• Strategy (MSTR) acquired 811 BTC for $65.5 million at an average price of $80,846 per Bitcoin, bringing total holdings to 849,327 BTC.
  • The company sold 1.18 million MSTR shares, raising $164 million, with $98.5 million allocated to USD Cash.
  • Strategy repurchased $208.2 million of STRC preferred shares during the week, as its USD Reserve stands at $4.79 billion.

Bitcoin Accumulation Continues

Strategy (formerly MicroStrategy) added another 811 Bitcoin to its treasury in the latest reporting week, spending $65.5 million at an average price of $80,846 per token. The purchase brings the company’s total Bitcoin holdings to 849,327 BTC, according to a filing. The move underscores Strategy’s commitment to its bitcoin-treasury strategy even as it simultaneously shored up liquidity.

Share Sales and Buybacks

To fund the purchase and other corporate needs, Strategy sold 1.18 million MSTR shares, generating $164 million in proceeds. Of that, $98.5 million was allocated to USD Cash, padding the company’s reserves. Additionally, Strategy repurchased $208.2 million of its STRC preferred shares during the week—a move that reduces future dividend obligations but consumes cash that could otherwise support Bitcoin purchases or reserves. The company’s USD Reserve now stands at $4.79 billion, with another $132.7 million in USD Cash.

The buyback activity is part of a broader pattern: in the week ending October 11, Strategy bought 250 BTC while repurchasing $192.4 million of STRC; later, it paused Bitcoin purchases and repurchased about $204.9 million of STRC in the week ending October 25. The latest week shows a return to Bitcoin accumulation alongside preferred-share repurchases, highlighting the company’s balancing act between growth and financial prudence.

Market Context

Strategy’s moves come amid a mixed landscape for corporate Bitcoin treasuries. While Strategy remains the largest holder, other firms are also active: Strive (ASST) reported buying 6,182 BTC in the week of October 17–23, indicating that corporate demand for Bitcoin extends beyond the pioneer. The price of Bitcoin has been volatile, and Strategy’s average purchase price of $80,846 suggests it is buying into dips or strategic levels.

Risks and Implications

The key risks for Strategy remain Bitcoin-price volatility and the cost and terms of its financing and preferred shares. The STRC buybacks may lower future dividend burdens, but they also reduce cash available for Bitcoin purchases or reserves. The company’s USD Reserve of $4.79 billion provides a cushion, but the sustainability of this strategy depends on Bitcoin’s performance and access to capital markets.

Strategy did not immediately respond to a request for comment on the filing.

Correction: An earlier version of this article misstated the week in which Strive purchased 6,182 BTC. It was the week of October 17–23, not the latest week.