Strategy Pauses Bitcoin Buys, Spends $205M on STRC Preferred Buyback
Author: Crypffalo Research · 21:54 26/10/2026
Strategy bought no bitcoin during Oct. 19–25 and spent about $204.9 million repurchasing STRC preferred shares; its USD cash fell about 46% while holdings stayed at 848,517 BTC.
Strategy, a major corporate holder of bitcoin, did not add any BTC between Oct. 19 and Oct. 25. Instead, the company spent about $204.9 million buying back its STRC preferred stock, according to an 8-K filed with the SEC on Monday, Oct. 26.
Its holdings stay at 848,517 BTC, acquired at an average cost of about $75,446 per coin. The pause comes as bitcoin hovers near $80,000 and traders wait for this week's Federal Reserve decision.
Key takeaways
- Bitcoin: Strategy neither bought nor sold BTC during Oct. 19–25, leaving holdings at 848,517 BTC.
- STRC buyback: The company repurchased about 2.07 million STRC shares for roughly $204.9 million.
- Cash: Its USD Cash balance fell from $447.3 million to $242.4 million, a drop of about 46%.
- Reserve: The separate USD Reserve held steady at $4.83 billion.
- Prices: BTC traded near $80,000, while MSTR slipped about 2.2% in Monday premarket trading.
What Strategy did last week
According to the filing, Strategy sold no common stock through its at-the-market program during the week. That program is the funding channel the company usually taps to buy bitcoin.
All of the week's spending went into repurchasing 2,068,459 STRC shares. STRC is a variable-rate perpetual preferred stock that Strategy issued to raise capital for its bitcoin purchases.
The buybacks are not new. In the two prior weeks, the company spent about $192.4 million and $193.1 million on STRC.
Notable numbers from the filing
- Cost basis: Total purchase cost of about $64.02 billion, or $75,446 per BTC on average.
- October BTC buys: Only about 851 BTC worth roughly $72.3 million so far this month, per Cointelegraph.
- STRC program: The board expanded the repurchase authorization to $3 billion, with about $956.8 million remaining.
- MSTR buyback: A separate $1 billion common stock repurchase program remains untouched.
Michael Saylor said on X that programmatic STRC buybacks have helped strengthen the company's credit markets and support MSTR. In other words, keeping STRC close to par is the current priority, not stacking more BTC.
Why it matters
For years, Strategy has been a steady, regular buyer of bitcoin. Its Monday purchase filings are widely watched as a signal of institutional demand.
When the company redirects cash into preferred buybacks, that source of BTC demand goes quiet. MSTR also fell about 6.9% last week, closing Friday at $146.02, according to The Block.
What it means for crypto markets
Bitcoin has slipped from roughly $84,777 on Oct. 21 to around $80,000, based on CoinGecko data cited by Cointelegraph. A week on the sidelines from Strategy does not mean selling pressure, but it removes a familiar buyer.
- Bull case: Buybacks stabilize STRC, preserve Strategy's funding channel and leave room to resume BTC purchases when conditions improve.
- Risk case: If Strategy keeps prioritizing buybacks while MSTR stays weak, the market loses a large buyer just as BTC tests the $80,000 area.
None of the 848,517 BTC has been sold. Investors should keep in mind that a pause in buying is not the same as distribution.
What to watch next
- Oct. 28, 2:00 p.m. ET: Fed rate decision, with markets largely expecting a hold at 3.75%–4.00%.
- Oct. 29, 8:30 a.m. ET: U.S. Q3 GDP advance estimate and September PCE inflation.
- Oct. 29, after the U.S. close: Strategy and Coinbase report third-quarter results.
- Monday, Nov. 2: The next 8-K will show whether Strategy resumes bitcoin buying.
Check our economic calendar and real-time liquidations to follow the week's moves.
Frequently Asked Questions
Did Strategy sell any bitcoin?
No. The 8-K shows the company neither bought nor sold BTC during Oct. 19–25, keeping holdings at 848,517 BTC.
What is STRC?
STRC is a variable-rate perpetual preferred stock issued by Strategy. The company uses it to raise capital for bitcoin purchases.
Why is Strategy buying back STRC instead of BTC?
Michael Saylor says the buybacks strengthen its preferred stock market and support MSTR. The company has not said when it will resume buying bitcoin.
*This content is for information only and is not financial advice.*
Tags: Strategy, Bitcoin, MSTR, STRC, Institutions
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