Strategy sold 2,051,348 of its own Class A shares (MSTR) between 2 and 8 November for $283.8 million in net proceeds, and spent two-thirds of that money buying back its STRC preferred stock rather than bitcoin. According to the Form 8-K filed with the SEC on Monday 9 November at 13:00 UTC, $188.3 million went to repurchasing 1,887,464 STRC shares, $81.9 million to 1,036 bitcoin at an average of $79,012 each, and the remaining $13.6 million to the company’s cash pile.
That leaves Strategy with 850,364 BTC, bought for a total of $64.16 billion, or $75,456 per coin on average including fees. It is the first weekly filing to show the holdings above 850,000 coins, about 4.05% of bitcoin’s 21 million cap.
The STRC buyback itself is not new. Strategy has repurchased STRC in every weekly filing since at least late August, and Coindaro covered the shift in our 13 October report on Strategy spending more on STRC than on bitcoin. What changed this week is where the money came from. From early September to the start of November the buybacks were paid mostly out of a dollar balance the company had built up earlier, called USD Cash. That balance has fallen from $1.61 billion on 30 August to $146.2 million, and this week the buyback was paid for directly by selling new common shares.
The coins bought this week also cost more than bitcoin is worth now. Bitcoin traded at about $74,700 on Coinbase at 17:37 UTC on Monday, 5.5% below the $79,012 Strategy paid on average during the week and 1% below its overall average cost. At that price the 850,364 coins were worth about $63.5 billion, some $640 million less than they cost.
Where the $283.8 million from MSTR sales went
A footnote to the at-the-market (ATM) table in the filing splits the use of the MSTR proceeds. No preferred shares were sold during the week: the STRF, STRC, STRK and STRD lines are all empty, so the whole $283.8 million came from common stock. The shares include some that were sold but not yet settled on 6 November.
| Use of MSTR proceeds, 2-8 November 2026 | Amount | Share of the $283.8 million |
|---|---|---|
| STRC preferred buybacks (1,887,464 shares) | $188.3 million | 66.3% |
| Bitcoin purchases (1,036 BTC) | $81.9 million | 28.9% |
| Added to USD Cash | $13.6 million | 4.8% |
| Total net proceeds (2,051,348 MSTR shares) | $283.8 million | 100% |
The percentages are Coindaro’s own arithmetic from the 8-K figures, which add up exactly. Dividing the net proceeds by the number of shares gives an average net price of about $138.35 per MSTR share over the week. In intraday trading on Monday, MSTR stood at $125.76 at 17:38 UTC, down 2.46% from Friday’s close of $128.93, according to Nasdaq’s real-time quote, so the week’s sales were made at higher prices than Monday’s.
Michael Saylor summed up the week in his usual Monday post, writing that Strategy “has acquired 1,036 $BTC and repurchased $188M of $STRC”, according to Bitcoin Magazine. He also put the company’s dollar assets at $4.9 billion as of 8 November, the sum of the two cash balances described below.
Ten weeks of STRC buybacks, and how they were paid for
Lined up, Strategy’s weekly filings since the end of August show a steady pattern: the preferred buyback runs between $139 million and $209 million every week, while bitcoin buying comes and goes. The table below is built from those 8-Ks.
| Week (2026) | STRC bought back | Bitcoin bought | Average BTC price | Main source of buyback money |
|---|---|---|---|---|
| 31 Aug – 7 Sep | $176.3M | none | – | USD Cash |
| 8 – 13 Sep | $139.3M | none | – | USD Cash |
| 14 – 20 Sep | $174.0M | 950 BTC ($75.7M) | $79,670 | USD Cash |
| 21 – 27 Sep | $151.7M | 1,665 BTC ($142.7M) | $85,681 | MSTR sales $103.5M, USD Cash $48.1M |
| 28 Sep – 4 Oct | $176.3M | 334 BTC ($28.7M) | $85,839 | USD Cash and interest |
| 5 – 11 Oct | $192.4M | 250 BTC ($21.5M) | $86,194 | not stated (USD Cash fell $192.9M) |
| 12 – 18 Oct | $193.1M | 267 BTC ($22.1M) | $82,900 | USD Cash |
| 19 – 25 Oct | $204.9M | none | – | USD Cash |
| 26 Oct – 1 Nov | $208.2M | 811 BTC ($65.5M) | $80,846 | USD Cash |
| 2 – 8 Nov | $188.3M | 1,036 BTC ($81.9M) | $79,012 | MSTR sales |
Added up, that is about $1.80 billion spent on STRC in ten weeks, against $438 million on bitcoin. Since 1 October alone, the gap is $1.06 billion on STRC against $219.7 million on bitcoin, the same totals Cointelegraph published on Monday. The weeks of 19-25 October, when Strategy bought no bitcoin at all and spent $204.9 million on STRC, were the subject of our 26 October piece.
