Strategy Spent Nearly Nine Times More on STRC Buybacks Than Bitcoin Last Week

Published October 12, 2026, 19:30 PKT. Based on Strategy’s October 12 announcement, its October 5 SEC filing, and reporting by crypto.news and stocks24.co.za.

Strategy spent $192.4 million buying back its own STRC preferred shares between October 5 and October 11, 2026, while purchasing just 250 bitcoin for $21.5 million in the same window, according to the company’s October 12 disclosure. The roughly nine-to-one split continues a capital-management pivot at the world’s largest corporate bitcoin holder: repurchasing preferred stock now dominates the weekly numbers, with bitcoin buys reduced to a steady trickle funded mainly by common-stock sales.

The $192.4 million STRC repurchase week

Between October 5 and 11, Strategy repurchased approximately 1.93 million shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC, for $192.4 million, the company disclosed. Based on the reported totals, the company paid an average of roughly $99.69 per share. STRC is a Nasdaq-listed perpetual preferred security that forms part of Strategy’s digital credit offerings, giving investors dividend income backed by the company’s capital structure and bitcoin-focused treasury business. The purchases sit under the company’s digital credit securities repurchase program, which management expanded from $1 billion to $2 billion in September. After the latest buys, $354.8 million in authorization remains for the preferred securities, while a separate $1 billion authorization for MSTR common stock sits untouched.

250 bitcoin at $86,194 a coin

Strategy still added to its treasury during the week, buying 250 BTC at an average price of $86,194, taking aggregate holdings to 848,250 BTC as of October 11. The company says it acquired the coins for approximately $64 billion including fees and expenses, which works out to an average purchase price near $75,450 per bitcoin. Funding came mostly from the at-the-market common stock program: $21 million of the $21.5 million purchase was financed through sales of Class A common stock under the MSTR ticker, with another $500,000 drawn from existing USD cash. The prior week’s SEC filing showed a similar pattern, with $154.1 million of USD cash going to STRC repurchases and $13 million to bitcoin buys between September 28 and October 4, plus $142.5 million from the designated reserve for preferred dividends and debt interest.

The $5.5 billion dollar cushion

Following the week’s transactions, Strategy reported a USD Reserve balance of $4.88 billion and a separate USD Cash balance of $640.5 million, totaling roughly $5.52 billion in dollar assets as of October 11. The company keeps the two pots for different purposes: the USD Reserve covers payments on preferred stock dividends and interest on outstanding debt, while USD Cash stays available for bitcoin purchases, capital management and other permitted uses. Under the framework adopted in June, Strategy must generally keep a reserve covering at least 12 months of expected preferred dividends and debt interest, and needs board authorization for uses that fall below that minimum coverage level. In a separate October 12 post on X, executive chairman Michael Saylor reported a USD duration of 3.5 years and an STRC bitcoin credit metric of 52 basis points, based on assumptions of 10% annual bitcoin returns, 40% bitcoin volatility and a bitcoin price of $82,252, according to stocks24.co.za.

A capital framework that now prioritizes STRC

The nine-to-one week is not an accident. In its June 29 capital framework filing, Strategy identified STRC as an initial priority for repurchases when management considers the transactions beneficial to its capital structure, allowing buys through public markets or negotiated deals subject to market conditions. CEO Phong Le explained the playbook during the second-quarter update: the company intends to repurchase shares when STRC trades below $100, describing the objective as keeping the security in a trading range near $99 to $100. The pattern has held for weeks. For the week ending September 20, Strategy spent $174 million on STRC buybacks and $75.7 million on 950 BTC. Saylor, who confirmed the latest purchase in an October 12 X post, had teased it a day earlier with a short post reading, “There’s always room for more orange,” according to crypto.news.

This article is news reporting and is not investment advice.

Sources

• Strategy, primary source for the October 12 announcement: the $192.4 million STRC repurchase, the 250 BTC purchase at $86,194, holdings of 848,250 BTC acquired for about $64 billion, the $4.88 billion USD Reserve and $640.5 million USD Cash, the $354.8 million remaining preferred repurchase capacity and the $1 billion untouched MSTR authorization
• Strategy’s October 5 SEC filing, primary source for the September 28 to October 4 figures ($154.1 million STRC, $13 million bitcoin, $142.5 million reserve use) and the June 29 capital framework identifying STRC as a repurchase priority
• Michael Saylor’s X posts, primary source for the October 12 purchase confirmation, the 3.5-year USD duration and the 52-basis-point STRC bitcoin credit metric
• crypto.news, secondary source for the week’s figures, the Phong Le $99 to $100 trading-range objective and the October 11 “orange” teaser
• stocks24.co.za, secondary source corroborating the disclosure and the USD duration and credit metrics