Strategy’s $208.2M STRC Buyback Outshines Its 811-BTC Shopping Spree

Strategy spent $208.2 million repurchasing 2,092,035 STRC preferred shares last week, more than three times the $65.5 million it used to buy 811 $BTC between October 26 and November 1. The company acquired the Bitcoin at an average price of $80,846 per coin, bringing its holdings to 849,327 BTC valued at approximately $65.9 billion, according to a Monday, November 2, 2026 filing with the Securities and Exchange Commission. Strategy paid $64.08 billion for its Bitcoin position, averaging about $75,451 per coin.

The Bitcoin purchase resumed after a one-week pause and was financed through the sale of 1,178,552 MSTR shares for approximately $164 million in net proceeds. Strategy allocated $65.5 million of the proceeds to Bitcoin and $98.5 million to its USD Cash account. USD Cash totaled $132.7 million as of November 1, down from $242.4 million a week earlier, while the company’s separate USD Reserve stood at $4.79 billion after $43.4 million in dividend payments. Strategy said it had $4.9 billion in combined USD assets and a “USD Duration” of 3.3 years. About $748.6 million remained available under its preferred-stock repurchase program.

Strategy also reported $19.5 billion in third-quarter net income. Its STRC preferred stock rose 0.1% in Monday pre-market trading to $99.22, about 0.8% below its $100 target price, according to Yahoo Finance. The company’s policy prohibits issuing new STRC shares below $100, restricting that funding source while the stock trades under its target. Earlier in October, Strategy bought 267 BTC for $22.1 million and spent about $664 million on STRC buybacks between Oct. 1 and Oct. 25, compared with approximately $72 million in Bitcoin acquisitions over that period. The latest buyback total was up from $204.9 million the previous week.

Michael Saylor shared his Bitcoin tracker on Sunday with the caption, “We found room for even more orange,” before Strategy announced the purchase. Saylor expects Bitcoin to return to six figures and $100,000 despite recent market weakness and declining MSTR shares. Mizuho Financial Group maintained an Outperform rating and a $165 price target on MSTR after Strategy’s third-quarter earnings call, citing net leverage that fell to 2.4% from 8.4%. Analyst Dan Dolev also noted that Bitcoin per share had declined 3.7% during the year. Strategy could face removal from MSCI equity indexes under an October rule treating companies dominated by a single asset as ineligible; MSCI plans to publish the affected companies on November 11.

Shareholders also approved daily dividends on Strategy’s four preferred stocks, with STRC’s first daily record date set for November 1. Separately, Japan’s Metaplanet spent about 25.27 billion yen ($160 million) to repurchase 96.45 million common shares between Oct. 14 and Saturday, representing roughly 7.1% of its issued shares.