{
  "reviewed_on": "2026-10-02",
  "method": "Reported SEC figures; balance differences are calculations. Preserve source rounding. Not live data.",
  "previous": {
    "filed_date": "2026-09-21",
    "period_start": "2026-09-14",
    "period_end": "2026-09-20",
    "accession": "0001193125-26-396093",
    "source_url": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526396093/mstr-20260914.htm",
    "btc_row": {
      "accession": "0001193125-26-396093",
      "period_end": "2026-09-20"
    },
    "ending": {
      "aggregate_cost_usd_b": 63.8,
      "usd_reserve_usd_b": 5.04,
      "usd_cash_usd_b": 1.05
    },
    "mstr_atm": {
      "shares_sold": 0,
      "net_proceeds_usd_m": 0
    },
    "strc_repurchase": {
      "shares": 1771238,
      "amount_usd_m": 174
    },
    "reserve_use": {
      "amount_usd_m": 57.4,
      "purpose": "Preferred dividends and debt interest",
      "preferred_dividends_usd_m": null,
      "interest_usd_m": null
    },
    "flows": [
      {
        "id": "cash-bitcoin",
        "from": "usd_cash",
        "to": "bitcoin",
        "amount_usd_m": 75.7,
        "source_section": "Item 8.01 — BTC Update, footnote 1; USD Reserve and USD Cash Updates"
      },
      {
        "id": "cash-strc",
        "from": "usd_cash",
        "to": "strc_repurchase",
        "amount_usd_m": 174,
        "source_section": "Item 8.01 — USD Reserve and USD Cash Updates"
      },
      {
        "id": "reserve-dividends-interest",
        "from": "usd_reserve",
        "to": "dividends_and_interest",
        "amount_usd_m": 57.4,
        "source_section": "Item 8.01 — USD Reserve and USD Cash Updates"
      }
    ],
    "notes": [
      "The filing reports no ATM share sales during the period. Zero ATM proceeds reflect that explicit statement.",
      "USD Reserve use of $57.4 million covers preferred dividends and debt interest together. The filing does not disclose a split."
    ],
    "btc": {
      "filed_date": "2026-09-21",
      "filed_weekday": "Mon",
      "period_start": "2026-09-14",
      "period_end": "2026-09-20",
      "action": "buy",
      "btc": 950,
      "avg_price_usd": 79670,
      "amount_usd_m": 75.7,
      "holdings_after": 846000,
      "avg_cost_after_usd": 75416,
      "accession": "0001193125-26-396093",
      "funding": "USD Cash",
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526396093/mstr-20260914.htm"
    }
  },
  "current": {
    "filed_date": "2026-09-28",
    "period_start": "2026-09-21",
    "period_end": "2026-09-27",
    "accession": "0001193125-26-403417",
    "source_url": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526403417/mstr-20260914.htm",
    "btc_row": {
      "accession": "0001193125-26-403417",
      "period_end": "2026-09-27"
    },
    "ending": {
      "aggregate_cost_usd_b": 63.95,
      "usd_reserve_usd_b": 5.02,
      "usd_cash_usd_b": 1
    },
    "mstr_atm": {
      "shares_sold": 1469165,
      "net_proceeds_usd_m": 246.2
    },
    "strc_repurchase": {
      "shares": 1534530,
      "amount_usd_m": 151.7
    },
    "reserve_use": {
      "amount_usd_m": 22.1,
      "purpose": "Preferred dividends",
      "preferred_dividends_usd_m": 22.1,
      "interest_usd_m": null
    },
    "flows": [
      {
        "id": "mstr-bitcoin",
        "from": "mstr_atm",
        "to": "bitcoin",
        "amount_usd_m": 142.7,
        "source_section": "Item 8.01 — ATM Update, footnote 3"
      },
      {
        "id": "mstr-strc",
        "from": "mstr_atm",
        "to": "strc_repurchase",
        "amount_usd_m": 103.5,
        "source_section": "Item 8.01 — ATM Update, footnote 3"
      },
      {
        "id": "cash-strc",
        "from": "usd_cash",
        "to": "strc_repurchase",
        "amount_usd_m": 48.1,
        "source_section": "Item 8.01 — USD Reserve and USD Cash Updates"
      },
      {
        "id": "reserve-dividends",
        "from": "usd_reserve",
        "to": "preferred_dividends",
        "amount_usd_m": 22.1,
        "source_section": "Item 8.01 — USD Reserve and USD Cash Updates"
      }
    ],
    "notes": [
      "Reported STRC funding allocations total $151.6 million; the repurchase table separately reports $151.7 million. The displayed figures differ by $0.1 million. Preserve both and do not invent a balancing flow.",
      "Reported holdings increased by 1,666 BTC between these filings; the current filing reports 1,665 BTC purchased. Preserve both figures rather than treating the holdings difference as the purchase count."
    ],
    "btc": {
      "filed_date": "2026-09-28",
      "filed_weekday": "Mon",
      "period_start": "2026-09-21",
      "period_end": "2026-09-27",
      "action": "buy",
      "btc": 1665,
      "avg_price_usd": 85681,
      "amount_usd_m": 142.7,
      "holdings_after": 847666,
      "avg_cost_after_usd": 75437,
      "accession": "0001193125-26-403417",
      "funding": "MSTR ATM share sales",
      "filing_url": "https://www.sec.gov/Archives/edgar/data/1050446/000119312526403417/mstr-20260914.htm"
    }
  }
}