Strategy, the company formerly known as MicroStrategy, is still buying bitcoin, but much less of it. The latest Strategy bitcoin update shows how much the pace has slowed. Its latest SEC filing shows a purchase of 334 BTC for $28.7 million, bringing total holdings to 848,000 BTC. What stands out in the filing is that the company spent about six times more buying back its own preferred stock than buying bitcoin.
What the 8-K says
According to >Strategy’s Form 8-K dated Oct. 5, 2026:
| Item | Figure |
|---|---|
| BTC bought, Oct. 1–4 | 334 BTC |
| Cost | $28.7M ($85,838.80 per BTC) |
| Total holdings (Oct. 4) | 848,000 BTC |
| Aggregate cost | $63.97B |
| Average cost | $75,440.70 per BTC |
| STRC buybacks, Sept. 28–Oct. 4 | $176.3M ($102.6M + $73.7M) |
| USD Reserve | $4.88B |
| USD Cash | $833.4M |
| Estimated Q3 gain on digital assets | $20.91B |
The bitcoin purchase was funded with $15.7 million from common stock (MSTR) sales and $13.0 million of cash. >Stock Titan and >Investing.com reported the same figures.
Our breakeven math on Strategy bitcoin
Using CoinGecko’s bitcoin price of $82,872 at 15:25 UTC on Oct. 9:
- Market value of holdings: 848,000 × $82,872 ≈ $70.3 billion.
- Unrealized gain: about $6.3 billion, or 9.9% above cost.
- Cushion: bitcoin would need to fall about 9%, to $75,441, for Strategy’s stack to be worth less than it paid.
That cushion is thinner than many people assume. Bitcoin traded near $80,300 on Thursday, as we reported in our bitcoin price analysis, which was only about 6% above Strategy’s average cost. The company’s Q3 accounting already shows how quickly this flips: it reversed a $4.12 billion deferred tax asset because bitcoin’s fair value at Sept. 30 was above its cost, after being below it at June 30.
The shift toward buybacks
Over the week covered by the filing, Strategy used:
- $154.1 million of USD Cash to repurchase STRC preferred stock,
- $13.0 million of USD Cash to buy bitcoin,
- $142.5 million from the USD Reserve to pay preferred dividends and interest.
>ETHNews highlighted the roughly 6:1 ratio of buybacks to bitcoin purchases. Our reading: Strategy is protecting the market for the preferred shares that fund it. STRC is a variable-rate preferred designed to trade near its par value. Buying it back when it trades below par supports the price and keeps that funding channel open.
Why Strategy bitcoin buying matters for the market
Strategy has been one of the steadiest buyers of bitcoin for years. A 334 BTC week is small. At current prices it is roughly what U.S. spot ETFs move on a quiet afternoon. The fact that the company now prefers buybacks suggests capital-raising conditions have tightened. That fits with high Treasury yields (our macro analysis): when risk-free yields exceed 5%, investors demand more from preferred stock, and issuing new preferred to buy bitcoin gets more expensive.
The $4.88 billion USD Reserve is the key safety net. It exists to pay dividends and interest without forcing bitcoin sales. As long as the reserve stays large, the risk that Strategy has to sell bitcoin stays low, even if prices fall below its cost.
CryptoVank’s take
Strategy is not in trouble, but it is in a different phase. It has moved from “buy as much as possible” to managing its funding structure. For bitcoin, that means one of the market’s largest steady buyers is less active just as ETF demand is weakening. That doesn’t predict a crash. It does mean the market has less automatic buying underneath it than it had earlier in the cycle.
Compare that with a miner taking the opposite path: MARA has been reducing its bitcoin holdings.
Strategy bitcoin FAQ
How much bitcoin does Strategy own?
848,000 BTC as of Oct. 4, 2026, per its SEC filing.
What is Strategy’s average bitcoin cost?
$75,440.70 per BTC, including fees.
Is Strategy in profit on its bitcoin?
Yes. At $82,872 per BTC, its holdings are about 9.9% above cost, an unrealized gain of roughly $6.3 billion.
What is STRC?
Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, one of several preferred shares it uses to raise money.
Sources
- >Strategy Inc. Form 8-K, Oct. 5, 2026 (SEC)
- >Stock Titan: Strategy 8-K summary
- >Investing.com: Strategy buys 334 bitcoin and holds 848,000 BTC
- >CoinGecko market data, Oct. 9, 2026, 15:25 UTC
This article is for information only and is not financial or investment advice.
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