Strategy Spends $192 Million Buying Back Its Preferred Stock, Nearly Nine Times Its Bitcoin Buy

Saylor's company spent nearly nine times as much repurchasing its Stretch preferred stock as it did on bitcoin last week, leaving $354.8 million of its $2 billion buyback authorization.

Strategy put most of last week's spending into STRC buybacks

Posted October 12, 2026 at 12:18 pm ET.

Quick Take

Strategy put most of its weekly spending into buying back its own preferred stock instead of bitcoin.
The company funded its small bitcoin purchase mainly by selling common shares, not preferred stock.
The buyback authorization is shrinking, and shareholders will soon vote on paying daily dividends on its preferreds.

Strategy directed most of its spending last week toward its own preferred stock rather than bitcoin. The company announced on Monday that it repurchased 1,932,145 shares of STRC for $192.4 million between Oct. 5 and Oct. 11, while buying just 250 BTC for $21.5 million.

The bitcoin was bought at an average of $86,194 per coin, fees included. That brings Strategy’s holdings to 848,250 BTC, acquired for a combined $64.00 billion, or $75,444 per bitcoin on average.

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Buyback Room Shrinks

STRC, formally the Variable Rate Series A Perpetual Stretch Preferred Stock, was the only security Strategy bought back during the week. The company repurchased none of its other preferreds and none of its MSTR common stock.

After the latest purchases, $354.8 million remains under Strategy’s digital credit securities repurchase program. The board doubled that program to $2 billion in September. A separate $1.0 billion authorization for MSTR shares is untouched.

Strategy has been buying STRC below its $100 par value for weeks, and it stopped selling new STRC through its at-the-market program in June after the shares slipped under that level.

How It Paid

The release said $21.0 million of the bitcoin purchases came from net proceeds of selling 125,183 MSTR shares, with the remaining $0.5 million drawn from cash. Strategy sold no preferred stock under its at-the-market programs during the period.

The company keeps two dollar buckets: a USD Reserve meant to cover preferred dividends and debt interest, and USD Cash for broader uses, including bitcoin buys and capital management. As of Oct. 11, the reserve stood at $4.88 billion and USD Cash at $640.5 million.

Shareholders are scheduled to vote on Oct. 28 on a proposal to pay daily dividends on STRC and three other Strategy preferreds.

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.