exposure. He said:
Alright, what about the Nasdaq 100, which finished up 2.47%? The gains here don’t offer much insight sadly. Bitcoin finally rallied and that took Strategy, remember, used to be Micro Strategy, a levered Bitcoin repository, up 76%. Now, look, if you like Bitcoin I got an idea, buy Bitcoin.
Cramer has maintained a similar kind of sentiment for a long time, as he mentioned it in an August episode.
Bitcoin Holdings Grow Along With Cash Reserves
Strategy Inc (NASDAQ:MSTR) continued adding Bitcoin in September. Its September 28 disclosure reported purchases of 1,665 Bitcoin for $142.7 million during the preceding week, bringing total holdings to 847,666 Bitcoin. The company’s aggregate acquisition cost was $63.95 billion, or $75,437 per Bitcoin, including fees and expenses.
The company also reported a $5.02 billion U.S. dollar reserve designated for preferred-stock dividends and debt interest, plus $1 billion in additional dollar cash as of September 27. During the week, it repurchased approximately 1.53 million shares of its STRC preferred stock for $151.7 million.
Earlier balance-sheet actions reduced convertible debt. In May, Strategy repurchased $1.5 billion of convertible notes for approximately $1.38 billion, lowering outstanding convertible-note principal to approximately $6.71 billion. Management also reported that Bitcoin per share increased 5% during the second quarter.
Cramer would rather own Bitcoin directly—but if you want a stock-market proxy, is Coinbase or Strategy the better bet? Check out Coinbase (COIN) vs Strategy (MSTR) to find out.
Financing Obligations And A Premium To A Treasury Peer
Strategy Inc’s (NASDAQ:MSTR) results remain heavily exposed to Bitcoin price changes. Its second-quarter operating loss of approximately $8.33 billion included approximately $8.32 billion in unrealized digital-asset losses. Preferred dividends totaled $400.7 million, and the company disclosed that it had sold approximately $218.4 million of Bitcoin during 2026 through July 26 to fund part of those payments.
New equity issuance continues along with Bitcoin purchases. Strategy sold approximately 1.47 million common shares for $246.2 million during September 21–27, using the proceeds for Bitcoin purchases and preferred-stock repurchases. Those transactions increased the common-share count even as the company expanded its Bitcoin holdings.