Strategy, the Bitcoin treasury firm, acquired 250 Bitcoin between Oct. 5 and Oct. 11, spending $21.5 million at an average price of $86,194 per coin, fees included. The addition brings its total Bitcoin balance to 848,250, a new peak, representing $64 billion of cumulative purchases at an overall average cost of $75,444 per BTC.

Preferred-stock buyback activity

In the same week the firm repurchased 1,932,145 shares of its variable-rate STRC preferred stock for $192.4 million. After the transaction, $354.8 million remains available under the buy-back program to acquire additional preferred shares.

How the transactions were financed

Strategy raised roughly $21 million by selling about 125,000 shares of MicroStrategy (MSTR) common stock through its at-the-market offering, supplementing the proceeds with $500,000 of cash on hand. No preferred-stock shares were sold during the period.

Current dollar reserves and future flexibility

As of Oct. 11, the company reported $4.88 billion in a U.S. dollar reserve earmarked for preferred-dividend payments and debt interest, alongside $640.5 million in cash for broader uses such as further Bitcoin purchases. The reserve was initially seeded with $1.44 billion and later bolstered by a $2 billion influx from the MicroStrategy stock sale. Strategy’s framework also permits the sale of up to $1.25 billion of Bitcoin under its digital-credit capital structure.

Market sentiment and outlook

CEO Phong Le defended the decision to sell Bitcoin in September as “the right trade,” a stance that preceded the latest buying spree. Prediction-market participants on Myriad assign only a 5 percent probability that Strategy will exceed one million Bitcoin by year-end, indicating modest expectations for continued rapid accumulation.

Why it matters

Strategy’s expanding Bitcoin position underscores growing institutional confidence in the digital asset, while the sizable STRC buy-back demonstrates a commitment to return capital to shareholders. The firm’s financing mix—leveraging MicroStrategy equity sales and sizable cash reserves—highlights a flexible capital approach that could influence other corporate treasury strategies in the crypto space.