What should readers look for in Strategy's upcoming disclosures?

Strategy reports third-quarter results after the US close on October 29, with a webinar at 5:00 p.m. Eastern Time, and weekly SEC filings follow. The key data points are the number of STRC shares sold under the at-the-market programme, any change to the dividend rate or buyback budget, and the size of any bitcoin purchases. The combination of confirmed STRC issuance at par alongside substantial bitcoin buying in the same filing would be the clearest evidence that the funding channel has reopened.

Strategy Skips Bitcoin Buying and Spends $204.9 Million on Its Own STRC Shares

Q: Has the recent rise in STRC been driven by outside buyers?

Largely not. Strategy's own repurchases, averaging about $99.06 a share in the latest buyback, have accounted for much of the recovery to roughly $99.36. The board increased the preferred buyback authorisation from $2 billion to $3 billion on October 19, with about $957 million remaining. A stronger indication of outside demand would be STRC holding at or above par during weeks when the company is not buying its own shares.

Strategy, the largest corporate holder of bitcoin, made no bitcoin purchase in the week of October 19–25 and instead repurchased $204.9 million of its STRC preferred stock, according to its October 26 SEC filing. The buyback has lifted STRC to about $99.36, just below the $100 par value that governs whether the company can sell new shares to fund further bitcoin purchases.

Disclaimer: News content is based on public news sources and provided for information only. It does not constitute investment advice.

Strategy Skips Bitcoin Buying and Spends $204.9 Million on Its Own STRC Shares

Forexlive·10/28/2026, 22:26:36· crypto

A Week Without Bitcoin Purchases

Strategy bought no bitcoin during the week of October 19 to 25, and instead directed $204.9 million into repurchasing its own STRC preferred shares, per its October 26 filing with the SEC. The pause follows a week in which the company purchased 267 BTC for $22.1 million, meaning that across the two weeks it spent roughly $18 on its own preferred stock for every $1 it spent on bitcoin. The company still holds 848,517 BTC at an average cost of about $75,446 per coin, so the shift reflects a change in the flow of new buying rather than a reduction of the existing position. Because Strategy has been the most consistent corporate buyer in the market, a week without purchases removes one familiar source of demand, though a single week does not by itself establish cause and effect for price moves.

What STRC Is and Why $100 Is the Trigger

STRC, nicknamed Stretch, is a perpetual preferred share with a variable dividend that Strategy pays monthly; the payout is adjusted to keep the price anchored near its $100 par value, and the company raised the rate to 12% during the summer slump. The $100 level matters because Strategy has said it will not sell new STRC below par. Above par, the instrument becomes a fundraising channel again: the company can sell shares into the market and use the proceeds to buy bitcoin, with roughly $17.5 billion available under its at-the-market programme — a figure unchanged in weekly filings since at least June. Chief executive Phong Le stated the link explicitly on Bloomberg TV on July 14, saying that once STRC returns to par the company will issue more and buy bitcoin, which makes the widely shared social media claim accurate but not new.

Issuer Support Is Not the Same as Outside Demand

Much of STRC's recovery has come from Strategy buying the shares itself: the latest repurchase averaged about $99.06 a share, essentially where the five-month high now sits. That support carries a cost. After the buybacks, Strategy reported a USD cash balance of $242.4 million, held separately from a $4.83 billion USD Reserve set aside for preferred dividends and debt interest, while the board raised the preferred buyback authorisation from $2 billion to $3 billion on October 19, leaving about $957 million available. The distinction matters because price support provided by the issuer says little about whether outside investors will absorb new shares at par. Saylor's informal target of regaining par by September 8 has already passed, which underlines that the final few dollars have been the hardest to recover.

StrategySTRC preferred sharesbitcoincorporate treasurySEC filings

Frequently asked questions

Why did Strategy stop buying bitcoin in the week of October 19–25?▾

According to its October 26 SEC filing, Strategy did not purchase any bitcoin that week and instead spent $204.9 million repurchasing its own STRC preferred shares. The company has said it will not issue new STRC below its $100 par value, so with the shares trading just under par, the funding route normally used for bitcoin purchases was effectively shut. The prior week it had bought 267 BTC for $22.1 million.

What exactly is STRC and how does its dividend work?▾

STRC is a perpetual preferred share with a variable dividend that Strategy pays monthly. The dividend rate is adjusted over time to keep the share price anchored around its $100 par value, and Strategy raised the rate to 12% during the summer slump. Because the payout moves with market conditions, the instrument is designed to trade close to par rather than behave like a fixed-income security with a static coupon.

Why does the $100 par value matter for bitcoin purchases?▾

Strategy has stated it will not sell new STRC below par, so $100 acts as the threshold at which the preferred stock becomes a fundraising tool again. Above that level the company can issue shares into the market and deploy the cash into bitcoin; roughly $17.5 billion remains available under its at-the-market programme. Chief executive Phong Le described this mechanism publicly on Bloomberg TV on July 14.

Key takeaways

A Week Without Bitcoin Purchases

What STRC Is and Why $100 Is the Trigger

Issuer Support Is Not the Same as Outside Demand

Market Backdrop and the Next Disclosure Points

Common mistakes to avoid

Reacting to a single headline without reading the full context — one data point is rarely the whole story.
Treating rewritten news as a signal — it describes what happened, never what to do next.
Confusing AI-rewritten content with the original source — always verify important facts against the primary report.

Strategy Skips Bitcoin Buying and Spends $204.9 Million on Its Own STRC Shares

A Week Without Bitcoin Purchases

What STRC Is and Why $100 Is the Trigger

Issuer Support Is Not the Same as Outside Demand

Frequently asked questions

Key takeaways

Common mistakes to avoid

Related reading

A Week Without Bitcoin Purchases

What STRC Is and Why $100 Is the Trigger

Issuer Support Is Not the Same as Outside Demand

Frequently asked questions

Key takeaways

Common mistakes to avoid

Related reading

Market Backdrop and the Next Disclosure Points