Key Insights
- Strategy’s Bitcoin buying pace has slowed sharply despite reaching 848,000 BTC.
- STRC buybacks are absorbing substantially more capital than new Bitcoin purchases.
- Strive’s larger acquisition highlights intensifying competition among corporate Bitcoin buyers
Strategy bought 334 Bitcoin for $28.7 million between October 1 and October 4, while spending $176.3 million on STRC buybacks. The latest filing shows a shift in capital allocation as the company maintains its Bitcoin strategy while supporting its preferred stock.
The purchase raised its holdings to exactly 848,000 BTC, according to a Monday filing with the US Securities and Exchange Commission. It marked the third consecutive weekly Bitcoin purchase, but the latest haul fell sharply from the 1,665 BTC bought the previous week.
Strategy Reaches 848,000 BTC While Spending $176M on STRC Buybacks
Strategy said it acquired 334 BTC for $28.7 million at an average price of $85,839 between October 1 and 4, bringing total holdings to 848,000 BTC at an aggregate cost of about $63.97 billion. The purchase was… pic.twitter.com/OpPVY7afTq
— Wu Blockchain (@WuBlockchain) October 5, 2026
Capital moves toward preferred shares
Strategy funded the latest Bitcoin purchase through cash and sales of its Class A common stock. It sold 92,894 MSTR shares for $15.7 million between October 1 and October 4.
The company used those proceeds for part of the Bitcoin purchase. It supplied the remaining $13 million from its USD cash balance, which stood at $833.4 million at the end of the period.
Meanwhile, the company repurchased 1.77 million STRC preferred shares across two reporting periods. The transactions included $102.6 million in purchases from September 28 through September 30 and another $73.7 million from October 1 through October 4.
STRC pays a 12% annual dividend, making its market price important to the company’s broader financing structure. The company has said it will maintain that rate while the preferred stock trades consistently near its $100 issue price.
The latest allocation therefore puts greater emphasis on supporting preferred securities than adding Bitcoin.
Bitcoin gains strengthen balance sheet
The latest filing also highlighted a major improvement in the value of the company’s Bitcoin holdings. Strategy estimated a $20.91 billion gain on its Bitcoin during the third quarter.
Bitcoin’s recovery from June levels helped reverse a $4.12 billion tax asset associated with an earlier decline in the holdings’ value.
At a Bitcoin price around $86,138 the 848,000 BTC stash comes out to $73 billion. The company bought those coins for $63.97 billion, which means the average purchase price was close to $75,441, per Bitcoin.
Strategy also reported $4.88 billion in its USD Reserve, which supports dividends and interest payments. Its separate USD Cash balance stood at $833.4 million.
The company will also hold a shareholder vote on October 28. Investors will consider a proposal involving daily dividends across its four preferred stock series.
Financing model faces a new test
The latest figures have renewed questions about how aggressively Strategy can continue expanding its Bitcoin holdings. Peter Schiff argued that the company has less capacity to raise fresh funds through STRC while it focuses on supporting the existing preferred stock.
However, the company still has substantial capacity under its common-stock program. About $18.83 billion remained available for issuance and sale under its MSTR at-the-market program as of October 4.
The newest transactions also show that buying Bitcoin is competing with money needs. Dividends, interest expenses, managing cash and buying back stock now need a lot of money at the same time, as buying Bitcoin.
Rivals increase their Bitcoin accumulation
Strive offered a sharp contrast to the latest buying pace. The company purchased 2,000 BTC between September 28 and October 2 at an average price of $84,422.
The transaction cost about $169 million and increased Strive’s holdings to 29,462 BTC. Chief Executive Matt Cole said 61.5% of the funds came from SATA, the company’s preferred stock.
Strive also held 505,000 STRC shares worth about $50.2 million. Michael Saylor has previously expressed support for Strive’s efforts to build its own Bitcoin treasury.
The contrasting purchases highlight different approaches among public companies pursuing Bitcoin accumulation. Strategy remains the largest holder, but smaller competitors can deploy larger amounts relative to their existing holdings.
Meanwhile, Bitcoin Treasuries data lists 196 public companies that have adopted some form of Bitcoin acquisition model. Metaplanet, Twenty One, MARA and Bitcoin Standard Treasury Company also rank among major corporate holders.
Capital discipline shapes the next phase
The latest numbers suggest that Bitcoin accumulation remains central to Strategy, but it no longer receives every available dollar. Preferred-stock commitments now represent a significant competing use of corporate liquidity.
The company preserves holding a significant bitcoin position and also has access to further financing for MSTR. The smaller weekly purchase, however, suggests some growing dependence on the future coming from the capital markets.
The company is also adding some cash flow flexibility with the recently released quarter as Bitcoin has recovered from its downturn. But maintaining the financing structure of the holdings is important as preferred dividends and repurchases use up more cash.
The big question for investors is whether Strategy can find a sweet spot with respect to purchasing bitcoins and the costs of its preferred securities and financing mechanism.
Conclusion
The next stage of the strategy is going to happen with 848,000 BTC, ample cash reserves, and billions that can be accessed via its MSTR offering. Its most recent deals indicate that keeping the preferred-stock framework can take priority over fast bitcoin building.
The shareholder vote on Oct. 28 will give further indication of how the company intends to handle those competing demands. Strive’s larger buy signals that competition in corporate Bitcoin remains a growing trend beyond the world’s largest Bitcoin holder.
