Strategy Adds 1,036 BTC, Bringing Holdings to 850,364 Bitcoin

In brief

• Strategy bought 1,036 BTC for $81.9 million in the week of November 2 to 8, its second straight weekly purchase, according to an SEC filing.
• It also repurchased $188.3 million of its STRC preferred stock, paying for both moves by selling 2,051,348 shares of MSTR.
• Strategy now holds 850,364 BTC, bought for $64.16 billion at an average of about $75,456 per coin.

Strategy's latest purchase is its second weekly buy in a row, and it's bigger than the last one. The company said in a Monday release that it had added 1,036 BTC for $81.9 million.

The average price tells the more interesting story. Strategy paid about $79,012 per coin between November 2 and November 8, according to the company's SEC filing. Its holdings now total 850,364 BTC, acquired for $64.16 billion, or roughly $75,456 per coin on average. In its own post on X, the company put its USD assets at $4.9 billion as of November 8.

Bitcoin traded near $73,900 in the widget shown here, down 5.14% over seven days. That leaves Strategy's average cost roughly $1,500 above the market, which is the number to watch if the price keeps sliding.

Buybacks funded by stock sales

Strategy didn't pay for this week's moves out of cash. It sold 2,051,348 MSTR shares for $283.8 million in net proceeds and split that money between Bitcoin and the STRC buyback. The buyback itself retired 1,887,464 STRC shares for $188.3 million, down from $208.2 million the week before. The leftover $13.6 million went to the USD Cash account.

That's a reversal. Last week the company funded its STRC repurchase from cash, which pulled USD Cash down to $132.7 million. With the new proceeds, the balance climbed back to $146.2 million as of November 8. Selling common stock to finance both Bitcoin and preferred buybacks is a choice that shareholders should read closely.

Strategy also reported a separate USD Reserve of $4.77 billion. That reserve covers preferred dividends and debt interest, and the company paid $21.1 million in preferred dividends during the week. About $560.3 million remains under the preferred stock repurchase program, and $1 billion is left under the MSTR buyback program.

The prediction market side is more skeptical. A market on Predict asks whether Strategy will hold more than 1 million BTC before 2027, and traders price that at 2%. Roughly $72,300 has traded on it, and it closes January 1, 2027.

MSCI decision looms

The bigger question sits outside the weekly buy schedule. Strategy's update lands two days before index provider MSCI publishes the list of companies affected by its new rules on firms dominated by a single asset. Those rules could remove Strategy from its equity indexes.

That's why the weekly purchase numbers matter less than they look. If MSCI pulls Strategy from its indexes, the stock-funded buying model gets harder to sustain, and that's the outcome the market is starting to price in.

Preferred stock on a new clock