Only one earlier week in this series used MSTR sales directly to pay for STRC: 21-27 September, when $103.5 million of the $246.2 million raised went to the buyback and $142.7 million went to bitcoin. The week just before the series, 24-30 August, followed the same order: $151.8 million of MSTR proceeds for STRC and $369.7 million for 4,603 bitcoin. This week the order is reversed, with bitcoin getting less than a third.
USD Cash, which paid for the buybacks, fell from $1.61 billion to $146 million
Strategy keeps two separate dollar pots, and the difference matters here. The USD Reserve is meant to pay dividends on the preferred shares and interest on the company’s debt. USD Cash is a general-purpose balance that, in the 8-K’s words, can be used for buying bitcoin, topping up the reserve or “broader capital management uses”.
From September, USD Cash paid for most of the STRC buybacks week after week, and for some of the bitcoin, and the balance shrank accordingly:
| Date (2026) | USD Cash | USD Reserve |
|---|---|---|
| 30 August | $1.61 billion | $5.10 billion |
| 7 September | $1.44 billion | $5.10 billion |
| 13 September | $1.30 billion | $5.10 billion |
| 20 September | $1.05 billion | $5.04 billion |
| 27 September | $1.00 billion | $5.02 billion |
| 4 October | $833.4 million | $4.88 billion |
| 11 October | $640.5 million | $4.88 billion |
| 18 October | $447.3 million | $4.83 billion |
| 25 October | $242.4 million | $4.83 billion |
| 1 November | $132.7 million | $4.79 billion |
| 8 November | $146.2 million | $4.77 billion |
In the week to 1 November, Strategy already routed $98.5 million of MSTR proceeds into USD Cash while paying $208.2 million out of it for STRC, according to the 2 November 8-K. This week it skipped the intermediate step. With about $146 million left in USD Cash, a buyback of the recent size can no longer be paid from that balance for even one week, so new share sales, or the reserve, would have to fund it.
The USD Reserve, at $4.77 billion, was only used for dividends this week: $21.1 million went to preferred holders, against $43.4 million in the week to 1 November and $45.5 million in the week to 18 October.
STRC was bought back at about par, not at a discount
Dividing $188.3 million by 1,887,464 shares gives an average repurchase price of about $99.76 per STRC share, just under the $100 stated amount on which the dividend is calculated. That is Coindaro’s calculation; the 8-K gives only the totals. In intraday trading on Monday, STRC stood at $99.94 at 17:38 UTC on Nasdaq, up 0.14% on the day.
A month ago the picture was different. On 16 October STRC fell to $97.72, below the $99 to $100 band Strategy has been defending, as described in our report on the STRC drop during the MSTR selloff. According to Cryptopolitan, STRC climbed back to $100 on 4 November for the first time since May, after trading below $80 in June. The same outlet reports that Saylor marked the recovery that day with a two-word post: “We’re ₿ack.”
What STRC is, in short
STRC, which Strategy calls Stretch, is a perpetual preferred share: it has no maturity date, ranks ahead of common stock for dividends, and pays a variable rate on a $100 stated amount. That rate has been 12% a year since 1 July 2026. Strategy can sell new STRC through its ATM program, which still has $17.51 billion of capacity according to Monday’s filing, or buy shares back, which is what it has done in every weekly filing since late August.
