Strategy bought an additional 250 bitcoin last week for $21.5 million, raising its total holdings to 848,250 BTC.

On Oct. 12, blockchain outlet Decrypt reported that Strategy bought 250 bitcoin from Oct. 5 to 11. The average purchase price including fees was $86,194 per coin. The cumulative acquisition cost was $64.0 billion, and the average purchase price across total holdings was $75,444 per coin.

Most of the funds came from selling MSTR common shares. Strategy raised $21.0 million by selling about 125,000 MSTR shares through an at-the-market programme, and covered the remaining $500,000 with cash on hand. It did not sell any new preferred shares during the period.

It also deployed funds to buy back preferred shares. Strategy repurchased 1,932,145 shares of floating-rate preferred stock STRC for $192.4 million. After the buyback, it can still deploy an additional $354.8 million under the related programme.

Strategy also bought $29.0 million worth of bitcoin and $176.0 million worth of STRC the previous week. The company said its third-quarter profit at the time was about $21.0 billion.

It is also securing dollar liquidity. As of Oct. 11, Strategy had $4.88 billion in dollar reserve assets set aside separately to pay preferred dividends and debt interest. Separately, it held $640.5 million in cash that can be used for various purposes including bitcoin purchases. Combined, its dollar assets total about $5.5 billion.

The company initially created dollar reserve assets of $1.44 billion. It later raised $2.0 billion through MSTR share sales and also set up a separate cash account. It has also proposed a plan for preferred dividends to accrue daily throughout the year.

It has also left open the possibility of selling bitcoin. Strategy said it could sell up to $1.25 billion worth of bitcoin under a "digital credit capital framework". Chief Executive Phong Le (퐁 레) in September defended selling bitcoin as "the right trade". The company later bought an additional $143.0 million worth of bitcoin later that month, setting a new record for holdings again.

Still, market expectations are low that its holdings will surpass 1 million BTC within the year. On prediction market Myriad, traders put the probability of surpassing 1 million BTC within the year at 5 percent.

Strategy is pursuing additional bitcoin purchases alongside preferred share buybacks, while leaving room to sell bitcoin as needed. How it adjusts the size and pace of purchases of the two assets depending on future funding conditions will be key.