Strategy Buys 1,036 Bitcoin for $81.9 Million, Holdings Dip Below Cost

Strategy added 1,036 bitcoin during last week. The firm led by Michael Saylor spent $81.9 million at an average price of $79,012 per coin between November 2 and November 8, according to a Monday 8-K filing. Total holdings now stand at 850,364 BTC, acquired for $64.16 billion at an average of $75,456.

The purchase was financed with net proceeds from common stock sales. Strategy sold roughly 2.05 million shares for $283.8 million, allocated $81.9 million to bitcoin, spent $188.3 million repurchasing its STRC preferred shares, and kept $13.6 million in cash. No preferred stock was sold through the ATM program during that week.

The buyback eliminated roughly 1.89 million STRC shares. Strategy retains $560.3 million under its preferred repurchase program and $1.0 billion under its MSTR buyback authorization, with about $18.3 billion of MSTR still available under the ATM.

Executive Chairman Michael Saylor posted the update on X: “Strategy has acquired 1,036 $BTC and repurchased $188M of $STRC. As of 11/8/26, we hold 850,364 BTC and $4.9B of USD Assets.”

On Sunday he shared his typical “dots” tracker chart with the line “Connecting the dots,” a tease that has often come before Monday purchase filings. The chart appeared after a weekend decline that brought bitcoin near $74,000, its lowest level since August.

A thin cushion under Strategy’s treasury

The filing comes with the spot bitcoin price now below Strategy’s average cost. At the time of writing, bitcoin trades near $74,800, roughly 0.9% under the $75,456 basis, leaving the stack about $550 million underwater on paper. The prior week’s average cost was $75,451, so the new purchase raised the basis by only $5 even though those 1,036 coins were bought at nearly $79,000.

Strategy’s ledger shows this is not the first time the firm has operated with a thin cushion this year. Between June 30 and August 10 it sold bitcoin in four consecutive filings — 1,363, then 2,225, then 1,638, then 1,690 coins — to fund preferred dividends and STRC buybacks before returning to accumulation.

Those sales reduced the stack to 840,447 BTC at their lowest point. Strategy has since recovered past that level and now holds more than 4% of bitcoin’s 21 million supply cap. The pace of purchases has slowed since the summer sales. Strategy added 811 bitcoin the week before this one and skipped purchases entirely during the week of October 19 through 25 while spending about $205 million on STRC.

What the preferred buybacks leave open

STRC is designed to trade near its $100 par value. Strategy has spent more than $2 billion retiring the preferred this year as the shares fluctuated around that level, and shareholders recently approved daily dividends on STRC, STRF, STRK and STRD. Daily accrual for STRC began November 1.

This week’s allocation put more ATM cash into preferred buybacks than into bitcoin. The $188.3 million STRC repurchase was more than double the $81.9 million bitcoin spend, a pattern that has become common since Strategy built its USD Reserve and USD Cash buckets over the summer. Last week’s 811-coin purchase was also paired with a larger STRC buyback, funded from USD cash rather than fresh stock sales.

As of November 8, the USD Reserve stood at $4.77 billion and USD Cash at $146.2 million. Strategy used $21.1 million of the reserve during the week to pay preferred dividends. The SEC 8-K is the primary disclosure; Strategy also posts the same figures on its public dashboard.

MSTR closed Friday at $128.93 after a difficult stretch that included a 9% weekly drop into the October 30 close, and the stock was indicated lower in premarket trading Monday. At the time of writing, bitcoin is near $74,800, Bitcoin Magazine Pro data shows. The test now is whether Strategy continues buying through an underwater stack or relies more on preferred buybacks while the ATM remains open.