KEY INSIGHTS
- Strategy raises its buyback cap to $3 billion as USD Cash falls to $447.3 million after STRC repurchases.
- Strategy buys 267 Bitcoin for $22.1 million and lifts its total holdings to 848,517 BTC as of October 18.
- The strategy repurchases $193.1 million in STRC shares while $1.16 billion remains under its expanded buyback cap.
The limitation of the amount allocated to Strategy for the buyback of its digital credit securities was changed to $3 billion from $2 billion on October 19, 2026, because the company bought preferred stocks worth $193.1 million in the last week. In addition to that, the company bought 267 units of Bitcoin worth $22.1 million, making a total of 848,517 units of BTC.
The latest disclosure highlights two parallel uses of capital at the company: accumulating Bitcoin and repurchasing its variable-rate preferred stock, known as STRC. While the Bitcoin purchase was funded primarily through common stock sales, the preferred stock transaction drew on existing USD Cash, according to the company’s regulatory filing.
Source: Michael Saylor
The expanded authorization provides additional capacity for repurchases, but it does not represent a new $3 billion allocation on top of previous spending. Strategy said the program had $1.16 billion remaining under the increased limit as of October 18.
Strategy buyback program expands to $3 billion.
Strategy’s October 19 announcement raised the maximum amount authorized for repurchases of its digital credit securities by $1 billion. The previous ceiling was $2 billion, and the revised limit includes purchases already completed under the program.
Source: Strategy
The company had approximately $161.7 million of authorization remaining before the increase, based on the prior reported balance of $354.8 million less the $193.1 million spent on STRC repurchases during the latest reporting week. This is a calculation from the supplied figures, rather than a separately reported company number.
After the authorization increased, the remaining capacity reached $1.16 billion as of October 18. Strategy reported that cumulative repurchases under the program had reached $1.84 billion.
The September 8 increase to the authorization had also occurred when the remaining capacity was approximately $190 million, according to the supplied source material. The latest change therefore followed another period in which repurchases had substantially reduced the available authorization.
Strategy’s latest transaction involved 1,938,780 STRC shares repurchased for $193.1 million between October 12 and October 18. The company did not sell preferred stock during that week.
The October 19 disclosure did not provide the average price paid for the latest repurchases. Consequently, the reported spending alone does not establish the precise price at which Strategy acquired the shares.
USD cash falls as STRC repurchases continue.
Strategy’s USD cash balance decreased from $640.5 million to $447.3 million during the reporting week. The $193.2 million decline reflected $193.1 million used for STRC repurchases and another $0.1 million allocated to the Bitcoin purchase.
The company maintains USD cash for broader treasury purposes, including potential Bitcoin acquisitions, reserve expansion, and other capital management activities. Its falling balance reflects the cash used for the disclosed transactions, rather than a reported change in its Bitcoin holdings.
Strategy also reported a separate USD reserve of $4.83 billion, down from $5.10 billion on September 7. The reserve supports preferred dividends and interest payments on debt.
The company paid $45.5 million in dividends during the latest reporting week. Executive Chairman Michael Saylor cited approximately $5.3 billion in dollar assets, combining USD cash and the USD reserve.
That combined amount should not be confused with the cash available for general treasury activity. The same two balances totaled $6.54 billion on September 7, according to the supplied figures.
For comparison, another $193.1 million in repurchases, with no other cash movements, would leave approximately $254.2 million in USD cash. This is a hypothetical arithmetic calculation, not a forecast of Strategy’s future spending or cash balance.
Bitcoin holdings reach 848,517 BTC.
Alongside the preferred stock repurchases, Strategy acquired 267 BTC for $22.1 million during October 12–18. The company reported an average purchase price of $82,900 per Bitcoin, including fees and expenses.
The latest acquisition increased Strategy’s holdings from 848,250 BTC on October 11 to 848,517 BTC on October 18. The company’s aggregate Bitcoin acquisition cost reached approximately $64 billion, with an average cost of $75,446 per coin, including fees, according to the October 19 disclosure.
The company funded $22 million of the latest Bitcoin purchase through net proceeds from selling 140,872 MSTR common shares. The remaining $0.1 million came from USD cash.
The capital allocation differed from the previous week, when Strategy acquired 250 BTC for $21.5 million between October 5 and October 11. That transaction was funded through approximately $21 million in common stock proceeds and $500,000 from existing dollar cash.
Across the three weekly reports covering the periods ending October 4, October 11, and October 18, Strategy repurchased $561.8 million in STRC shares and spent $72.3 million acquiring 851 BTC. The figures show that preferred stock repurchases exceeded Bitcoin purchases in dollar terms over those periods.
