Strategy, formerly known as MicroStrategy, did not purchase or sell any Bitcoin during the week ending October 25, 2026, according to its October 26 SEC filing. The company’s Bitcoin holdings remained unchanged at 848,517 BTC, acquired for approximately $64.02 billion including fees and expenses, or an average purchase price of $75,446 per Bitcoin.
The pause interrupts a recent series of weekly acquisitions that had reinforced Strategy’s position as a leading corporate Bitcoin investor. The company remains the world’s largest publicly traded corporate Bitcoin holder, with its treasury representing more than 4% of Bitcoin’s maximum supply of 21 million coins.
Capital Allocation Shifts to Preferred Stock
Instead of purchasing additional Bitcoin, Strategy directed $204.9 million toward repurchasing 2,068,459 shares of its variable-rate Stretch preferred stock, trading under the ticker STRC. The transactions occurred between October 19 and October 25.
STRC is designed to provide investors with variable dividend payments while trading near its $100 stated value. When preferred shares trade below that level, repurchasing them can allow Strategy to retire financial obligations at a discount. The latest buyback follows another substantial repurchase during the previous reporting period; combined, the two weeks of STRC purchases totaled approximately $398 million.
Cash Reserves and Buyback Capacity
As of October 25, Strategy maintained approximately $4.83 billion in its designated US dollar reserve, intended to support preferred stock dividends and interest payments on outstanding debt. Separately, the company reported $242.4 million in USD cash, down from $447.3 million the previous week, reflecting funds used for the latest STRC repurchases.
Approximately $956.8 million remains available under the company’s preferred securities repurchase program, and an additional $1 billion remains authorized for repurchases of MSTR common shares.
Bitcoin Treasury Remains Central
Despite the temporary buying pause, Strategy continues to hold an extraordinary amount of Bitcoin. At a hypothetical Bitcoin price of $80,000, the treasury would be worth approximately $67.9 billion, which would exceed its reported acquisition cost, although unrealized gains could fluctuate significantly with market conditions.
The company’s decision highlights the evolving challenges facing companies that combine cryptocurrency holdings with complex financing arrangements. Bitcoin accumulation remains central to its corporate identity, but preferred stock dividends, liquidity requirements, and capital management decisions also influence how available funds are deployed. Repurchasing STRC shares could reduce future preferred stock obligations, potentially strengthening the company’s financial position, but buybacks also consume cash that might otherwise be available for additional Bitcoin acquisitions.
For now, Strategy’s Bitcoin treasury remains unchanged, while its latest $205 million repurchase signals a renewed focus on capital management. Whether the company resumes Bitcoin purchases in the coming weeks remains to be seen.
