Key Takeaways
- Strategy purchased 1,036 BTC at an average price of $79,012 per coin.
- Total holdings reached 850,364 BTC, acquired for approximately $64.16 billion.
- Strategy repurchased $188.3 million in STRC preferred shares while maintaining $4.9 billion in dollar assets.
Strategy’s Bitcoin Treasury Reaches 850,364 BTC
According to its Nov. 9 Form 8-K, Strategy financed the acquisition through sales of its Class A common stock (MSTR). The company sold 2,051,348 shares, generating approximately $283.8 million in net proceeds, with $81.9 million directed toward bitcoin purchases.
The acquisition brought Strategy’s aggregate bitcoin investment to $64.16 billion, representing an average purchase price of $75,456 per BTC, including fees and expenses. The company remains the world’s largest publicly traded corporate bitcoin holder.
The announcement followed executive chairman Michael Saylor’s familiar Sunday ritual. On Nov. 8, Saylor shared a bitcoin acquisition chart on X with the cryptic caption, “Connecting the dots.” The message revived expectations of another purchase ahead of Monday’s regulatory disclosure.
Saylor subsequently told his 5.2 million X followers:
“Strategy has acquired 1,036 BTC and repurchased $188M of STRC. As of 11/8/26, we hold 850,364 BTC and $4.9B of USD Assets. USD Duration is 3.4 yrs and STRC’s BTC Credit tightened to 58 bps (-2 bps), assuming 10% BTC ARR, 40% BTC Vol, and a BTC price of $75,800.”
Strategy Repurchases $188 Million in STRC Preferred Shares
Beyond its bitcoin accumulation, Strategy devoted $188.3 million to repurchasing 1,887,464 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). The repurchases were also financed through MSTR stock sales, leaving approximately $560.3 million available under the company’s preferred securities repurchase program.
STRC, designed to trade near its $100 stated amount, has recovered considerably from its June lows. The preferred stock closed Friday, Nov. 6, at approximately $99.84, reflecting its return toward the company’s targeted trading range.
Strategy also disclosed $4.77 billion in its designated dollar reserve and $146.2 million in separate cash holdings. During the reporting period, $21.1 million from the reserve funded preferred-stock dividends.
Bitcoin Accumulation Continues Despite Market Weakness
Strategy began accumulating bitcoin in August 2020, initially purchasing 21,454 BTC for approximately $250 million. Since then, its treasury strategy has evolved into an elaborate financing operation involving common shares, convertible debt and preferred securities.
The latest purchase follows an 811 BTC acquisition announced Nov. 2, illustrating the company’s continued commitment to accumulation despite bitcoin’s recent price weakness.
Meanwhile, MSTR closed Friday at approximately $128.93, reflecting persistent pressure on the company’s common stock. Its preferred securities have demonstrated greater price stability, although their dividend obligations introduce additional financial considerations.
Strategy’s latest disclosure illustrates the delicate balancing act behind its treasury ambitions. Additional bitcoin purchases expand its exposure to the cryptocurrency, while equity issuance and preferred-stock obligations complicate the capital structure. The strategy’s durability ultimately depends on access to financing, disciplined liquidity management and bitcoin’s long-term price performance.
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