November 2, 2026 — Strategy Inc. disclosed purchases of 811 Bitcoin for $65.5 million during October 26–November 1, taking its treasury to 849,327 BTC. The bigger capital-management action was a $208.2 million repurchase of its STRC preferred shares: 3.18 times the amount spent acquiring Bitcoin. Both transactions appear in the company’s November 2 SEC Form 8-K.

Bitcoin Purchases Return, but the Financing Has Two Jobs

Strategy sold 1,178,552 MSTR common shares through its at-the-market program, netting $164.0 million. It used $65.5 million to acquire Bitcoin at an average of $80,846 per coin and allocated $98.5 million to its USD Cash account. The new total Bitcoin cost basis is $64.08 billion, averaging $75,451 per BTC, including fees. This extends the 848,517 BTC position reported after third-quarter earnings.

The company simultaneously repurchased 2,092,035 STRC shares for $208.2 million using existing USD Cash. Its USD Reserve separately paid $43.4 million in preferred dividends. As of November 1, the reserve stood at $4.79 billion and unrestricted general-purpose USD Cash at $132.7 million. These balances serve different functions.

Why STRC Matters to the Treasury Model

STRC is part of Strategy’s expanding preferred-share capital structure, designed to attract income-oriented investors while managing exposure to Bitcoin. The company recently won shareholder approval for daily dividend mechanics. Its credit-rating review also highlighted the importance of liquidity and financing conditions. Repurchasing preferred securities may support market pricing, but it reduces deployable cash.

Reader-supplied video on Strategy for additional perspective.

The distinction also matters for shareholders: selling new MSTR shares can dilute ownership, while buying Bitcoin does not automatically increase Bitcoin per diluted share. Strategy’s digital-credit thesis increasingly depends on managing both the Bitcoin reserve and the preferred-stock obligations supporting it.

What to Watch Next

Strategy’s filing shows $748.6 million still authorized for preferred-stock repurchases. Investors should watch future MSTR issuance, net Bitcoin-per-share changes, USD Cash replenishment and STRC market pricing rather than treating every Bitcoin acquisition as the whole strategy. The announced finance leadership transition makes consistent disclosure especially important.

Strategy’s official November 2, 2026 X announcement reports the 811-BTC acquisition, STRC repurchases, and 849,327-BTC treasury total.

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