Strategy Bought 250 Bitcoin—Then Spent Nearly Nine Times More Buying Back STRC

Strategy bought more Bitcoin last week, but the company’s biggest capital move was not the Bitcoin purchase.

The firm acquired 250 BTC for about $21.5 million while spending $192.4 million to repurchase its STRC preferred stock. Put plainly, Strategy directed nearly nine times as much money toward retiring STRC shares as it did toward adding Bitcoin.

That does not mean the company has abandoned its Bitcoin strategy. It does mean investors should look past the familiar “Strategy bought Bitcoin” headline and examine how management is balancing its treasury, preferred securities and cash.

Strategy has acquired 250 $BTC and repurchased $192M of $STRC. As of 10/11/26, we hold 848,250 BTC and $5.5B of USD Assets. $MSTR https://t.co/hhxR6N95mq

— Michael Saylor (@saylor) October 12, 2026

The numbers behind the week.

According to Strategy, the company bought the 250 BTC between October 5 and October 11 at an average price of $86,194 per coin, including all reported fees and expenses in that weekly acquisition window, while separately retiring nearly two million STRC preferred shares through its authorized repurchase program.

Strategy funded $21 million of those purchases with proceeds from selling 125,183 shares of MSTR common stock. Another $500,000 came from USD Cash.

The company now reports 848,250 BTC acquired for approximately $64 billion, an average cost of $75,444 per coin.

The STRC transaction was much larger. Strategy repurchased 1,932,145 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock for $192.4 million.

It says $354.8 million remains under its digital-credit securities repurchase authorization, while a separate $1 billion MSTR common-stock repurchase authorization remains available.

As of October 11, Strategy also reported $4.88 billion in its USD Reserve and $640.5 million in USD Cash, giving the company separate pools for obligations and broader treasury activity.

There’s always room for more orange. pic.twitter.com/hndZf0Acp7

— Michael Saylor (@saylor) October 11, 2026

Why spend more on STRC than Bitcoin?

STRC is part of the capital structure Strategy has built around its Bitcoin treasury. The preferred stock pays dividends, and every share retired removes an associated claim from that structure.

That makes the buyback more than a side transaction. Strategy is managing the securities used to support its broader Bitcoin model while continuing to accumulate BTC at a slower weekly pace.

Bitcoin Magazine reported that the purchase extended Strategy’s renewed accumulation streak, while also emphasizing the company’s separate cash pools and capital framework. The publication placed the 250-BTC buy in the context of four consecutive weeks of accumulation after Strategy resumed regular purchases in September.

The size comparison is still the sharper signal. A $21.5 million Bitcoin purchase is meaningful, but a $192.4 million preferred-share repurchase in the same week says capital management is competing for priority.

The company reported $4.88 billion in its USD Reserve and $640.5 million in separate USD Cash as of October 11. The reserve is intended to support preferred dividends and debt interest. USD Cash can be used more broadly, including for Bitcoin purchases and capital-management activity.

For Bitcoin holders, the headline remains positive: the world’s largest corporate Bitcoin treasury added to its stack and reached another record total. For MSTR and STRC investors, the more important question is how Strategy allocates the next dollar it raises or holds.

This week, the answer was clear. Bitcoin received another 250-coin addition.

STRC received the much larger check.

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