Strategy (Nasdaq: STRF, STRC, STRK, STRD, MSTR) bought 250 Bitcoin in the week ended October 11, adding about $21.5 million to its treasury while its weekly purchase size shrank for a second straight week. The company disclosed the figures in a capital markets update on October 12 that also showed $192 million of STRC preferred-stock repurchases over the same period.
According to the company’s announcement, $21.0 million of the Bitcoin buy was funded with proceeds from MSTR common-stock sales and the remaining $0.5 million from cash. The additions lift Strategy’s total holdings to 848,250 BTC, keeping it the world’s largest corporate holder of the asset.
A Shrinking Weekly Buy Meets a Larger Buyback
The 250 BTC addition is smaller than the 334 BTC Strategy bought in the week ended October 4 and the 1,665 BTC it acquired the week before that. Its STRC repurchases, by contrast, climbed from $176.3 million to $192.4 million. Strategy now spends roughly nine times more on preferred-stock buybacks than on new Bitcoin, a sharp reversal of the allocation pattern that built its treasury.
As of October 11, the company’s U.S. dollar reserve stood at $4.88 billion, with another $640.5 million in cash held for broader treasury purposes. The reserve is earmarked to support dividends on its preferred stock and interest on its debt, while the cash balance remains available for future Bitcoin buys. It still has $354.8 million authorized for preferred-stock repurchases and $1.0 billion for MSTR stock buybacks.
What the Allocation Shift Signals
The pivot toward buybacks arrives as Bitcoin trades near $83,000 after U.S. spot ETFs posted their largest weekly redemptions since June. The smaller purchases do not signal an exit from Bitcoin; Strategy remains a net accumulator. But its marginal capital is increasingly flowing toward supporting preferred-stock value, a choice that weighs the yield and stability of its own instruments against further BTC exposure.
What Comes Next
Strategy retains ample dry powder to resume larger buys if conditions change. Executive Chairman Michael Saylor has historically telegraphed upcoming purchases on social media ahead of Monday filings, and the company’s last major addition of 1,665 Bitcoin showed the pace it can still reach. Whether the slowdown extends will depend on market conditions, its at-the-market share-sale program, and how management prices preferred-stock buybacks against Bitcoin’s expected return.
