Strategy added 334 bitcoin for $28.7 million during the week ended October 4, taking its holdings to 848,000 bitcoin. The purchase was real, but it was smaller than the prior week’s 1,665-coin acquisition. More revealing was the use of cash: Strategy also repurchased about $176 million of its high-yielding STRC preferred stock.
The company’s October 5 filing shows that $154.1 million of cash funded STRC repurchases and $13.0 million funded bitcoin purchases during the period, with the balance of the bitcoin acquisition supported by capital-market proceeds. That mix indicates management was defending the preferred financing stack while continuing to accumulate bitcoin.
Preferred capital is not free
STRC carries a variable dividend designed to keep the security trading near par. When it weakens, the company may raise the dividend, repurchase shares or accept more expensive future funding. Those actions compete directly with bitcoin purchases for cash.
Strategy reported an average bitcoin cost of $75,441 after the latest transaction. At the source’s $86,000 reference price, the holding had substantial unrealized value, but fair-value accounting also makes earnings volatile. A rising bitcoin price can expand reported profit without generating operating cash; preferred dividends and debt obligations still require cash payments.
The slower purchase pace is therefore not necessarily bearish for bitcoin. It shows that Strategy is managing two linked objectives: increasing bitcoin per share and keeping multiple funding instruments credible. If STRC support consumes more cash, acquisition speed may remain uneven even when management’s long-term conviction is unchanged.
The next quarterly report on October 29 will be more informative than one week’s coin count. Investors need updated preferred-dividend obligations, share issuance, bitcoin per diluted share and the size of the U.S.-dollar reserve. Those figures determine whether the treasury strategy is compounding value or merely expanding gross assets.
Sources: https://www.sec.gov/Archives/edgar/data/1050446/000119312526413164/mstr-20261005.htm ; https://www.strategy.com/press/strategy-reports-21-billion-gain-on-digital-assets-in-q3-2026-acquires-334-btc-and-repurchases-176m-of-strc_10-05-2026