Strategy (MSTR) suspended bitcoin purchases during the week of October 19–25 and deployed $204.9 million to repurchase its STRC preferred stock instead, according to Bitcoin Magazine.
The shift marks a tactical pause in the company’s year-long accumulation strategy. Strategy holds 848,517 BTC with a total acquisition cost of $64.02 billion and an average price per bitcoin of $75,446. The company maintains a $4.83 billion cash reserve and carries an approximate $3.9 billion paper gain on its holdings.
STRC is a preferred stock with a variable dividend designed to trade near its $100 face value. Strategy repurchased shares at $86.52, a discount to par. When preferred shares fall below face value, buybacks reduce the preferred claim and increase net bitcoin per share held by common equity holders.
The timing coincided with bitcoin trading near $80,000 on October 26, before a weekend selloff pushed the price into the low $79,000s. Strategy has paused bitcoin acquisitions multiple times in 2026 and redirected capital toward preferred share repurchases.
Recent Buyback Activity
In September 2026, Strategy repurchased $176 million of STRC in a single week. The company also expanded its digital credit securities repurchase program from $1 billion to $2 billion during that month.
Strategy built its treasury into the largest corporate bitcoin holdings in the world through stock sales and convertible debt, using the proceeds to acquire coins. The company’s buyback capacity depends on preferred stock trading below par value and cash generated from common stock sales.
The $4.83 billion cash reserve is allocated to cover preferred dividends and debt interest obligations.
