Strategy Buys Just 250 Bitcoin but Spends $192M Buying Back STRC: 5 Weeks of SEC Filings Compared

Strategy bought 250 BTC for $21.5 million in the week to October 11 and spent $192.4 million repurchasing STRC preferred shares. Our five-week review of its 8-K filings shows buybacks now outweigh bitcoin purchases 3 to 1.

Oct 14, 2026 - 20:10

Updated: 15 days ago

Strategy Buys Just 250 Bitcoin but Spends $192M Buying Back STRC: 5 Weeks of SEC Filings Compared

Comic-style illustration of a golden balance scale with two small Bitcoin coins on the raised pan and a heavy pile of share certificates tied with red ribbon on the lowered pan, a robotic arm pulling certificates into a steel vault, glass office towers at sunset

Published October 14, 2026. Strategy, the largest corporate holder of bitcoin, bought just 250 BTC last week but spent nearly nine times as much buying back its own preferred stock. According to its SEC filing of October 13, the company paid $21.5 million for bitcoin and $192.4 million to repurchase STRC shares between October 5 and 11. Our review of its last five weekly filings shows the same pattern: buybacks now take most of the money.

Key takeaways

Bitcoin bought (Oct. 5–11): 250 BTC for $21.5 million, at an average $86,194 per coin including fees. It was funded by selling 125,183 MSTR shares ($21.0 million net) plus $0.5 million of cash.
Holdings: 848,250 BTC as of October 11, bought for $64.00 billion in total, or an average $75,444 per coin.
Buybacks: 1,932,145 STRC preferred shares repurchased for $192.4 million. $354.8 million remains under the preferred repurchase program, plus $1.0 billion for MSTR common stock.
Our five-week tally (Sept. 8 – Oct. 11): 3,199 BTC bought for $268.6 million, against $833.7 million of preferred buybacks, 3.1 times more.
Cash buffer: the USD Reserve, which backs preferred dividends and debt interest, stood at $4.88 billion on October 11, down from $5.10 billion on September 13.
Paper gain: at $81,567 (CoinGecko, October 14, 18:00 UTC), Strategy's bitcoin is worth about $69.19 billion, 8.1% above cost. Last week's coins were bought 5.4% above today's price.

Five weeks of Strategy filings, side by side

We compiled each weekly 8-K filed with the SEC. Bitcoin figures include fees; buybacks are the total aggregate price of preferred shares repurchased in each period.

Period	BTC bought	Spent on BTC	Avg price	Preferred buybacks	Holdings (end)
Oct 5–11	250	$21.5M	$86,194	$192.4M	848,250
Sep 28 – Oct 4	334	$28.7M	$85,839	$176.3M	848,000
Sep 21–27	1,665	$142.7M	$85,681	$151.7M	847,666
Sep 14–20	950	$75.7M	$79,670	$174.0M	846,000
Sep 8–13	0	$0	n/a	$139.3M	845,050
Total	3,199	$268.6M	$83,964	$833.7M	+3,200

Sources: Strategy Form 8-K filings of Oct. 13, Oct. 5, Sept. 28, Sept. 21 and Sept. 14, 2026. The five-week average price and totals are our calculations. Holdings rose by 3,200 BTC against 3,199 bought; Strategy reports holdings as approximate.

Why Strategy is buying back STRC

STRC ("Stretch") is a variable-rate perpetual preferred stock with a $100 stated amount. Its dividend is paid in cash, which is why Strategy keeps a dollar reserve. Dividing the amounts in the filings by the number of shares gives an average repurchase price of $99.58 last week, $99.51 for October 1–4 and $99.31 for September 28–30, all slightly below $100 (our calculation).

It cuts future dividend payments. Each share retired below $100 removes a cash obligation at a small discount.
It supports the price of the preferred. STRC is designed to trade close to $100; a buyer in the market helps keep it there.
It costs bitcoin buying power. Money spent on buybacks is not spent on BTC. With the MSTR share sales now sized only to fund small purchases, bitcoin accumulation has slowed to a few hundred coins a week.

The shift comes three months after Strategy sold 3,588 BTC to fund dividends in early July. The company has not sold bitcoin in any of the five periods above.

Why it matters for markets

A smaller marginal buyer. At 250 BTC a week, Strategy absorbs well under one day of new supply (about 450 BTC a day are mined since the 2024 halving, see our halving guide). In late 2024 and 2025 it often bought thousands of coins a week.
ETFs set the tone instead. Daily flows into spot ETFs now move far more coins than Strategy does. Our Bitcoin ETF flows tracker logged +$175.7 million on October 13 alone.
Macro pressure on preferred yields. With the 10-year Treasury yield above 5% (see Fed's Hammack and yields) and hotter September inflation, fixed-income-like products such as STRC compete with higher risk-free rates.

For background on how corporate treasuries and funds move prices, read our guide to institutional liquidity flows.

What to watch next

Monday, October 19, 2026: Strategy's next weekly 8-K (usually filed before the US market opens). Watch the ratio of BTC bought to buybacks, and whether the preferred program is topped up beyond the $354.8 million left.
Late October / early November: Strategy's third-quarter results, which will show the unrealised gain or loss on its bitcoin at the end of September.
October 27–28: the FOMC meeting. A rate hike would raise the bar for STRC's yield again; follow our Fed decisions tracker.
USD Reserve: a fall below about $4.5 billion would signal that dividends are being paid from the buffer faster than it is refilled. That threshold is our own marker, not a company target.

FAQ

How many bitcoin does Strategy own?

848,250 BTC as of October 11, 2026, bought for $64.00 billion, an average of $75,444 per coin including fees, according to its October 13 SEC filing.

Did Strategy sell bitcoin this week?

No. The filing shows 250 BTC bought and no sales. Its last disclosed sale was in early July 2026.

What is STRC?

STRC (Variable Rate Series A Perpetual Stretch Preferred Stock) is one of Strategy's preferred shares. It pays a monthly cash dividend at a variable rate and has a $100 stated amount.

Why does Strategy buy back preferred shares instead of bitcoin?

The company does not give a reason in the filing. Buying back shares below $100 reduces future dividend payments and supports the preferred's price; the trade-off is fewer bitcoin purchases.

Is Strategy in profit on its bitcoin?

On paper, yes: at $81,567 per BTC, its holdings are worth about $69.19 billion against a cost of $64.00 billion, a gain of about $5.19 billion (8.1%). This changes with the price.

Sources

Strategy Inc, Form 8-K and Exhibit 99.1, October 13, 2026 (SEC EDGAR)
Strategy Inc, weekly Form 8-K filings of September 14, 21 and 28 and October 5, 2026 (EDGAR list)
CoinGecko, bitcoin price, October 14, 2026, 18:00 UTC
Farside Investors, US spot bitcoin ETF flows

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This article is for information only and is not investment advice. Crypto assets and the securities of bitcoin treasury companies are volatile and you can lose all the money you invest. Data as of October 14, 2026, 18:00 UTC.