Strategy has bought Bitcoin again, but the amount pales in comparison to its internal share buybacks. Between Oct. 5 and Oct. 11, 2026, the company purchased 250 BTC worth $21.5 million at an average price of $86,194 per coin. At the same time, management poured $192.4 million into repurchasing 1.93 million shares of STRC preferred stock (Variable Rate Series A Perpetual Stretch Preferred Stock).
Spending on the preferred share buyback was nearly nine times larger than the Bitcoin purchasing budget over the same period. What sets the past week’s transactions apart is not the absence of crypto purchases, but rather a liquidity allocation that is now split in two directions.
Nine Times More for Its Own Shares
The purchase of 250 coins brings Strategy’s total holdings to 848,250 BTC. Its entire crypto portfolio was acquired for a total cost of $64 billion including fees, equivalent to an average price of around $75,450 per coin. Michael Saylor confirmed the latest cash position via his personal X account: "848,250 BTC and around $5.5 billion in US dollar assets as of October 11."
The funding structure for the Bitcoin acquisition followed a specific scheme. The company utilized $21 million from sales of MSTR common stock to fund most of the 250 BTC purchase, while the remaining $500,000 came directly from cash reserves. Meanwhile, the $192.4 million for the STRC preferred stock buyback was drawn from a separate allocation. The preferred stock buyback program still has $354.8 million in unused authorization remaining.
Prioritizing STRC is not a new move. The previous week, as of Sept. 20, Strategy also spent $174 million buying back STRC shares, while Bitcoin purchases absorbed just $75.7 million for 950 BTC. This back-to-back weekly pattern highlights management’s focus on curbing the burden of preferred shares in the market.
A Slowing Pace of Accumulation
Behind the ever-growing holdings figure, Strategy’s pace of Bitcoin accumulation has actually slowed noticeably. Throughout the third quarter of 2026, the company’s total coin reserves grew by a modest 0.2%. During that quarter, Strategy purchased 7,218 BTC but also offloaded 5,553 BTC to the market.
The company’s cash position is clearly divided into two separate buckets. The USD Reserve balance stood at $4.88 billion, specifically allocated to pay preferred share dividends and debt interest. In another bucket, USD Cash stood at $640.5 million for general purposes and future Bitcoin purchases. A $1 billion buyback authorization for MSTR common stock also remains intact, with no repurchases executed during this period.
The Option to Sell Assets for Dividends
Liquidity demands to sustain this financial structure have opened up new scenarios. Strategy proposed calculating preferred share dividends on a 365-day annual basis. Furthermore, the company introduced the option to sell up to $1.25 billion in Bitcoin under a digital credit capital framework.
For crypto market participants, this dynamic offers a reality check: Strategy is no longer a one-way buyer that only accumulates assets without selling. When dividend obligations and capital restructuring require cash liquidity, the world’s largest corporate Bitcoin holder must balance its own balance sheet.
Reported via Cointelegraph.
Read also: What Is Bitcoin Halving?
Previously: Saylor Hints at New Bitcoin Buy - While Preferred Stock Spending Hits Six Times Its Crypto Budget
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
