Strategy Buys 1036 BTC, Repurchases $188M in STRC

Strategy purchased another 1,036 Bitcoin for approximately $81.9 million between November 2 and November 8, increasing its corporate holdings to 850,364 BTC as the cryptocurrency traded below the company’s average acquisition cost.

The purchases were completed at an average price of $79,012 per Bitcoin, including fees and expenses, the company confirmed in its November 9 SEC filing. Strategy’s total Bitcoin investment now stands at approximately $64.16 billion, with an average acquisition price of $75,456 per coin.

Bitcoin traded near $74,570 on November 9, based on Strategy’s corporate dashboard, placing its holdings modestly below their aggregate purchase cost at that point.

The acquisition follows the previous week’s purchase of 811 BTC for $65.5 million at an average price of $80,846, extending Strategy’s accumulation streak despite weaker market conditions.

Strategy Spends More on STRC Buybacks Than Bitcoin

Strategy allocated substantially more capital to preferred-share repurchases than Bitcoin during the latest reporting period.

The company repurchased 1,887,464 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for approximately $188.3 million, more than twice the amount spent acquiring Bitcoin.

Both transactions were financed through common-stock issuance. Strategy sold 2,051,348 MSTR shares through its at-the-market offering program, generating $283.8 million in net proceeds. Of that amount, $81.9 million funded Bitcoin purchases, $188.3 million financed STRC repurchases, and $13.6 million was allocated to USD Cash.

STRC is a preferred equity security designed to provide variable dividend income. Repurchasing outstanding shares reduces the preferred equity base and can lower future dividend obligations, although funding these transactions through new common shares dilutes existing MSTR shareholders.

The latest activity continues Strategy’s recent emphasis on preferred-share buybacks, which has become an increasingly important component of its capital management.

Following the transactions, Strategy retained $560.3 million in authorized preferred-stock repurchase capacity.

Its dollar-denominated assets totaled approximately $4.9 billion, comprising a $4.77 billion USD Reserve intended primarily for dividends and debt interest, alongside $146.2 million in separately managed USD Cash. The company used $21.1 million from its reserve to pay preferred dividends during the week.

Strive Adds Bitcoin as Schiff Challenges Saylor

Fellow Bitcoin treasury company Strive also expanded its holdings, acquiring 29 BTC for approximately $2.2 million between October 31 and November 6.

The purchases averaged $75,721 per coin and raised Strive’s total holdings to 43,153 BTC, its November 9 SEC disclosure confirmed.

Strive held $487.6 million in cash and cash equivalents, alongside 505,000 Strategy STRC shares valued at approximately $50.4 million. Both companies have previously featured in the broader corporate Bitcoin accumulation trend.

Meanwhile, Strategy Executive Chairman Michael Saylor maintained his bullish public stance, posting “Look ₿oth Ways” on X following the latest purchase announcement.

Longtime Bitcoin critic Peter Schiff challenged Strategy’s capital management, arguing that STRC buybacks were supporting its share price and warning that falling Bitcoin prices could increase selling pressure despite STRC’s 12% annual dividend rate.

Schiff also criticized Strategy’s common-stock issuance, arguing that the transactions diluted shareholders while supporting Bitcoin accumulation and preferred equity repurchases.

Strategy’s latest financing activity highlights the competing demands on its capital: continuing Bitcoin accumulation, managing preferred-stock obligations and maintaining liquidity during periods of market weakness.

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