Strategy, the publicly traded company known for its large bitcoin treasury and led by executive chairman Michael Saylor, reported no bitcoin purchases or sales during the week of October 19 to 25. Instead, the company directed nearly $205 million toward repurchasing shares of its variable-rate preferred stock known as STRC.

In a filing with the U.S. Securities and Exchange Commission, Strategy disclosed that it bought back 2,068,459 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock for approximately $204.9 million. The company also reported no sales of common shares through its at-the-market offering program during the period.

Bitcoin Holdings Steady as Capital Allocation Shifts

Strategy’s bitcoin holdings remained fixed at 848,517 BTC. The company acquired those coins for a total cost of $64.02 billion, or an average of $75,446 per bitcoin including fees and expenses. At recent market prices near $80,000, the position carried a market value above $67 billion.

The pause followed several consecutive weeks of modest bitcoin accumulation. In the prior reporting period of October 12 to 18, Strategy purchased 267 BTC for $22.1 million while simultaneously spending $193.1 million on STRC buybacks. Earlier weeks showed similar patterns of limited bitcoin purchases paired with larger preferred-share repurchases.

Since the start of October, Strategy has allocated roughly $664 million to STRC repurchases compared with about $72 million spent on bitcoin acquisitions totaling several hundred coins. The latest week marked a complete halt to bitcoin buying for the first time since mid-September.

Cash Position and Remaining Buyback Capacity

The company funded the latest STRC repurchases entirely from its USD Cash balance, which is designated for general corporate purposes including potential bitcoin purchases and capital management. That balance declined from $447.3 million a week earlier to $242.4 million as of October 25, a drop of roughly 46 percent.

A separate USD Reserve, maintained to cover preferred dividends and debt interest payments, stayed unchanged at $4.83 billion. Combined, Strategy’s dollar assets totaled approximately $5.1 billion.

After the latest transactions, about $956.8 million remained available under the company’s expanded $3 billion preferred-stock repurchase authorization. Strategy had increased that authorization from $2 billion in mid-October. A separate $1 billion authorization for repurchasing MSTR common stock remained fully intact and unused.

Preferred Shares Trade Near Par Value

STRC shares have traded below their $100 stated value for much of the year but recently moved closer to par. The preferred stock finished the prior trading week near $99.36 and has approached $99.90 in recent sessions. Management has previously described buybacks below $100 as an efficient use of capital because they reduce future preferred dividend obligations at a discount.

Company executives have noted that repurchasing the preferred shares at a discount lowers the ongoing cost of capital associated with those securities. The latest average purchase price of roughly $99 per share continued that approach.

Strategy’s common shares, ticker MSTR, traded lower in premarket activity following the disclosure, while STRC held near its recent levels. Bitcoin itself moved around the $80,000 area after trading as high as the mid-$84,000s earlier in the prior week.

Broader Context for Capital Decisions

The company continues to balance its long-standing bitcoin accumulation strategy with active management of its preferred-stock capital structure. Recent weeks have shown a clear tilt toward preferred-share buybacks relative to new bitcoin purchases, even as the firm retains substantial dry powder in its cash and reserve accounts.

Strategy also faces an upcoming shareholder vote on October 28 regarding a possible shift to daily dividend payments on its preferred shares, including STRC. Separately, index provider MSCI is scheduled to publish a list of companies potentially affected by new eligibility rules on November 11, with any changes taking effect at the end of that month. Those rules could impact certain digital-asset treasury companies, though Strategy has stated that any exclusion would not alter its core operations.

The firm’s latest actions leave its bitcoin position unchanged while reducing the number of preferred shares outstanding and drawing down available cash. Future weekly updates will show whether Strategy resumes bitcoin purchases or continues prioritizing preferred-stock repurchases under the remaining authorization.