The short version
- Strategy Bitcoin purchase: none last week. Strategy bought zero BTC from October 19 to 25 and spent $204.9 million buying back its STRC preferred stock; it still holds 848,517 BTC.
- Strive, co-founded by Vivek Ramaswamy, bought 6,182 BTC for $511.4 million at $82,732 a coin, taking it to 43,000 BTC, paid for with a $630 million sale of 15% preferred stock.
- The crew is watching Strategy’s next Monday filing, its Q3 results on Thursday, October 29, and Bitcoin’s $79,800 floor.
There was no Strategy Bitcoin purchase last week. The company bought zero coins from October 19 to 25, sold no new MSTR shares and spent $204.9 million buying back its own STRC preferred stock instead, according to its 8-K filing on Monday. It still holds 848,517 BTC.
The buying came from a much smaller rival. Strive, the asset manager co-founded by Vivek Ramaswamy, bought 6,182 BTC for $511.4 million in its own filing the same morning. That is more than seven times what Strategy bought in the whole of October. So is the biggest buyer stepping back, or just moving money around?
Michael Saylor posted the update on Monday at 12:51 UTC:
Strategy has repurchased $205M of $STRC. As of 10/25/26, we hold 848,517 $BTC and $5.1B of USD Assets. $MSTR strategy.com/press/strategy…
Why Was There No Strategy Bitcoin Purchase?
It didn’t run out of money; it spent it on its own paper. Strategy used $204.9 million of spare cash to buy back 2,068,459 STRC shares, about $99 each, just under the $100 face value. Every share it retires is one less share it pays a monthly dividend on.
It is the second big buyback in a row. The week before, Strategy spent $193 million on STRC and only $22 million on Bitcoin, 267 BTC. Its board has also raised the preferred buyback limit to $3 billion, and $956.8 million of that is still unused.
The cash moved, the coins didn’t. Strategy’s spare “USD Cash” fell from $447.3 million to $242.4 million in a week. Its separate dollar reserve for dividends stayed at $4.83 billion, which is the $5.1 billion in “USD assets” Saylor mentioned. The coin count of 848,517 BTC and the average cost of $75,446 a coin are unchanged from last week.
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How Strive Paid for 6,182 BTC
With a new 15% preferred stock. This round of Strive Bitcoin buying followed a big stock sale. Strive sold 7 million shares of SATS, its 15% perpetual preferred, at $90 each on October 15, raising about $630 million before fees. The deal closed on October 20, and the coins were bought between October 17 and 23 at an average $82,732.
Strive CEO Matt Cole shared the numbers:
Strive acquired 6,182 $BTC for $511.4M at an average cost of $82,732 per bitcoin, bringing total holdings to ₿43,000.
– Cash and marketable securities increased by $187.7M to $554.6M.
– Established a $1B $SATS ATM program.
$ASST $SATA $SATS
Strive isn’t done raising. On Monday it also set up an at-the-market program to sell up to $1 billion more of SATS over time, and its cash pile still grew by $186.9 million to $504.4 million during the week. Its filing shows one more twist: Strive owns 505,000 STRC shares, worth $50.2 million. The rival is a Strategy preferred holder, while Strategy is buying that same stock back.
SIDE TRAIL: Strategy Break-Even Price: Bitcoin Sits Just 6.8% Above $75,446
Is Strive Catching Up With Strategy?
Not in size. Strive’s 43,000 BTC are about 5% of Strategy’s 848,517. At $80,071 at the time of writing, Strive’s stack is worth about $3.44 billion; Strategy’s is worth about $67.94 billion.
What changed is who is doing the buying. Strategy has added just 851 BTC since September 30. Strive went from 36,818 BTC to 43,000 in a single week, up 17%. It paid more for it, too: its new coins cost $82,732 on average, about 3.2% above today’s price, while Strategy’s average is $75,446.
The two are now funding themselves the same way, with high-yield preferred stock. Strategy pays dividends on STRC, STRF, STRK and STRD; Strive pays 15% on SATS and a variable rate on SATA. Those payouts have to come from somewhere when Bitcoin doesn’t rise, which is why Strategy keeps a dollar reserve of more than three years of dividends.
What to Watch This Week
Strategy has two dates. On Wednesday, October 28, a special meeting votes on moving STRC to daily dividends. On Thursday, October 29, it reports third-quarter results after the US close, with a webinar at 5:00 p.m. ET (21:00 UTC).
- The next Strategy Bitcoin purchase: Monday’s filing shows whether it buys again. A second week with zero BTC would be a pattern, not a pause.
- How fast Strive sells SATS: Every $100 million raised could mean about 1,250 more BTC at today’s price.
- The STRC price: Strategy has been buying it back just under $100; if it climbs above that, the buybacks make less sense.
TRAIL MAP: Fed Meeting Next Week: Traders Bet on a Hold. What It Means for Bitcoin
Bitcoin Price: Can BTC Hold $80,000 Without Strategy?
So far it has, but only just. Bitcoin trades at $80,071, below its 50-day EMA at $80,800, after falling 3% in a week.
- The first ceiling: $81,479, the last swing high.
- The Strive line: $82,732, the average price Strive just paid.
- The floor: $79,800, the last swing low; Monday dipped to $79,369 and bounced. Below it sits the 200-day EMA at $76,347.
In the bull case, BTC closes back above the 50-day EMA and runs at $82,732, putting Strive’s new coins back in profit. In the base case, it chops between $79,800 and $81,479 into the Fed decision on Wednesday and Strategy’s results on Thursday. In the bear case, a daily close under $79,800 opens the way to the 200-day EMA near $76,300, just above Strategy’s $75,446 cost.
One quiet week doesn’t make Strategy a seller. But the market’s biggest buyer spent its cash on its own preferred stock, and next Monday’s filing will show whether that was a one-off.
On the climb since 2017. Trades futures and reads onchain data. Automates the boring parts.
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