Strategy, the business software firm led by Michael Saylor, disclosed on October 19 that it purchased 267 bitcoin between October 12 and October 18 for approximately $22.1 million. The acquisition raised the company’s total bitcoin holdings to a new high of 848,517 BTC, acquired at a cumulative cost of about $64.02 billion and an average price of $75,446 per coin.

The latest purchase followed a similar weekly buy of 250 bitcoin for $21.5 million the prior week. Strategy financed nearly all of the newest acquisition by selling 140,872 shares of its common stock through an at-the-market program, with the remaining $100,000 drawn from existing cash.

Preferred Share Repurchases Far Exceed Bitcoin Spending

During the same reporting window, Strategy directed substantially more capital toward its preferred securities. The company repurchased 1,938,780 shares of its STRC preferred stock for $193.1 million. That outlay was nearly nine times the amount spent on bitcoin.

Strategy’s board simultaneously increased the authorization for its Digital Credit Securities Repurchase Program from $2 billion to $3 billion. The expanded program covers preferred securities including STRC, STRF, STRK and STRD. After the latest transactions and related costs, roughly $1.16 billion of capacity remained available under the authorization.

The STRC buybacks were funded entirely from existing dollar cash balances rather than new preferred issuances. STRC is a variable-rate perpetual preferred security designed to pay dividends; reducing the number of outstanding shares can lower future dividend obligations and support the security’s trading level near its $100 stated value.

Saylor posted the remark on X the day before the formal disclosure, continuing a pattern in which similar weekend comments have preceded Monday purchase announcements.

Cash Reserves and Capital Management

As of October 18, Strategy reported approximately $4.83 billion in its designated USD Reserve and an additional $447.3 million in USD Cash, for a combined total near $5.28 billion. The reserve is primarily intended to support preferred dividends and debt interest payments. The separate cash balance provides flexibility for bitcoin purchases, security repurchases and other capital activities.

During the week the company also used $45.5 million from the USD Reserve to cover preferred dividend payments. Management has described its overall framework as one that balances bitcoin accumulation, dollar liquidity and preferred-security management according to prevailing conditions.

The increased buyback authorization does not obligate Strategy to spend the full amount. Actual activity will depend on market conditions, available liquidity and internal decisions. The company remains one of the largest corporate holders of bitcoin while simultaneously managing a growing preferred capital structure that has recently absorbed more cash than its weekly bitcoin acquisitions.