Strategy Holds Its Bitcoin Stack and Funds a Preferred Share Buyback

Av Coinvote

Publicerad October 27, 2026 - 07:23 UTC | 4 minuter lästid

Strategy bought no Bitcoin last week and spent $204.9 million repurchasing its STRC preferred shares, which cut its general-purpose cash by 46%. The pause comes as an MSCI index rule puts the company's index membership in question.

Strategy sits out Bitcoin and buys back preferred stock instead

Strategy made no Bitcoin purchases last week. It spent $204.9 million on repurchases of its STRC preferred stock, according to a Monday filing with the US Securities and Exchange Commission. Cointelegraph reported no sales of stock under the company's at-the-market program either.

Decrypt described the pause as the end of a run of weekly Bitcoin purchases that began in mid-September. The filing covers the week of October 19 to 25, and Cointelegraph put the buyback activity between Monday and Friday. The company repurchased about 2.07 million STRC shares, which Decrypt gave as 2,068,459.

Two pools of dollars, and only one of them paid for the buyback

Strategy keeps two separate dollar balances. Decrypt explained that the USD Cash balance is a general-purpose pool that can fund Bitcoin purchases, while the USD Reserve is earmarked for dividends owed on preferred shares and interest owed on the company's debt. The buyback was paid entirely from the cash pool, which fell to $242.4 million from $447.3 million a week earlier.

The reserve did not move and stayed at $4.83 billion, both outlets reported. That distinction matters for readers following the company's Bitcoin appetite. The pool that normally funds coin purchases is now far smaller, even though the dividend-and-interest cushion is intact.

The numbers behind the pause

The figures below come from the company's filing as relayed by Cointelegraph, Decrypt and The Block.

Bitcoin holdings are unchanged at 848,517 BTC, acquired for $64.02 billion at an average of $75,446 per coin.
The STRC buyback of $204.9 million followed weekly buybacks of $193.1 million and $192.4 million, according to Decrypt.
Since October began, Strategy has spent about $664 million on STRC repurchases, against $72.3 million spent to buy 851 BTC, Cointelegraph reported.
The preferred buyback program has $956.8 million remaining out of $3 billion, after being raised from $2 billion a week earlier. A separate MSTR common stock program has $1 billion left.
The Block noted that the holdings equal roughly 4% of Bitcoin's supply cap, with $3.9 billion in paper gains.

How the outlets' accounts line up

The core numbers agree across Cointelegraph and Decrypt, the two outlets that provided full text on Strategy. Each reports the same holdings, average cost, buyback size and cash balance. The Block's available summary covers only the buyback headline, the share of supply and the paper gain, so it adds no detail on cash or index risk.

Each outlet adds something different. Cointelegraph tracks the market backdrop. It said Bitcoin slid toward $80,000 after touching $84,777 on Wednesday, according to CoinGecko, and that MSTR fell 2.2% to $142.80 in Monday premarket trading while STRC edged down to $99.35. Decrypt supplies the weekly purchase history, the program sizes and the index-rule context. CoinGecko data now shows Bitcoin at $79,544, still above Strategy's average cost, and down 5.8% over 30 days.

Why the MSCI rule hangs over the pause

Decrypt connected the pause to a separate deadline. On October 15, MSCI finalized a rule that makes companies it classes as non-operating, where one asset dominates the balance sheet, ineligible for its Global Investable Market Indexes after November 30. MSCI plans to release the names of the affected companies on November 11, Decrypt said.

If Strategy lands on that list, Decrypt reported, funds that track the indexes would have to sell the shares. Chairman Michael Saylor had called the rule "discriminatory" and asked MSCI to abandon it. Neither outlet says the buyback and the index decision are linked, so any connection is an open question.

What to watch before November 30

The first marker is whether the next weekly filing shows Bitcoin purchases resuming or another large STRC repurchase. Another buyback of similar size would shrink the USD Cash balance further, since it stands at $242.4 million. The remaining $956.8 million under the preferred program sets a ceiling on how long that pace can continue.

The second marker is MSCI's November 11 list. Readers who follow treasury-company stocks alongside token markets can compare this story with newly listed Ethereum tokens to see where community attention is moving, but the index decision is the event that could change forced-selling dynamics for Strategy shares.

Separately: a developer conference plans a trip to Antarctica

In unrelated Bitcoin news, Bitcoin Magazine reported that the bitcoin++ conference series will hold an expedition edition from January 24 to February 5, 2028. The ship departs from Ushuaia, Argentina, and sails to the Antarctic Peninsula. Only 22 spots are available.

Bitcoin Magazine quoted per-person fares of $14,900 for a four-person cabin and $16,700 for a two-person cabin, with a 5% reduction for paying the full amount in bitcoin. The final payment is due October 1, 2027. Bitcoin Magazine added that insurance is required and sold separately.

Market snapshot

Asset	Price	24h	7d	Market cap
Bitcoin (BTC)	$79,544	-0.6%	-2.6%	$1.60 trillion

CoinGecko data as of 2026-10-27 (UTC); DeFi TVL from DefiLlama: Ethereum $48.28 billion.

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FAQ

Did Strategy buy any Bitcoin last week?

No. Cointelegraph and Decrypt both reported that Strategy made no Bitcoin purchases or sales, leaving its holdings at 848,517 BTC. It spent $204.9 million on STRC preferred share buybacks instead.

How much cash does Strategy have after the STRC buyback?

Its USD Cash balance fell to $242.4 million from $447.3 million. Its separate USD Reserve for preferred dividends and debt interest stayed at $4.83 billion, according to Decrypt.

What is the MSCI rule that affects Strategy?

On October 15, MSCI finalized a rule under which companies whose balance sheets rest mainly on one asset become ineligible for its Global Investable Market Indexes after November 30. The list of affected companies is due November 11, according to Decrypt.