The short version
- Strategy buys Bitcoin again: 811 BTC for $65.5 million at $80,846 a coin from October 26 to November 1, paid for by selling 1.18 million new MSTR shares; it now holds 849,327 BTC at a $75,451 average cost.
- It spent $208.2 million buying back STRC preferred stock in the same week, the third week in a row, for $606.2 million in total, and its spare USD Cash is down to $132.7 million.
- Next: Strategy’s next weekly filing on Monday, November 9, and whether Bitcoin holds $76,264, just above Strategy’s cost. We’ll post the filing on Base Camp on X when it lands.
Strategy buys Bitcoin again, but only just. The company bought 811 BTC for $65.5 million last week, at an average of $80,846 a coin, according to its 8-K filing on Monday. It now holds 849,327 BTC, and Michael Saylor’s firm has bought Bitcoin in two of the last three weeks.
The bigger number sits one table lower. Strategy spent $208.2 million buying back its own STRC preferred stock in the same week, more than three times what it put into Bitcoin. That is the third week in a row it has done this. So where is the money going?
Michael Saylor posted the update on Monday at 13:04 UTC (8:04 a.m. in New York):
Strategy has acquired 811 $BTC and repurchased $208M of $STRC. As of 11/1/26, we hold 849,327 BTC and $4.9B of USD Assets. $MSTR strategy.com/press/strategy…
How Strategy Buys Bitcoin Now: With New MSTR Shares
Strategy sold 1,178,552 common shares from October 26 to November 1 for $164.0 million after fees, about $139 a share. Only $65.5 million of that went into Bitcoin. The other $98.5 million went to “USD Cash”, the pot it keeps for buying Bitcoin, buybacks and other uses.
It sold no preferred stock at all. STRF, STRC, STRK and STRD all show zero sales for the week.
The new coins cost more than the old ones. At $80,846, last week’s buy nudged Strategy’s average cost from $75,446 to $75,451 a coin, for a total of $64.08 billion.
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Three Weeks of STRC Buybacks Top $600 Million
Strategy has now spent $606.2 million on STRC in three weeks, and only 1,078 BTC came in over the same stretch.
This week’s 2,092,035 STRC shares cost about $99.52 each, just under the $100 face value. Every share Strategy retires is one it no longer pays a dividend on, and STRC dividends went daily from November 1. Strategy also used $43.4 million of its separate USD Reserve to pay preferred dividends last week, leaving that reserve at $4.79 billion. With USD Cash added, that is the $4.9 billion in “USD Assets” Saylor mentioned.
The spare cash is running thin, though. USD Cash fell from $447.3 million to $132.7 million in three weeks, and only $748.6 million is left under the preferred buyback plan. Another week like this one would need more MSTR sales, or a smaller buyback.
SIDE TRAIL: No Strategy Bitcoin Purchase Last Week, While Strive Bought 6,182 BTC for $511M
Is Strategy’s Bitcoin Still in Profit?
Yes, by about 2.9%. Bitcoin trades at $77,672 at the time of writing, against Strategy’s $75,451 average cost. That puts its 849,327 BTC at about $65.97 billion, roughly $1.9 billion above what it paid. The 811 coins it just bought are about 3.9% under water.
MSTR is under pressure too. The stock closed Friday at $130.51, down 7.8% on the day after the third-quarter results. Strategy sold its new shares at about $139 on average, before that drop.
What to Watch This Week
- Next Monday’s filing: whether Strategy buys Bitcoin in size again, or the STRC buybacks keep taking most of the cash.
- MSTR sales: with USD Cash at $132.7 million, more buybacks will likely be paid for with new shares.
- CFO change: Andrew Kang leaves on Thursday, November 5.
TRAIL MAP: Strategy Break-Even Price: Bitcoin Sits Just 6.8% Above $75,446
Bitcoin Price: Can BTC Hold Above Strategy’s Cost?
For now, yes. Bitcoin sits at $77,672, below its 50-day moving average at $82,000 and above the 200-day at $73,210. The first floor is $76,264, last week’s low; Strategy’s $75,451 cost sits just under it. A daily close back above $80,846 would put this week’s purchase back in profit.
One small Strategy Bitcoin purchase doesn’t change the picture. Strategy is still mostly buying its own preferred stock, and Bitcoin is getting what is left.
Teddy has been trading crypto since 2016. The focus is altcoins and EMA setups: finding coins sitting on key levels, waiting for support to hold or a range to be reclaimed, and trading the move from there. Bitcoin sets the tone, but the opportunities are usually in the alts.
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