Strategy bought 1,036 BTC and allocated $188 million for STRC buyback

American company Strategy acquired 1,036 bitcoins (BTC) for approximately $81.9 million between November 2 and November 8, 2026. The average purchase price was $79,012 per coin, including fees and associated costs. According to an 8-K form report published on November 9, after the transaction, the total volume of bitcoins on the company's balance sheet reached 850,364 BTC.

During the same period, Strategy allocated $188.3 million for the repurchase of preferred shares STRC, more than double its spending on bitcoin purchases. To finance both operations, the company sold common shares of MSTR worth $283.8 million. The remaining funds were used to replenish a separate USD Cash account.

Strategy's Bitcoin Reserve Reaches 850,364 BTC

The new purchase was the second in a row over the past two weeks. From October 26 to November 1, Strategy acquired 811 BTC for $65.5 million at an average price of $80,846 per coin. The latest transaction was larger in terms of the number of bitcoins, while the average purchase price decreased by approximately 2.3%.

As of November 8, Strategy's total spending on bitcoin purchases was approximately $64.16 billion. The average cost of the entire reserve reached $75,456 per BTC, slightly below the average price of the latest purchase. Meanwhile, the market value of the assets fluctuates with the cryptocurrency rate and may differ from the company's accumulated expenses.

Strategy's holdings account for approximately 4.05% of the maximum bitcoin issuance of 21 million coins. The company continues to accumulate cryptocurrency while simultaneously developing capital-raising tools to finance its operations. However, an increase in the overall BTC reserve does not necessarily mean a similar growth in the number of bitcoins per MSTR share.

Strategy Raised $283.8 Million Through MSTR Share Sale

According to the SEC report, from November 2 to November 8, Strategy sold 2,051,348 common shares of MSTR under an at-the-market (ATM) offering program. After deducting fees, the company received $283.8 million in net proceeds, which it allocated among bitcoin purchases, preferred share buybacks, and cash replenishment.

$81.9 million, or about 28.9% of the raised amount, was directed towards acquiring 1,036 BTC. Another $188.3 million, equivalent to 66.3%, was used for the repurchase of STRC. The remaining $13.6 million was credited to the USD Cash account, intended for broader capital management tasks.

Thus, this week, Strategy used most of the raised funds not to increase its bitcoin reserve but for operations with its own preferred shares. This shows that the company simultaneously manages cryptocurrency assets and obligations to investors. Meanwhile, the issuance of new MSTR shares increases the number of common shares and may lead to the dilution of existing shareholders' stakes.

Why the Company is Repurchasing STRC Preferred Shares

During the reporting week, Strategy acquired 1,887,464 preferred shares of STRC for a total of $188.3 million. The previous week's spending on their buyback was $208.2 million. Thus, the STRC buyback continues, although its weekly volume decreased by approximately 9.6%.

STRC represents a separate class of perpetual preferred shares of Strategy with a variable dividend rate. Unlike common MSTR shares, this instrument provides special dividend payment conditions, and its value depends not only on the company's position but also on the interest rate, market liquidity, and credit risk assessment.

The repurchase of such securities allows Strategy to manage the volume of preferred capital and potentially reduce future dividend obligations. As of November 8, $560.3 million remained available under the preferred share buyback program. A separate $1 billion common share buyback program for MSTR was not utilized during the reporting week.

How Strategy's Dollar Reserves Have Changed

In addition to bitcoins, the company maintains two separate dollar reserves. The first, USD Reserve, is primarily intended for dividend payments on preferred shares and interest on debt obligations. The second, USD Cash, is used for broader corporate tasks, including BTC purchases, reserve replenishment, and capital structure management.

From November 2 to November 8, Strategy allocated $21.1 million from the USD Reserve for dividend payments on preferred shares. After this, the reserve balance was approximately $4.77 billion compared to $4.79 billion the previous week. Meanwhile, the USD Cash balance increased from $132.7 million to $146.2 million, mainly due to the allocation of part of the proceeds from the MSTR sale.

The allocation of capital between bitcoin acquisition, STRC buyback, and cash reserves reflects several parallel financial tasks of Strategy. The company continues to increase its cryptocurrency holdings but must also ensure investor payouts and consider the cost of raised financing. The further dynamics of these indicators will depend on the BTC rate, stock market conditions, and new operations with the company's securities.