Strategy on Oct. 12 said it spent $21.5 million to purchase an additional 250 Bitcoin between Oct. 5 and Oct. 11, raising its total holdings to a record 848,250 BTC. The majority of the transaction was funded with proceeds from the sale of MSTR common stock.
During the same period, Strategy spent $192.4 million to repurchase nearly 1.93 million shares of STRC preferred stock, nearly nine times what it used to buy Bitcoin. The sale of MSTR increased outstanding common shares, while repurchasing STRC helped reduce dividend-eligible shares and the company’s future payout obligations.
Strategy has acquired 250 $BTC and repurchased $192M of $STRC. As of 10/11/26, we hold 848,250 BTC and $5.5B of USD Assets. $MSTRhttps://t.co/PHEXogMumh
— Strategy (@Strategy) October 12, 2026
Strategy Funds Bitcoin Purchase With MSTR Share Sales
According to Strategy’s official announcement, the company sold 125,183 shares of MSTR common stock through its at-the-market offering program, netting $21 million after deducting commissions. Together with $500,000 from USD Cash, these funds were used to purchase 250 BTC at an average price of $86,194 per coin, including fees and related expenses.
The issuance increased the number of outstanding MSTR shares, while Strategy’s Bitcoin holdings grew from 848,000 to 848,250 BTC, or approximately 0.03%. The company did not sell additional preferred stock during the period, instead repurchasing STRC.
STRC Buyback Dwarfs Bitcoin Spending
STRC was the only security repurchased by Strategy between Oct. 5 and Oct. 11. The company bought back 1,932,145 shares for a total price of $192.4 million, equivalent to approximately $99.58 per share and close to the nominal value of $100. This expenditure was approximately 8.95 times the amount Strategy used to purchase Bitcoin in the same period.
Strategy spent $192.4 million repurchasing STRC. Source: Strategy
Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) is a perpetual preferred stock with a variable dividend rate. Strategy aims to keep STRC trading around $100 and states it will repurchase shares when the price is below par value, subject to market conditions, liquidity, and available funding.
The retrieval of nearly 1.93 million shares reduces the amount of dividend-eligible STRC. With a nominal value of approximately $193.2 million and a current annual dividend rate of 12%, the transaction could reduce annual dividend payouts by approximately $23.2 million if payout levels remain unchanged.
Following the deal, Strategy has $354.8 million remaining under its preferred stock repurchase authorization. The $1 billion MSTR buyback program remains unused.
Bitcoin Purchases Fall as STRC Buybacks Rise
From Sept. 21 to Sept. 27, Strategy bought 1,665 BTC for $142.7 million and spent $152 million repurchasing STRC. Between Oct. 1 and Oct. 4, Bitcoin purchases dropped to 334 BTC, worth $28.7 million, while STRC expenditures rose to $176 million. For the week of Oct. 5 to Oct. 11, the company bought 250 BTC and further raised its STRC repurchase value to $192.4 million.
The amount of Bitcoin purchased in the most recent week was about 25% lower than the previous announcement and 85% lower than the late-September transaction. However, the previous 334 BTC figure covered only four days, whereas the latest data covers a full week. The decline therefore only reflects total purchase volumes in each period, not the exact daily buying pace.
In the first 11 days of October, Strategy spent $50.2 million to buy 584 BTC. During the same period, the company allocated $368.4 million to repurchase STRC, approximately 7.3 times higher than its Bitcoin expenditure.
The shift comes after Strategy adjusted its capital management policy in late June. The company stated it would be flexible between issuing and repurchasing securities, depending on market prices and shareholder benefit.
Strategy’s Bitcoin Holdings Reach 848,250 BTC
Following the latest transaction, Strategy holds 848,250 BTC, equivalent to approximately 4.04% of the maximum 21 million Bitcoin supply. The company has spent a total of approximately $64 billion to accumulate these assets, at an average purchase price of $75,444 per BTC, including fees and related expenses.
With Bitcoin trading around $82,881 at the end of Oct. 12, Strategy’s BTC holdings have a market value of approximately $70.3 billion. This is about $6.3 billion, or nearly 9.9%, above the total cost basis. The difference is unrealized and will fluctuate with Bitcoin’s price.
As of Oct. 11, Strategy had $4.88 billion in its USD Reserve, a reserve designated for preferred stock dividends and interest expense. The company had another $640.5 million in USD Cash for buying Bitcoin, topping up reserve funds, or other capital management activities. The total combined balance reached approximately $5.52 billion, although each account has its own specific purpose.
