Key takeaways
- Strategy buys 1,036 Bitcoin for $81.9 million
- STRC preferred share buybacks reach $188.3 million
- MSTR stock sales fund purchases and buybacks
Michael Saylor's Strategy purchased another 1,036 Bitcoin for $81.9 million last week but spent more than twice that amount repurchasing its own preferred stock, highlighting how the company's capital strategy increasingly extends beyond Bitcoin accumulation.
According to its November 9 SEC filing, Strategy bought the cryptocurrency between November 2 and November 8 at an average price of $79,012 per coin. During the same period, it repurchased 1,887,464 shares of its STRC preferred stock for $188.3 million.
Both transactions were financed through sales of MSTR common shares, rather than existing dollar reserves.
Strategy Buys 1,036 Bitcoin as Holdings Reach 850,364 BTC
The latest acquisition increased Strategy's total holdings to 850,364 BTC, representing approximately 4.05% of Bitcoin's maximum 21 million supply.
The company has now spent approximately $64.16 billion acquiring its Bitcoin treasury, with an average purchase price of $75,456 per coin, including fees and expenses.
Its latest purchase price exceeded that historical average by $3,556, demonstrating that Strategy continues accumulating even when new acquisitions raise its overall cost basis.
The purchase follows an earlier Bitcoin acquisition in October, when Strategy added 250 BTC for approximately $21.5 million.
However, the company's recent transactions have increasingly involved repurchasing preferred securities alongside Bitcoin.
Strategy Spends $188 Million Buying Back STRC Preferred Stock
Strategy repurchased approximately 1.89 million STRC shares during the reporting period, representing its largest use of newly raised capital.
STRC is a variable-rate perpetual preferred security designed to provide dividend income while generally trading near its $100 stated amount.
Repurchasing these shares can reduce future dividend obligations and support the security's market price, particularly when it trades below that benchmark.
This strategy follows earlier preferred buybacks, when Strategy spent $174 million on STRC while allocating $75.7 million to Bitcoin.
The company also expanded its preferred-securities repurchase authorization to $3 billion in October.
Following the latest transactions, approximately $560.3 million remains available under that program.
Strategy's separate $1 billion authorization for MSTR common-stock repurchases remains unused.
MSTR Stock Sales Raise $284 Million as Dilution Questions Grow
The financing structure is particularly important for existing Strategy shareholders.
Between November 2 and November 8, the company sold 2,051,348 MSTR common shares through its at-the-market offering program, generating $283.8 million in net proceeds.
Of that amount, approximately 66% funded STRC repurchases, 29% went toward Bitcoin acquisitions and the remaining 5% increased USD Cash.
Issuing additional common shares can dilute existing shareholders' percentage ownership, even when the proceeds are used to acquire Bitcoin or repurchase preferred securities.
The approach reflects Strategy's broader capital framework, which combines cryptocurrency holdings, preferred-stock financing and substantial dollar reserves.
As of November 8, Strategy held approximately $4.77 billion in its designated USD Reserve and another $146.2 million in USD Cash.
The company also used $21.1 million from its reserve to meet preferred dividend obligations during the reporting period.
These financial commitments have become increasingly relevant since Strategy's previous Bitcoin sales demonstrated its willingness to manage cryptocurrency holdings alongside other capital requirements.
