Strategy skips bitcoin for a week and buys back $205M of its own stock
From 19 to 25 October Strategy did not buy or sell any bitcoin and spent $204.9 million buying back its STRC preferred stock.
Event: October 26, 2026
Primary source: October 26, 2026
Published here: October 26, 2026 at 04:57 PM UTC
Read: 2 min
What happened
On 26 October Strategy said in an SEC filing that it did not buy or sell any bitcoin from 19 to 25 October. Instead it repurchased 2.07 million shares of its STRC preferred stock for $204.9 million. It still holds 848,517 BTC at an average cost of about $75,446.
Why it matters to you
Strategy is the biggest corporate bitcoin buyer, and the market watches its purchases every week. A week without buying means one big source of demand went quiet. The STRC buyback is meant to support the price of that stock, which Strategy sells to raise money for bitcoin.
What to check and watch
Watch next Monday's filing to see if bitcoin buying returns. Keep an eye on the company's spare cash: it fell to $242.4 million after the buyback. This is not advice to buy or sell.
What happened. Strategy (formerly MicroStrategy) files a weekly update with the SEC. The update for 19-25 October says the company sold no shares through its at-the-market (ATM) programme, which sells stock at market prices in small batches, and did not buy or sell any bitcoin.
Where the money went. Strategy repurchased 2,068,459 shares of STRC (Stretch) for $204.9 million. STRC is a preferred stock with a variable dividend that the company sells to investors to fund bitcoin buys. When its price slips, buybacks help keep it near its face value.
What is left. The USD Reserve, kept for dividends and interest, stayed at $4.83 billion. Spare cash (USD Cash) dropped to $242.4 million. Cointelegraph reports it was $447.3 million a week earlier, a drop of about 46%. The buyback programmes still have $956.8 million available for preferred stock and $1.0 billion for MSTR common stock.
Context. According to Cointelegraph, since the start of October Strategy has spent about $664 million on STRC buybacks and about $72.3 million on bitcoin. Bitcoin rose to $84,777 last week and then slipped back towards $80,000.
On the same day Bitmine, the biggest corporate holder of ether, also put the spotlight on buying back its own shares. Big crypto treasury companies seem to be spending on their own stock, not only on coins. BTC price on Freekonomist: https://freekonomist.com/en/crypto/btc/.
Confirmed facts
- From 19 to 25 October 2026 Strategy sold no shares through its ATM programme and did not buy or sell any bitcoin.[1][2]
- As of 25 October Strategy holds about 848,517 BTC bought for $64.02 billion, an average of about $75,446 per coin.[1][2]
- During the week Strategy repurchased 2,068,459 STRC shares for $204.9 million.[1][2]
- The USD Reserve stood at $4.83 billion and USD Cash at $242.4 million.[1][2]
- $956.8 million remains under the preferred stock buyback programme and $1.0 billion under the MSTR buyback programme.[1]
- Since October began Strategy has spent about $664 million on STRC buybacks and $72.3 million on 851 BTC.[2]
Implications
- ConfirmedStrategy added no bitcoin demand this week.
- Our readingFor now the company puts supporting the STRC price ahead of new bitcoin buys.
- Our readingIf STRC steadies, it gets easier for the company to raise money for bitcoin again.
Still unknown
- When Strategy will resume bitcoin buying.
- Whether it will keep buying back STRC this week.
- Why the company sold no stock through the ATM.
Who it affects
United States, Global. People who hold bitcoin or MSTR stock and watch the big buyers
Sources
- SEC (Strategy Inc, Form 8-K): Strategy Inc Form 8-K, 26 October 2026 October 26, 2026 · official
- Cointelegraph: Strategy skips Bitcoin purchases, spends $205M on STRC buybacks October 26, 2026 · media
Cover: Freekonomist graphic, a symbolic image, not a photo of the event. This is a news explainer, not financial advice.
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