Strategy (Nasdaq: MSTR) disclosed on Monday, November 2, that it bought 811 BTC for $65.5 million last week. The Bitcoin treasury company, formerly MicroStrategy, resumed buying after a one-week pause.
Key Facts
- Strategy paid an average of $80,846 per coin and funded the buy with proceeds from MSTR common stock sales.
- The company now holds 849,327 BTC, bought for a combined $64.08 billion at an average of $75,451 each.
- Strategy spent more on buying back its STRC preferred stock than on Bitcoin, paying for the buyback from USD Cash.
- MSCI plans to publish its list of companies caught by a new single-asset index rule later this month.
Stock sales covered coins and cash
Strategy sold 1,178,552 MSTR shares through its at-the-market program during the week, raising $164 million in net proceeds, according to its Form 8-K. “The bitcoin purchases were made using net proceeds from MSTR Stock sales,” the filing states. Bitcoin took only part of that money, and the remaining $98.5 million went to USD Cash. Strategy sold no preferred stock at all, leaving about $17.51 billion of STRC still available under the program.
The prior week’s pause was the company’s first since mid-September. The week before that, Strategy bought 267 BTC for $22.1 million at an average of $82,900. Short gaps have happened before, and the company ended an earlier Bitcoin pause with a much larger purchase.
Strategy also repurchased 2,092,035 shares of STRC, its variable-rate preferred stock, for $208.2 million. All of it came from USD Cash. That edged past the $204.9 million it spent on STRC during the pause week.
USD Cash, the general-purpose pool Strategy also uses for Bitcoin, fell to $132.7 million from $242.4 million a week earlier. The separate USD Reserve, which covers preferred dividends and debt interest, held $4.79 billion after paying out $43.4 million in dividends. About $748.6 million remains under the preferred repurchase program.
In a post on X, Strategy put its combined USD assets at $4.9 billion and its “USD Duration” at 3.3 years. That figure measures how long the dollar pile could cover dividends and interest.
Strategy has acquired 811 $BTC and repurchased $208M of $STRC. As of 11/1/26, we hold 849,327 BTC and $4.9B of USD Assets. $MSTR https://t.co/fk7kWJxf3L
— Strategy (@Strategy) November 2, 2026
The buybacks land as STRC moves to daily dividends at a 12% rate. Shareholders approved the switch last week for all four of Strategy’s preferred stocks. The company’s third-quarter materials list STRC payments every business day through December 1.
Mizuho flags dilution ahead of MSCI’s list
Mizuho Financial Group kept its Outperform rating and $165 price target on MSTR after Strategy’s third-quarter earnings call. That’s according to a summary of the note published by Decrypt. Analyst Dan Dolev pointed to a stronger balance sheet, with net leverage down to 2.4% from 8.4%. He also flagged dilution, noting that Bitcoin per share has fallen 3.7% this year.
Strategy’s own numbers agree. Its third-quarter materials report a BTC Yield, the company’s gauge of Bitcoin held per share, of negative 3.7% year to date.
This week’s filing shows how that slide happens. Most of the money from new MSTR shares went to cash. That cash then retired preferred stock, which lets the share count grow faster than the coin count.
The filing leaves two questions open. How long will Strategy keep draining its USD Cash fund for STRC buybacks? And how will it split future MSTR proceeds between Bitcoin and cash? Shareholders tracking dilution can follow both lines in the company’s weekly 8-K, which lists cash balances and buyback totals next to each Bitcoin purchase.
Index eligibility is the next fixed test. MSCI finalized a rule in October that treats companies dominated by a single asset as ineligible for its equity indexes. That standard could push Strategy out. The index provider will publish the list of affected companies on November 11.
