Strategy's $176M STRC Shopping Spree Outshines Its $29M Bitcoin Haul 🛒

Strategy bought 334 BTC for $28.7 million between October 1 and October 4 at an average price of $85,838.80 per coin, lifting its holdings to a record 848,000 BTC as of October 4, 2026, according to an 8-K filing with the US Securities and Exchange Commission. The Bitcoin purchase was overshadowed by the company's simultaneous buyback of 1,774,802 shares of its STRC preferred stock for $176.3 million during the same window — a sum more than six times the size of its weekly Bitcoin acquisition. Of that total, $102.6 million funded the repurchase of 1,033,168 STRC shares in late September, with another 740,634 shares repurchased for $73.7 million in the first four days of October. The buyback program has $547.2 million remaining.

Strategy funded $154.1 million of the STRC repurchases from its USD Cash balance and $22.2 million from interest earned on cash and short-term investments. The company also sold 92,894 MSTR shares for $15.7 million in net proceeds, directing the entire amount into Bitcoin along with a further $13 million drawn from USD Cash. None of its four preferred lines were sold through at-the-market programs during either period. Dollar balances are now split between a USD Reserve of $4.88 billion, earmarked for preferred dividends and debt interest, and USD Cash of $833.4 million for general purposes including Bitcoin purchases. During the week to October 4, Strategy drew $142.5 million from the reserve for dividends and interest payments.

The company reported a preliminary $20.91 billion gain on its digital assets for the third quarter of 2026, reflecting the fair value mark-to-market of its Bitcoin holdings, along with $1.88 billion in associated deferred tax expense. Strategy's average cost across the full position stands at $75,440.70, meaning the Bitcoin acquired last week was purchased at roughly 14% above its basis. During the quarter, the company acquired 7,218 BTC while selling 5,553 BTC, leaving holdings at 847,666 BTC at the end of September, a net increase of 1,666 BTC worth about $143 million at the time of publication. By comparison, Strategy spent about $1.38 billion repurchasing STRC during the quarter.

The capital allocation pattern extends beyond Strategy. Tokyo-listed Bitcoin treasury firm Metaplanet sold 10,000 BTC and bought back 11,000 BTC during its own third quarter, a round trip the company disclosed as a demonstration to credit rating agencies that it could convert Bitcoin to cash on demand. Metaplanet's net effect was an increase of 1,000 BTC, taking its holdings to 44,000 BTC as of September 30, per BitcoinTresauries.

Separately, Strategy filed a proxy seeking shareholder approval to overhaul dividend payments across its preferred-stock lineup, proposing daily payouts on STRC, STRF, STRK and STRD in place of the current twice-monthly STRC schedule and quarterly payments on the other three lines. The company said the proposal would not change dividend rates or its overall payment obligations but could shorten reinvestment delays and improve liquidity and price stability. Shareholders are scheduled to vote on the proposal at a special meeting on October 28. If approved, STRC's daily schedule would begin in November, with STRF, STRK and STRD following in January. MSTR shares were up 2.9% in premarket trading at $164.60, while STRC traded near its $100 stated amount at $99.45, according to Yahoo Finance. Bitcoin was trading around $86,063, according to CoinGecko.