Strategy STRC buybacks reached $192.4 million in the week ended October 11, nearly nine times the $21.5 million the company used to acquire 250 Bitcoin, according to an October 12 disclosure. The Michael Saylor-founded firm bought back 1,932,145 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock during the October 5 to 11 period.

The figures matter because they show where the world's largest corporate Bitcoin holder is currently directing its capital. Strategy remains a net accumulator of Bitcoin, but last week's disclosures show preferred-share repurchases absorbing the overwhelming share of spending, a pattern CryptoSlate said highlights the competing demands of Bitcoin accumulation and support for the company's preferred securities.

STRC buybacks dwarf latest Bitcoin purchase

The 250 Bitcoin were bought at an average price of $86,194 per coin, including fees and expenses, according to the company's announcement. That was up slightly from the $85,839 average paid for 334 BTC in the prior reporting period, and the latest buy marked Strategy's fourth consecutive week of acquisitions.

The addition lifted Strategy's holdings to 848,250 BTC, acquired for a combined roughly $64 billion at an average price of $75,444 per coin. The company includes transaction fees and other acquisition expenses in its total investment figure.

On the preferred-share side, the implied average repurchase price came in around $99.58 per share, a discount of less than 0.5% to STRC's $100 stated amount, CryptoSlate reported. Crypto News put the weekly average at roughly $99.69 per share based on the reported totals.

STRC was the only security Strategy bought back during the week, and the company disclosed that its STRF, STRK and STRD preferred shares, along with MSTR common stock, saw no repurchase activity. After the transactions, $354.8 million remained under the digital credit securities repurchase program, which management expanded from $1 billion to $2 billion in September.

Common stock sales funded the Bitcoin buy

Strategy financed most of the Bitcoin purchase by selling 125,183 MSTR common shares for approximately $21 million through its at-the-market offering program, with the remaining $500,000 covered by existing U.S. dollar cash. The program allows the company to issue securities into public markets over time.

The company sold no preferred stock during the week, issuing nothing under its STRF, STRC, STRK or STRD at-the-market programs. Strategy has not sold new STRC through its at-the-market program since June, when the shares slipped below their $100 par value, according to Yahoo Finance.

Available issuance capacity stood at approximately $18.81 billion for MSTR common stock, $17.51 billion for STRC, $4.01 billion for STRD, $2.1 billion for STRK and $1.62 billion for STRF, citybiz reported. Strategy's separate $1 billion common-stock repurchase authorization remained fully intact, with no MSTR buybacks reported in the weekly figures.

Buyback math and the shrinking discount

Strategy first explained its rationale for the STRC repurchase program in a July 27 press release, saying it would buy the preferred shares whenever they traded under the $100 par value; the effort opened with a $25 million repurchase. Because the shares change hands below par, retiring them cuts the dividend-bearing capital base for less cash than the company originally took in.

"At prices below $100 per share, STRC repurchases represent an attractive allocation of capital because they can reduce future preferred dividend requirements at a discount," Strategy president Phong Le said, according to Cryptopolitan. Le had previously told investors during the company's second-quarter update that management intended to repurchase shares when STRC traded below $100, with the goal of maintaining a trading range near $99 to $100.

If STRC's 12% annual dividend rate stays in place, the shares just repurchased would remove roughly $23.2 million a year in dividend obligations, CryptoSlate reported. But the discounts are narrowing: the July policy envisaged buying more aggressively at deeper discounts and scaling back as STRC approached $100, while last week's purchases were executed at less than half a percent below stated value.

Strategy's broader objective is to build enough independent demand for STRC to trade consistently near $100 without continued large-scale intervention, CryptoSlate reported. The company set the 12% dividend rate and the $99 to $100 price goal in a June 29 announcement, and management has said it wants the security to hold close to $100 while offering strong liquidity and minimal volatility.

Cash balances and reserve rules

The accelerated repurchases are drawing down the capital pool available for Strategy's broader treasury operations, CryptoSlate reported. The company's USD Cash balance fell $192.9 million from $833.4 million a week earlier, nearly matching the amount spent on STRC buybacks.

As of October 11, Strategy reported a USD Reserve balance of $4.88 billion alongside the separate USD Cash balance of $640.5 million, together roughly $5.5 billion in U.S. dollar assets. The board-approved USD Reserve policy restricts that pool to covering preferred dividends and interest payments, and the company says it is not authorized to tap it for STRC repurchases.

