Strategy buys 334 bitcoin and spends six times as much on STRC shares

Strategy reported on 5 October 2026 that it had purchased 334 bitcoin for $28.7 million. Alongside that purchase, the company bought back STRC preferred shares for $176.3 million, slightly more than six times its bitcoin spending in the reported week. The company's announcement (Opens in a new tab) presents both actions together.

The periods need to be stated precisely: the bitcoin was purchased between 1 and 4 October, while STRC purchases took place between 28 September and 4 October. No bitcoin was purchased during September's final three days, so the comparison reflects total spending on both items that week.

Where the money for the bitcoin purchase came from

According to the SEC filing, the sale of 92,894 MSTR common shares generated $15.7 million in net proceeds used for the purchase. Another $13 million came from company cash.

After the purchase, holdings totalled 848,000 BTC, at an aggregate cost of approximately $63.97 billion. The cumulative average purchase price was $75,440.70 per coin, including fees and expenses. These are cost figures, not a valuation of the holdings at the current market price.

What the STRC buyback means

STRC is a Strategy preferred share with a variable dividend. It is not bitcoin, and buying it back does not add coins to the company's holdings. The action concerns a security the company itself issued and the management of its capital structure.

Strategy repurchased approximately 1.77 million STRC shares during the reported week. As also detailed by The Block, $154.1 million was funded from cash and $22.2 million from interest income. That week, another $142.5 million from the dollar reserve was used to pay dividends and debt interest.

The figures illustrate that the company manages several uses of money simultaneously. For readers following bitcoin-holding companies, the relevant question is not just how many coins were added, but where the financing came from and what other payments compete for it.

The quarterly gain is not cash received

The company estimated a $20.91 billion gain on digital assets in the third quarter and a deferred tax expense of $1.88 billion. According to the SEC filing, management prepared the information, which had not been audited or reviewed by KPMG.

As CryptoSlate explains, this is a gain from revaluing assets, not from selling the coins. A headline about a gain of approximately $21 billion therefore cannot be read as though that amount of cash entered the treasury.

What the next update may reveal

The difference between the two expenditures does not prove a permanent change in the company's bitcoin purchasing policy. Identifying a trend will require comparing further updates: the pace of BTC purchases, the scale of STRC buybacks, capital raising and cash use.

This also distinguishes exposure to bitcoin through holding the coin from investing in a security issued by a company that holds it. The latter requires understanding the company's financing and management decisions as well as the bitcoin price itself.

Further reading: how to read crypto news without turning a headline into a decision.