Strategy Adds 250 Bitcoin and Repurchases $192.4 Million in STRC

Preface

Strategy, a company known for holding Bitcoin in its treasury, reported two notable transactions for the week between October 5 and October 11: it purchased additional Bitcoin and repurchased shares of its variable-rate Stretch preferred stock, known as STRC. The company said it acquired 250 BTC for $21.5 million, while spending $192.4 million to buy back 1,932,145 STRC shares. These moves came as Strategy continued to manage its sources of funding, preferred-stock obligations, and cash reserves. This article summarizes the reported transactions, the company’s Bitcoin holdings, how it financed the latest purchase, and the composition of its U.S. dollar reserves. It also places the latest activity alongside the prior week’s purchases and the company’s stated plans and outlook. The figures and statements below reflect the information in the company’s release and the accompanying report.

Lazy bag

Strategy bought 250 BTC for $21.5 million at an average price of $86,194 per coin, including fees, and reported total holdings of 848,250 BTC. It funded most of the purchase by selling $21 million of MSTR common stock, supplemented by $500,000 in cash. The company also repurchased 1,932,145 STRC shares for $192.4 million, leaving $354.8 million available in its buyback program. As of October 11, its reserves included $4.88 billion designated for preferred dividends and debt interest, plus $640.5 million in cash for broader purposes. The report highlights both continued Bitcoin accumulation and active management of preferred stock and dollar reserves.

Main Body

Strategy said on Monday that it had purchased 250 BTC during the week from October 5 to October 11. The company paid $21.5 million for the coins, with an average purchase price of $86,194 per Bitcoin, including fees. The transaction added to a Bitcoin position that the report described as a new record: 848,250 BTC. Strategy said it had acquired those holdings for a total of $64 billion, at an average cost of $75,444 per coin.

The purchase represents one part of a broader treasury approach in which Strategy holds Bitcoin alongside U.S. dollar assets and uses capital-market transactions to fund activity. The reported average purchase price for the latest week is higher than the company’s stated average cost across its full Bitcoin holdings. These are distinct measures: one describes the price paid for the latest 250 BTC, while the other reflects the average acquisition cost of the entire reported position.

Strategy financed most of the latest Bitcoin purchase through its at-the-market offering program. It raised $21 million by selling about 125,000 shares of its MSTR common stock, then used $500,000 of cash to cover the remainder. The report said Strategy sold none of its preferred stock during the week. This funding breakdown indicates that common-stock issuance, rather than preferred-stock issuance, was the primary source of capital for the Bitcoin purchase.

Separately, Strategy repurchased 1,932,145 shares of STRC, its variable-rate Stretch preferred stock, for $192.4 million. The buyback reduced the number of shares outstanding under the program and left $354.8 million available for further preferred-share repurchases. The scale of the buyback was considerably larger than the cost of the week’s Bitcoin purchase, although the two transactions served different purposes: one expanded the company’s Bitcoin holdings, while the other reduced its preferred-stock shares.

The week’s activity followed another period of purchases and repurchases. In the prior week, Strategy bought $29 million in Bitcoin and repurchased $176 million of STRC. The report also noted that the company posted a $21 billion third-quarter gain. These figures provide context for the latest transactions, but do not by themselves establish how Strategy will conduct future purchases or buybacks.

Strategy’s dollar reserves are divided according to their stated purposes. As of October 11, the company held $4.88 billion in a U.S. dollar reserve set aside for preferred dividends and debt interest. It also held $640.5 million in cash intended for broader uses, including the purchase of Bitcoin. Together, the figures show that Strategy maintains both a designated reserve for specific financial obligations and a separate cash balance for general corporate purposes.

The company initially established its USD reserve with $1.44 billion. It later created a separate USD cash pot after raising $2 billion through MSTR stock sales. The distinction matters because the two pools are described as serving different roles: the reserve is earmarked for preferred dividends and interest on debt, while the broader cash balance may be used for purposes such as buying Bitcoin. The report does not state that all of these funds were used in the latest week’s transactions.

Strategy has also proposed that dividends on its preferred stock accrue 365 days a year. In addition, the company has said it could sell up to $1.25 billion of Bitcoin under its digital credit capital framework. These statements relate to the company’s broader financial plans and should be distinguished from completed transactions. The latest reported activity was the purchase of 250 BTC and the repurchase of STRC shares; the proposed dividend treatment and potential Bitcoin sale were presented as plans or possibilities.

Strategy CEO Phong Le defended selling Bitcoin as the “right trade” in September, according to the report. Weeks later, at the end of the month, the company set a new holdings record after a $143 million purchase. The latest report describes another increase in holdings, bringing the total to 848,250 BTC. The company’s recent activity therefore includes both a public defense of selling Bitcoin under certain circumstances and continued purchases that raised its reported holdings to a record level.

Market expectations about the company’s holdings remain uncertain. Traders on Myriad, a prediction market owned by Decrypt’s parent company Dastan, did not expect Strategy’s holdings to surpass one million BTC by the end of the year. The report put the probability assigned to that outcome at just 5%. This is a market forecast rather than a company commitment, and it does not change the reported holdings figure or establish what Strategy will buy in the future.

Overall, the week’s transactions show Strategy pursuing several financial actions at once: adding Bitcoin, buying back STRC shares, raising capital through MSTR common-stock sales, and maintaining substantial dollar balances for defined and general uses. Reading the figures together helps clarify the separate functions of the company’s assets and financing choices. The Bitcoin purchase expanded its treasury position, while the STRC buyback addressed preferred shares; the reported reserves provide a separate source of funds for obligations and other purposes. Future purchases, sales, and buybacks will depend on decisions not specified in the report.

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