Strategy did not buy additional bitcoin last week and spent $204.9 million on buying back its STRC preferred shares.

Blockchain media outlet Cryptopolitan reported on Oct. 26 that Strategy did not buy bitcoin from Oct. 19 to 25, while it bought 2,068,459 STRC shares.

The company’s bitcoin holdings stayed at 848,517 BTC. Its average purchase price was $75,446 per bitcoin and total purchases amounted to $64.02 billion. The company also did not run an at-the-market share issuance programme during the period.

Strategy has recently been putting more money into STRC buybacks than bitcoin purchases. It spent $193.1 million buying back STRC from Oct. 12 to 18, while it put $22.1 million into buying 267 BTC. The week before that, it allocated $192.4 million to STRC buybacks and $21.5 million to buying bitcoin. Last week, it stopped buying additional bitcoin and focused on buying back STRC.

The company is buying STRC at prices below par value to reduce its preferred dividend burden. Phong Le (퐁 레), Strategy’s chief executive officer, described STRC buybacks below $100 per share as a capital allocation that can cut future preferred dividend burdens at a discounted price.

After the board doubled the buyback limit for digital credit securities to $2 billion in September, it increased it again to $3 billion on Oct. 19. The remaining limit after this repurchase is $956.8 million. A separately approved $1 billion buyback programme for MSTR common shares has not yet been launched.

The company funded the buyback in full from a separate cash account used for general purposes such as bitcoin purchases. The balance in that account fell to $242.4 million from $640.5 million two weeks earlier. Dollar reserves held separately for preferred dividends and debt interest payments stayed at $4.83 billion. Combined dollar assets across the two accounts are about $5.1 billion.

The market is also watching a vote scheduled for Oct. 28 on changes to the dividend system. MSTR common shareholders will vote on a proposal to switch to paying daily dividends for STRC and other preferred shares. If approved, the first dividend record date will be Nov. 1 and the first payment date will be Nov. 2. The annual dividend rate will be maintained.

New index inclusion rules by MSCI are another variable. MSCI plans to announce on Nov. 11 a list of companies not affected by the new rules. Depending on how the rules are applied, companies such as Strategy that hold digital assets as financial assets could be excluded from the index. Strategy said in a September letter that index exclusion would not have a meaningful impact on the company.

Strategy has been putting more cash into capital structure adjustments than into buying additional bitcoin in recent weeks. The pace of using the remaining buyback capacity, the dividend system vote and MSCI’s decision are expected to affect the direction of future cash management.

Strategy has repurchased $205M of $STRC. As of 10/25/26, we hold 848,517 $BTC and $5.1B of USD Assets. $MSTR https://t.co/XTTFEh0rSc