Strategy Inc (Nasdaq: MSTR), formerly MicroStrategy, spent $204.9 million buying back its STRC preferred stock between October 19 and October 25, 2026, an SEC filing dated October 26 shows. The company bought no bitcoin over the same week.
At a Glance
- Strategy repurchased 2,068,459 shares of STRC, its variable-rate Stretch preferred stock, and paid for them entirely from USD Cash.
- Strategy sold no shares through its at-the-market program and neither bought nor sold any bitcoin during the week.
- The company holds about 848,517 bitcoin, bought for $64.02 billion at an average of roughly $75,446 per coin.
- Strategy’s USD Cash balance stood at $242.4 million at the end of the week, while its USD Reserve held $4.83 billion.
USD Cash funded every STRC share
Strategy paid for the full repurchase with USD Cash, the Form 8-K shows. Its at-the-market (ATM) program, which lets the company sell new shares straight into the market, raised nothing all week.
STRC was the only security bought back. The STRF, STRK and STRD preferred series saw no repurchases, and neither did MSTR Class A common stock.
Both programs still have headroom. The filing lists $956.8 million remaining under the digital credit securities repurchase program, which covers the preferred series, and $1.0 billion under the separate MSTR Stock program.
Strategy has paused bitcoin buys in favor of STRC repurchases before.
Strategy has repurchased $205M of $STRC. As of 10/25/26, we hold 848,517 $BTC and $5.1B of USD Assets. $MSTR https://t.co/XTTFEh0rSc
— Michael Saylor (@saylor) October 26, 2026
Dividend money sits in a separate reserve
Strategy splits its dollars into two pools. The USD Reserve is meant “to support the payment of dividends on Strategy’s preferred stock,” the filing says, along with interest on the company’s debt.
USD Cash is the flexible pool. Management can use it to buy bitcoin, top up the reserve or fund broader capital management, according to the filing.
This week, Strategy pointed that flexible money at its own preferred stock instead of new coins. The $242.4 million left in USD Cash now covers only part of the remaining preferred authorization.
The choice reads as balance-sheet housekeeping aimed at the preferred stack. Each STRC share bought back is one fewer share drawing dividends from the USD Reserve, while the bitcoin holdings stay untouched.
The Bottom Line
STRC holders can track how Strategy sets the STRC dividend rate against the reserve balance it reports in each update. The filing does not explain why Strategy chose STRC over its other three preferred series, or when bitcoin purchases might resume.
Any further STRC buybacks will show up first in two lines: the USD Cash balance and the unused authorization. Strategy reports both through SEC filings and its strategy.com dashboard, which it designates as a Regulation FD disclosure channel.
