Strategy Spends Nearly Nine Times More on STRC Buybacks Than on Bitcoin
By Coinvote
Strategy bought 267 Bitcoin for $22.1 million last week but spent $193.1 million repurchasing its STRC preferred stock. It also raised its preferred buyback program to $3 billion while facing possible removal from MSCI indexes.
Small Bitcoin purchase, much larger preferred stock buyback
Strategy, the corporate Bitcoin treasury company led by Michael Saylor, disclosed on Monday that it bought 267 BTC between October 12 and October 18. According to an SEC filing cited by both Decrypt and Cointelegraph, the purchase cost $22.1 million, at an average of $82,900 per coin including fees.
In the same week the company repurchased $193.1 million of its variable-rate Stretch preferred stock, known as STRC. That was 1,938,780 shares, according to Decrypt. Cointelegraph noted that Strategy spent nearly nine times as much on the buyback as on Bitcoin.
The filing also lifted Strategy's total holdings to 848,517 BTC. The company paid $64.02 billion for that stack, an average of $75,446 per coin, Decrypt reported.
How each transaction was paid for
The two moves were financed from different pools of money. According to Decrypt, Strategy raised about $22 million from sales of 140,872 MSTR common shares under its at-the-market program, and it contributed $0.1 million in cash. It sold no preferred stock during the week.
The STRC buyback came out of what Strategy calls USD Cash. Decrypt described this as money set aside for general purposes, including Bitcoin purchases. Cointelegraph said the company used existing cash for the repurchase.
Separately, Strategy drew $45.5 million from its USD Reserve to pay dividends. Decrypt explained that the reserve exists to fund the company's preferred dividends and the interest owed on its debt.
The numbers behind the week
The filing contains several figures that show how the balance sheet moved during the week.
- Bitcoin bought: 267 BTC for $22.1 million, at an average of $82,900 per coin.
- Total holdings: 848,517 BTC, bought at an average of $75,446 per coin.
- STRC repurchased: $193.1 million, following $192.4 million in the prior week and $176 million in the week preceding it, per Decrypt.
- Repurchase program: raised from $2.0 billion to $3.0 billion, with $1.16 billion available as of October 18.
- USD Reserve: $4.83 billion, down from $4.88 billion a week earlier.
- USD Cash: $447.3 million, down from $640.5 million a week earlier.
Why Strategy is buying back STRC
Cointelegraph reported that Strategy has previously stated a plan to buy back STRC shares priced under their $100 stated value, with the aim of supporting the stock. A preferred share that trades under its stated value effectively offers buyers a higher yield than intended, so a company may buy it back to narrow that gap.
STRC closed Friday after falling 1.8%, and was up about 0.8% in premarket trading at $98.45, according to Cointelegraph. That is still below the $100 level the company has pointed to.
Cointelegraph added that Strategy has spent $459.2 million on STRC so far in the fourth quarter. Over the same period it spent $72.3 million to acquire 851 Bitcoin. The outlet described this as an ongoing pattern of favoring preferred stock repurchases over coin purchases.
Where Decrypt and Cointelegraph differ
The two outlets agree on the core figures, including the 267 BTC, the $22.1 million cost and the $3 billion authorization. Their emphasis differs, though. Decrypt focuses on the mechanics of the balance sheet, including the reserve and cash movements and how much room remains in each buyback program. Cointelegraph focuses on the proportion of spending and on Saylor's comments about the market.
Decrypt also supplies the weekly history. It said last week's Bitcoin purchase was $21.5 million for 250 BTC at $86,194 per coin, and that Strategy spent $142.7 million on Bitcoin in the last week of September. Cointelegraph supplies the quarter-to-date comparison instead. Read together, they show that weekly Bitcoin purchases have been small compared with the preferred buybacks.
Index risk and Saylor's market view
Decrypt reported that on October 15 MSCI finalized a rule under which firms with balance sheets dominated by one asset no longer qualify for its Global Investable Market Indexes. The change applies after the close of November 30, and the index provider plans to name the affected companies on November 11. Funds tracking those indexes would have to sell shares of any company that is removed. Saylor had called the rule "discriminatory" and urged MSCI to abandon it.
According to Cointelegraph, Saylor said at ParaFi Investor Day on Saturday, "We're moving back into a bull market," citing Bitcoin's move back over its 200-day simple moving average. Bitcoin traded around $82,170 on Monday, up 1.3% over 24 hours and down 0.9% over seven days, per CoinGecko. That is well below its all-time high of $126,080, set in October 2025.
Cointelegraph said MSTR shares ended Friday about 9.6% lower at $138.83 and were up by over 2.5% in premarket trading on Monday.
What to watch next
MSCI's November 11 list will show whether Strategy is classed as a non-operating company. Neither outlet reports what the company plans to do if it is included, so that remains an open question.
The pace of STRC buybacks is another point to follow. USD Cash fell by roughly $193 million in a week, and the larger $3 billion authorization leaves room for more repurchases. Holders of the preferred stock can check Strategy's weekly filings for any change in the reserve, cash balance or the share of spending directed at Bitcoin versus STRC.
Market snapshot
| Asset | Price | 24h | 7d | Market cap |
|---|---|---|---|---|
| Bitcoin (BTC) | $82,170 | +1.3% | -0.9% | $1.65 trillion |
CoinGecko data as of 2026-10-19 (UTC).
FAQ
How much Bitcoin does Strategy hold after its latest purchase?
Strategy holds 848,517 BTC after buying 267 BTC between October 12 and October 18. The company paid $64.02 billion for its holdings, an average of $75,446 per coin, according to Decrypt.
Why is Strategy repurchasing STRC preferred stock?
Cointelegraph reported that Strategy has previously indicated it plans to buy back STRC shares priced under their $100 stated value in order to support the price. Last week it spent $193.1 million on the buyback and raised its program authorization to $3 billion.
What is the MSCI rule that could affect Strategy?
Decrypt reported that MSCI finalized a rule on October 15 under which firms dominated by one asset no longer qualify for its Global Investable Market Indexes after the close of November 30. The index provider plans to name the affected companies on November 11.
Sources
- Decrypt: Strategy Buys $22M in Bitcoin, Buys Back $193M of STRC (2026-10-19)
- Cointelegraph: Strategy buys $22M in Bitcoin, repurchases $193M in STRC (2026-10-19)
- CoinGecko (market data)
Written by the Coinvote news desk from reporting by Decrypt and Cointelegraph. Not financial advice.
