Strategy Buys 334 BTC as STRC Buybacks Reach $1.45B

Strategy bought 334 Bitcoin for $28.7 million between Oct. 1 and Oct. 4, its smallest positive purchase of 2026, according to an Oct. 5 SEC filing. The company’s holdings reached 848,000 BTC at an average cost of $75,440.70 per coin. Over the same period, Strategy spent $176.3 million repurchasing STRC preferred shares, bringing total buybacks under its authorization to about $1.45 billion.

Why it matters

The contrast points to a growing role for preferred shares in Strategy’s Bitcoin financing model. The company has $547.2 million left under its $2 billion STRC repurchase authorization, which it doubled in September. Despite the buybacks, STRC has remained below its $100 stated amount for nearly 100 consecutive trading sessions. Strategy’s stated objective is for the security to trade between $99 and $100 over time.

Strategy is proposing daily dividend accruals for STRC and its three other US-listed preferred securities. Shareholders of record as of Sept. 25 will vote on the change Oct. 28. STRC holders do not vote. If approved, daily accruals would begin Nov. 1, with the first payment under the revised schedule due Nov. 2. Strategy says the change could improve liquidity and demand; it would not, by itself, raise the annual dividend rate, currently 12% for STRC.

Market impact

Bitcoin’s roughly 43% third-quarter rally lifted the carrying value of Strategy’s holdings to $70.82 billion as of Sept. 30. The company estimated a $20.91 billion quarterly digital-asset gain under fair-value accounting. That is an unrealized accounting gain, not realized trading profit, and puts the holdings’ value above their roughly $63.97 billion aggregate acquisition cost.

Strategy financed the latest Bitcoin purchase with $15.7 million from selling 92,894 MSTR shares and $13 million in cash. The vote will test whether changes to STRC’s dividend structure can reduce the capital needed to support its price. If the security stays below its stated amount, Strategy may need to keep buying shares, accept a discount, or revise the product again, with potential consequences for future Bitcoin funding.