Strategy Pauses Bitcoin Purchases as $204.9 Million Goes to STRC Preferred Stock Repurchases
What happened
Strategy paused its Bitcoin purchases for the week ended October 25, 2026, allocating $204.9 million instead to buy back its discounted STRC preferred stock.
The Context
- Preferred equity takes precedence: Strategy repurchased 2,068,459 STRC shares at an average price of $99.06, capturing value below the $100 par value to lower future dividend obligations.
- Cash reserves draw down: The buyback was financed entirely from USD Cash reserves, dropping that balance 45.8% to $242.4 million while leaving the separate $4.83 billion dividend and interest reserve intact.
- A multi-week reallocation pattern: Over three consecutive periods, the firm directed $590.4 million to preferred stock retirements compared to just $43.6 million for 517 BTC, temporarily cooling its core accumulation strategy.
The Number
— Strategy's static Bitcoin reserve, acquired for an aggregate $64.02 billion at an average cost of $75,446 per token, showing that institutional accumulators will pause fresh capital deployment when their own capital structure presents better discount yields.
Takeaway
Expect Strategy to continue prioritizing its remaining $956.8 million preferred buyback authorization over spot Bitcoin acquisitions until its share pricing trades back above par.
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Strategy pauses Bitcoin buys as STRC repurchases reach $205 million
Strategy made no Bitcoin purchases or sales in the week ended Oct. 25, while spending about $204.9 million repurchasing its STRC preferred stock, leaving its holdings at 848,517 BTC, according to an Oct. 26 filing.
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