Strategy spends $204.9 million on STRC buybacks, holds bitcoin flat

Strategy Inc did not buy or sell bitcoin in the week to October 25, 2026, and used $204.9 million of cash to repurchase its variable-rate STRC preferred stock. For credit and equity investors, the update shows where the company’s cash went in a week when bitcoin accumulation paused.

• Strategy sold no shares under its at-the-market program and made no bitcoin purchases or sales from October 19 to October 25.
• It held about 848,517 bitcoin on October 25, bought at an average of roughly $75,446 each.
• Watch the next weekly update for whether USD Cash goes to more STRC repurchases or back to bitcoin.

• 848,517 bitcoin held, unchanged by purchases or sales during the week
• $204.9M USD Cash spent on STRC repurchases, against $242.4M remaining
• $4.83B USD Reserve, about 20 times the USD Cash balance
• $956.8M left in preferred repurchase program, versus $1.0B for MSTR stock

Strategy disclosed the figures in an 8-K filing dated Monday, October 26, 2026, furnished under Item 7.01 (Regulation FD disclosure). The company states that it “did not sell any shares under its at-the-market offering program and did not purchase or sell any bitcoin” in the period from October 19 to October 25.

The filing says Strategy holds approximately 848,517 bitcoin acquired at an aggregate purchase price of $64.02 billion, or about $75,446 per bitcoin including fees and expenses.

Cash went to preferred stock, not bitcoin

Strategy said it used $204.9 million of USD Cash during the week to fund repurchases of STRC Stock. As of October 25, the USD Cash balance was $242.4 million, and the USD Reserve stood at $4.83 billion.

The filing separates the two pools by purpose. The USD Reserve is “intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness,” while USD Cash is kept for broader purposes that “may include acquiring bitcoin, expanding the USD Reserve, broader capital management uses, and other similar purposes.”

The two uses compete for the same pool. The $204.9 million spent on STRC repurchases is equal to about 85% of the $242.4 million of USD Cash left on October 25. The filing does not say what the opening balance was or whether other flows moved the figure.

Repurchase capacity remains on both programs

Under a heading for the Variable Rate Series A Perpetual Stretch Preferred Stock, the filing lists two remaining authorizations. They are $956.8 million under the digital credit securities repurchase program and $1.0 billion under the MSTR Stock repurchase program.

At the week’s $204.9 million pace, the preferred program would cover a little under five more weeks. That arithmetic assumes the weekly figure was drawn from that program, which the filing does not state. The MSTR program was not reported as used this week.

The filing also keeps the usual Regulation FD language. Strategy designates its website dashboard as a disclosure channel, and the Item 7.01 information is not deemed “filed” under Section 18 of the Exchange Act.

What the filing leaves open

The filing does not give the number of STRC shares repurchased, the prices paid, or the total remaining size of the program before this week. It does not explain why management chose repurchases over bitcoin purchases or ATM issuance. It also does not say whether the weekly pace will continue.

Because the filing reports no ATM sales, it shows no new capital raised in the week. The $204.9 million came from existing USD Cash, so the repurchases were funded from the balance sheet rather than from new issuance.

“did not sell any shares under its at-the-market offering program and did not purchase or sell any bitcoin”

Strategy Inc, Form 8-K filed October 26, 2026

The BlockWest read. Spending on STRC repurchases now competes directly with bitcoin purchases for the same USD Cash. With $242.4 million left against $204.9 million spent in one week, that pool is the binding constraint, not the $4.83 billion reserve, which the company earmarks for dividends and interest. If repurchases continue, Strategy must either stop buying bitcoin, refill USD Cash through new issuance, or reclassify reserve money. Investors should read each weekly USD Cash line as the signal of which priority wins.

Next: Strategy’s update for October 26 to November 1, which would arrive Monday, November 2 if the weekly pattern holds, will show whether USD Cash was drawn down further or bitcoin buying resumed.

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