Strategy (formerly MicroStrategy) disclosed on November 9, 2026, that it spent $188.3 million last week buying back its STRC preferred stock. That outlay was more than double the $81.9 million it used to buy 1,036 bitcoin over the same seven days.
The Brief
- Strategy bought 1,036 bitcoin in the week ended November 8 at an average price of $79,012 per coin, fees included.
- Strategy repurchased 1,887,464 shares of STRC, its Variable Rate Series A Perpetual Stretch Preferred Stock, for $188.3 million.
- MSTR common stock sales of 2,051,348 shares raised $283.8 million in net proceeds, the week’s only at-the-market sales.
- Strategy’s holdings now stand at 850,364 BTC, acquired for $64.16 billion at an average of $75,456 per coin.
Common stock sales now fund preferred buybacks
All of the week’s at-the-market (ATM) proceeds came from Strategy’s Class A common stock, according to a Form 8-K filed with the SEC. The filing shows zero sales across the STRF, STRC, STRK and STRD preferred programs. The MSTR share count includes stock sold but not yet settled as of November 6.
Strategy’s footnotes split the net proceeds three ways:
- About 66% funded repurchases of STRC stock.
- About 29% funded the bitcoin purchases.
- The remaining $13.6 million went to USD Cash, the pool management keeps for broader bitcoin treasury purposes.
The STRC buyback works out to about $99.76 per share, based on the disclosed share count and cost. Strategy made the purchases under what the filing calls its “digital credit securities repurchase program.” That program covers its preferred stock buybacks across all four series.
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. $MSTR https://t.co/Pxqso5aVRU
— Michael Saylor (@saylor) November 9, 2026
The trade swaps one claim on the company for another. Strategy issued new common shares and repurchased preferred shares that carry a dividend. Fewer STRC shares outstanding could lower future dividend payments. Existing MSTR holders absorb the dilution from the new shares in exchange.
Last week’s bitcoin cost more than the average
The $79,012 paid per coin last week sits $3,556 above the company-wide average cost. Each purchase above that level pulls Strategy’s cost basis higher. The 1,036 BTC buy took Strategy’s holdings past the 850,000 BTC mark.
Strategy also drew $21.1 million from its USD Reserve to pay preferred dividends during the period. The filing says the reserve is “intended to support the payment of dividends on Strategy’s preferred stock” and interest on its debt. The reserve ended the period at $4.77 billion. The separate USD Cash pool held $146.2 million.
Issuance capacity is not the limit. The MSTR program still has $18,337.3 million available for sale, and the STRC program has $17,510.8 million.
The Bottom Line
The filing does not say why management favored STRC over bitcoin last week. The update also sets no repurchase target or timeline. Holders of MSTR or STRC can check the Form 8-K footnotes, which assign every dollar of proceeds to a use.
The preferred repurchase program now has $560.3 million left, less than three times last week’s STRC spend. Strategy’s $1.0 billion MSTR buyback authorization sat untouched beside it.
