Michael Saylor's Strategy has bought another 811 Bitcoin for $65.5 million, taking its holdings to 849,327 BTC. The company is now just 673 coins short of 850,000, while also spending more on buying back preferred shares than on its latest Bitcoin purchase.
The transactions cover October 26 through November 1. Strategy reported an average purchase price of $80,846 per Bitcoin, including fees and expenses, and said the coins were bought with proceeds from sales of its common stock.
The details appear in a November 2 filing with the Securities and Exchange Commission. Strategy put the total acquisition cost of its Bitcoin holdings at $64.08 billion, with an average cost of $75,451 per coin.
Those figures describe what the company paid to build its holdings. They are separate from the market value of the Bitcoin on its balance sheet, which changes as the cryptocurrency trades.
Saylor, Strategy's executive chairman, summarized the company's position in his Monday announcement:
As of 11/1/26, we hold 849,327 BTC and $4.9B of USD Assets.
Strategy describes Bitcoin as its primary treasury reserve asset. Its stated approach combines proceeds from equity and debt financing with cash flows from operations to accumulate the cryptocurrency. The company also operates an enterprise analytics software business, with AI-powered products, alongside the Bitcoin treasury operation.
New shares paid for the Bitcoin
Strategy sold 1,178,552 MSTR common shares through its at-the-market offering program during the reporting period. The sales generated $164 million after commissions, with the reported share count including sales not yet settled as of October 30.
Of that money, $65.5 million funded Bitcoin purchases and $98.5 million was allocated to USD Cash. The company reported no sales of its STRF, STRC, STRK or STRD preferred shares through those programs during the week.
The filing also listed about $18.62 billion of MSTR shares still available for issuance and sale under the program as of November 1. That is remaining fundraising capacity, rather than money already raised or committed to buying Bitcoin.
Preferred-share buybacks took a bigger check
Alongside the Bitcoin addition, Strategy repurchased 2,092,035 shares of STRC, its variable-rate Stretch preferred stock, for $208.2 million. Those purchases were funded from USD Cash, a separate source from the common-share proceeds allocated to Bitcoin.
STRC also had $17.51 billion available for issuance and sale under its offering program. The repurchases therefore sit alongside an existing fundraising authorization, even though the company sold none of those preferred shares that week.
The company reported no buybacks of MSTR or its other listed preferred securities in the same update. It still had $748.6 million available under its digital-credit securities repurchase program and $1 billion under its MSTR repurchase program.
The cash figures help explain how Strategy is managing several demands at once. Buying Bitcoin, repurchasing preferred stock and paying dividends each draw on different parts of its capital framework.
The filing distinguishes the USD Reserve from USD Cash. The reserve is intended to support preferred-stock dividends and interest on outstanding debt. Management keeps USD Cash for broader treasury purposes, which can include Bitcoin acquisitions, additions to the reserve and other capital-management uses.
Strategy used $43.4 million from the reserve to pay preferred dividends during the week. By November 1, the reserve stood at $4.79 billion, while USD Cash totaled $132.7 million.
The update follows a change in STRC payouts. In a November 1 post, the company said:
We have paid every Digital Credit dividend since inception. Starting today, $STRC dividends go daily.
That announcement concerns the preferred security's dividend schedule. It is separate from the number of Bitcoin purchased and from any change in the cryptocurrency's price.