Strategy (MSTR) Adds 1,036 Bitcoin for $81.9 Million as Holdings Slip Below Cost
Strategy added 1,036 bitcoin to its holdings last week, spending $81.9 million at an average of $79,012 per coin, according to a Monday filing.
The purchase pushed Strategy's total bitcoin holdings to 850,364 BTC, bought for a total of $64.16 billion at an average of $75,456 per coin.
The firm funded the acquisition with net proceeds from common stock sales, selling about 2.05 million shares for $283.8 million.
Strategy used the remaining funds to repurchase $188.3 million of its STRC preferred stock and parked $13.6 million in USD cash.
Strategy has acquired 1,036 $BTC and repurchased $188M of $STRC. As of 11/8/26, we hold 850,364 BTC and $4.9B of USD Assets.
Thin Cushion Under Treasury
At the time of writing, bitcoin trades near $74,800, leaving Strategy's roughly $550 million in unrealized losses on its paper holdings.
The new purchase nudged the firm's average cost basis up by only $5, even though the coins were bought at nearly $79,000.
Strategy has run a thin cushion on its treasury before this year, selling bitcoin in four consecutive filings between June 30 and August 10.
Those sales cut the stack to 840,447 BTC at their low, but the firm has since rebuilt past that mark and now holds more than 4% of bitcoin's 21 million supply cap.
Shift to Preferred Buybacks
Strategy's $188.3 million STRC repurchase was more than twice the $81.9 million spent on bitcoin this week.
The pattern of prioritizing preferred buybacks over new bitcoin accumulation has become familiar since the firm built its USD Reserve and USD Cash buckets over the summer.
As of November 8, the USD Reserve stood at $4.77 billion and USD Cash at $146.2 million.
Strategy used $21.1 million of the reserve during the week to pay preferred dividends.
Shareholders recently approved daily dividends on STRC, STRF, STRK and STRD, with daily accrual for STRC beginning November 1.
Next Steps for the Firm
Strategy still has $560.3 million left under its preferred repurchase program and $1.0 billion under its MSTR buyback authorization.
About $18.3 billion of MSTR stock remains available under its ATM program.
MSTR closed Friday at $128.93 after a rough stretch that included a 9% weekly drop into the October 30 close.
The stock was indicated lower in premarket trading Monday.
The test now is whether Strategy keeps buying through an underwater stack or leans harder on preferred buybacks while the ATM stays open.
Related
