Strategy continues to expand its bitcoin reserves and has crossed another major milestone. Over the past week, it bought 1,036 BTC for USD 81.9 million, lifting its total holdings to a record 850,364 bitcoins. Remarkably, however, the company spent even more over the same period on buying back its own STRC preferred shares, which received USD 188.3 million. Alongside accumulating bitcoin, Michael Saylor is thus also actively managing the company’s capital structure.
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Reserves surpass 850,000 BTC, purchases funded by common share sales
According to a filing with the U.S. Securities and Exchange Commission (SEC) on Monday, Strategy acquired a total of 1,036 BTC between November 2 and 8, 2026, at an average purchase price of USD 79,012 per coin. This is the second weekly purchase in a row; a week earlier, the company added 811 BTC to its reserves for roughly USD 65.5 million. Strategy’s total bitcoin portfolio now stands at 850,364 BTC, for which the company has paid USD 64.16 billion to date, at an average acquisition price of USD 75,456 per coin. It now controls approximately 4.05% of the total capped supply of 21 million bitcoins.
The way these purchases are financed is key. During the week under review, Strategy sold approximately 2.05 million MSTR common shares through its ATM (at-the-market) program, generating net proceeds of USD 283.8 million. It then allocated the capital as follows: USD 81.9 million went toward buying bitcoin, USD 188.3 million toward repurchasing preferred shares, and the remaining USD 13.6 million was added to its US dollar cash reserve. While the ongoing issuance of new shares provides needed capital, it also increases the total number of shares on the market and dilutes the stake of existing shareholders.
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STRC buybacks exceed bitcoin purchases, cash reserve dips slightly
Alongside further accumulation of cryptocurrency, the company is aggressively buying back its own STRC preferred shares, paying USD 188.3 million for them during the week (about 1.89 million shares). Since the beginning of October, Strategy has spent approximately USD 1.06 billion on STRC buybacks, while only USD 219.7 million went toward bitcoin purchases over the same period. Capital directed to preferred shares thus exceeded BTC purchases almost fivefold, which shows that managing the capital structure and meeting financial obligations currently play a role for Saylor as important as hoarding coins itself.
The regulatory filing also revealed shifts in cash holdings. Strategy’s standalone US dollar reserve fell slightly from USD 4.79 billion to USD 4.77 billion, mainly due to USD 21.1 million in preferred share dividend payments. The company’s ordinary operating cash, by contrast, rose 10% to USD 146.2 million. For investors, monitoring the sustainability of this model will be essential going forward: appreciation of the bitcoin reserves must, over the long term, offset the continued capital dilution caused by issuing common shares.
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Sources:
- U.S. Securities and Exchange Commission (SEC): https://www.sec.gov
- Strategy’s financial overview and dashboard: https://www.strategy.com
- Michael Saylor’s announcements: https://x.com/saylor
- Overview of corporate bitcoin reserves: https://bitcointreasuries.net
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