Markets · Corporate filings
The company added 334 BTC to reach 848,000, bought back its own preferred stock, and called a vote on daily dividends.
Markets Writer, Le Coin
Oct. 6, 2026
Strategy Inc spent far more buying back its own preferred stock last week than buying bitcoin, according to a Form 8-K filed with the SEC on Monday, Oct. 5. The filing was accepted on EDGAR at 8:00:15 a.m. ET.
From Sept. 28 to Oct. 4, Strategy repurchased a combined $176.3 million (Le Coin's sum of the 8-K's two reporting windows) of its Variable Rate Series A Perpetual Stretch Preferred Stock, ticker STRC. It spent $28.7 million on bitcoin in the same window. Le Coin calculates from the 8-K figures that the buybacks were about 6.1 times the bitcoin spend.
The 8-K splits the week into two windows. Strategy bought no bitcoin from Sept. 28 to Sept. 30. From Oct. 1 to Oct. 4 it bought 334 BTC for $28.7 million, an average of $85,838.8 per coin, including fees and expenses.
That brought its holdings to 848,000 BTC as of 4:00 p.m. ET on Oct. 4. The aggregate purchase price was $63.97 billion, an average of $75,440.7 per bitcoin. At Sept. 30 the company held 847,666 BTC.
STRC buybacks ran in both windows. Strategy repurchased 1,033,168 STRC shares for $102.6 million from Sept. 28 to Sept. 30, and 740,634 shares for $73.7 million from Oct. 1 to Oct. 4.
| Window | Bitcoin bought | STRC repurchased | How it was funded |
|---|---|---|---|
| Sept. 28–30 | None | 1,033,168 shares, $102.6M | STRC: $80.4M USD Cash; $22.2M interest earned on cash, cash equivalents and short-term investments |
| Oct. 1–4 | 334 BTC, $28.7M | 740,634 shares, $73.7M | BTC: $15.7M net proceeds from MSTR stock sales, $13.0M USD Cash. STRC: $73.7M USD Cash |
| Total | 334 BTC, $28.7M | 1,773,802 shares, $176.3M |
Source: Strategy Form 8-K filed Oct. 5, 2026. Totals are Le Coin's sums of the filed figures.
Strategy keeps two pools of dollars. The "USD Reserve" is intended to support the payment of dividends on its preferred stock and interest on its debt. "USD Cash" is a separate balance that management maintains "to deploy for broader general Bitcoin Treasury Company purposes," which the 8-K says may include acquiring bitcoin, expanding the USD Reserve, "broader capital management uses, and other similar purposes."
Over Sept. 28 to Oct. 4, the company drew $154.1 million of USD Cash for STRC repurchases and $13.0 million for bitcoin. It used $142.5 million of the USD Reserve to pay preferred dividends and interest. As of Oct. 4, the USD Reserve stood at $4.88 billion and USD Cash at $833.4 million.
As of Oct. 4, $547.2 million remained available for preferred stock repurchases under Strategy's digital credit securities repurchase program.
The same 8-K includes an estimated, unaudited gain on digital assets of $20.91 billion for the three months ended Sept. 30. It also shows $1.88 billion in associated deferred tax expense.
The company said its bitcoin was worth more than its cost basis at Sept. 30. As a result, it reversed a $4.12 billion deferred tax asset recorded as of June 30 and released the associated valuation allowance. The release produced an income tax benefit of approximately $4.12 billion, reducing estimated deferred tax expense from approximately $6.00 billion to $1.88 billion. Strategy said its auditor, KPMG LLP, has not audited or reviewed these figures.
Strategy also filed a definitive proxy statement on Oct. 5, accepted on EDGAR at 7:55:17 a.m. ET. It calls a virtual special meeting for Oct. 28, 2026, at 10:00 a.m. ET. Holders of Strategy's common stock as of the Sept. 25 record date will vote on amending STRF, STRC, STRK and STRD, its four U.S.-listed preferred stocks, to permit daily dividends: a record date every calendar day, with dividends, if declared, paid on the next business day. According to the proxy, Strategy moved STRC to semi-monthly dividends in June.
Strive, Inc. reported a larger bitcoin purchase over a similar stretch. Its own 8-K, accepted at 7:59:57 a.m. ET on Oct. 5, says it bought 2,000 BTC from Sept. 28 to Oct. 2 at about $84,422 each, including fees. Strive's window ends two days before Strategy's. Strive's filing also shows it held 505,000 STRC shares as of Oct. 2.
Strategy held 848,000 BTC as of Oct. 4, according to the 8-K, and reports its bitcoin purchases in regular 8-K filings, which makes them a public record of one company's demand for the asset. By Le Coin's calculation from the filing, the company spent about 6.1 times as much on STRC repurchases as on bitcoin last week. It also puts a shareholder vote on the calendar that would change how all four preferreds pay dividends.
For reference, bitcoin last traded at $85,540.35 on Coinbase Exchange's BTC-USD market as of 1:15:00 p.m. ET on Oct. 6.
Not financial advice.