What the buyback gains, and what it costs
Strategy gives no reason for the buyback in the filing. Our 13 October piece linked it to Strategy’s stated aim of keeping STRC within a $99 to $100 target range. A second effect is mechanical. Each STRC share retired removes a $12 yearly dividend at the current rate, so this week’s 1,887,464 shares stand for about $22.6 million a year in dividends Strategy no longer owes. Across the 18.2 million STRC shares retired since 31 August, the same estimate gives roughly $219 million a year. Both figures are Coindaro estimates that assume the 12% rate stays where it is.
The cost falls on MSTR holders. To retire preferred shares at par, Strategy issued 2.05 million new common shares this week. At par, the buyback brings no discount gain, only the dividend saving. The 8-K gives neither Strategy’s BTC yield, its measure of bitcoin per share, nor its mNAV (the ratio of its market value to its bitcoin), so the filing alone does not show the effect on those ratios.
New bitcoin bought above Monday’s price, and the whole stack below cost
Each of the 1,036 coins cost $79,012, including fees and expenses. Bitcoin has lost ground since: on Monday morning a five-minute drop took it to $73,477, as described in our Monday morning bitcoin report. At about $74,700 at 17:37 UTC on Coinbase, the new coins were worth roughly $77.4 million, against the $81.9 million paid.
The more telling number is the total. Strategy’s average cost has crept up from $75,412 per coin on 7 September to $75,456 now, because every purchase since then was made above that average. At Monday’s 17:37 UTC price, the 850,364 BTC were worth about $63.5 billion against $64.16 billion paid, a paper loss of roughly $640 million or 1%. Bitcoin Magazine, using a price of $74,800, put the gap at about $550 million.
That matters for the accounts. In its 5 October 8-K, Strategy said that the fair value of its bitcoin exceeded the cost basis on 30 September. That let it release a $4.12 billion valuation allowance and book a matching income tax benefit in the quarter behind our analysis of Strategy’s $20.9 billion quarter. The next quarter-end test is 31 December. The fourth-quarter result itself depends on a higher bar: the holdings were carried at $70.82 billion on 30 September, about $83,500 per coin, so any year-end price below that level means a loss on digital assets for the quarter. Below the $75,456 cost basis, the comparison that allowed the tax release would also point the other way.
$560 million of buyback room left, about three weeks at this pace
Strategy’s repurchase program for its preferred shares, which it calls the digital credit securities repurchase program, started with $1.0 billion. The board raised it to $2.0 billion on 8 September and to $3.0 billion on 19 October, according to the 19 October 8-K. After this week, $560.3 million remains, which means about $2.44 billion of the $3.0 billion has been used.
At this week’s pace of $188.3 million, the remaining room covers about three more weeks; the average of the last four weeks, $198.6 million, gives about 2.8 weeks. Either way, unless the board raises the limit again, the program would run dry around the end of November. A separate $1.0 billion program for buying back MSTR common stock has not been touched.
On the funding side, Strategy still has $18.34 billion of MSTR shares it can sell through the ATM, plus untouched preferred capacity: $17.51 billion of STRC, $4.01 billion of STRD, $2.10 billion of STRK and $1.62 billion of STRF. None of the preferred lines has been used in the filings checked since late August.
For comparison, the smaller bitcoin treasury company Strive bought 29 BTC for about $2.2 million at $75,721 each over the same period, bringing it to 43,153 BTC, according to crypto.news.
What to watch next for Strategy
The next weekly filing is due on Monday 16 November. It will show whether MSTR sales keep paying for the STRC buyback, whether the remaining $560.3 million falls below about $400 million, and whether the board raises the cap a third time.
The next US consumer price index comes out on Tuesday 10 November at 13:30 UTC, and bitcoin’s reaction to it will decide how far the stack sits from its $75,456 average. On 30 November, MSCI is due to apply the rule that could remove Strategy from its global indexes, explained in our report on the MSCI decision. If Strategy is dropped, index funds that track those benchmarks would have to sell their MSTR shares.