Other uses of the reserve require board authorization, which means sustained STRC spending erodes the unrestricted liquidity available for other purposes unless Strategy raises additional funds, CryptoSlate reported. The June framework generally obliges the company to hold enough in reserve to cover a minimum of 12 months of anticipated preferred dividends and debt interest.

In a separate post, Saylor said Strategy's USD duration stands at 3.5 years, with STRC's Bitcoin credit at 52 basis points, figures derived from assumptions that include Bitcoin appreciating 10% a year with 40% volatility and priced at $82,252.

Weekly pace and the October 28 vote

The latest 250 BTC addition trailed the 334 BTC acquired in the week ended October 4, which itself followed a 1,665 BTC purchase the week before that, according to KuCoin. STRC repurchases moved in the opposite direction, climbing from $176.3 million to $192.4 million over the same span.

The pattern extends further back. Strategy spent $174 million repurchasing STRC and $75.7 million acquiring 950 BTC in the week ending September 20, and repurchased $151.7 million of STRC while buying 1,665 BTC in the period ending September 27. Its October 5 SEC filing disclosed $154.1 million of USD Cash used for STRC repurchases against $13 million for Bitcoin purchases in the September 28 to October 4 period.

Shanaka Anslem Perera, an independent analyst, pointed out that the company's third-quarter common-stock sales brought in $5.41 billion, yet its Bitcoin balance at the end of the quarter was only 1,666 coins higher than at the end of June, Crowdfund Insider reported. DailyCoin and KuCoin both cautioned that the buyback tilt alone does not show reduced Bitcoin conviction, since the company kept buying for a fourth straight week and remains a net accumulator.

Attention now turns to October 28, when common stockholders vote on a proposal to switch STRC and three other Strategy preferred securities to daily dividends. If approved, STRC's first daily record date would be November 1 with a first payment on November 2 and the annualized rate unchanged, according to the company's investor materials; in Strategy's view, paying dividends daily could make the shares more liquid, cut delays in reinvesting payouts and help the price hold steadier near the $100 target.

Conclusion

Strategy's October 12 disclosure established a clear split in its weekly capital deployment: $192.4 million went to repurchasing nearly 1.93 million STRC shares while $21.5 million bought 250 Bitcoin, lifting total holdings to 848,250 BTC. The buybacks are eating into unrestricted cash even as the discount to STRC's $100 stated amount narrows below half a percent.

The next concrete dates are October 28, when shareholders vote on moving STRC and three other preferreds to daily dividends, and November 1, when the first daily record date would fall if the proposal passes. Management is also expected to field questions on its approach to the preferred shares and the decelerating rate of Bitcoin purchases around the vote.

Frequently Asked Questions

How much did Strategy spend on STRC buybacks versus Bitcoin last week?

Strategy spent $192.4 million repurchasing 1,932,145 STRC preferred shares between October 5 and 11, 2026, nearly nine times the $21.5 million it paid for 250 Bitcoin. The figures were disclosed in the company's October 12 capital markets update and SEC filing.

How many Bitcoin does Strategy hold after the latest purchase?

The 250 BTC addition brought Strategy's total holdings to 848,250 BTC as of October 11, keeping it the world's largest corporate holder of the asset. The position was acquired for approximately $64 billion, an average of $75,444 per coin including fees and expenses.

Why is Strategy buying back STRC preferred shares?

Strategy says repurchasing STRC below its $100 par value reduces future preferred dividend requirements at a discount. At the current 12% annual dividend rate, the latest buybacks would eliminate roughly $23.2 million in annualized dividend payments, and the company wants the security to hold close to $100 while offering strong liquidity and minimal volatility.

How did Strategy fund its latest 250 BTC purchase?

Strategy raised approximately $21 million by selling 125,183 MSTR common shares through its at-the-market offering program during the week, covering most of the $21.5 million purchase. The remaining $500,000 came from existing U.S. dollar cash, and the company sold no preferred stock during the period.

What happens at Strategy's October 28 shareholder vote?

Common stockholders will decide whether STRC and three other Strategy preferred securities should move to daily dividend payments. If approved, STRC's first daily record date would be November 1 with a first payment on November 2, and the annualized dividend rate would remain unchanged, according to the company's investor materials.