Bitcoin

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Strategy bought 811 Bitcoin for $65.5 million last week and spent $208.2 million buying back its STRC preferred shares, a Monday filing shows.</li>
 <li>The buybacks cut the company's spare cash to $132.7 million, while a separate $4.79 billion reserve covers preferred dividends and debt interest.</li>
 <li>MSCI will publish its list of companies affected by new index rules on Nov. 11, and STRC traded just below its $100 par value on Monday.</li>
</ul>
Strategy spent three times as much last week buying back its STRC preferred shares as it did on Bitcoin (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">BTC</a>). The buyback left the company with $133 million in spare cash, nine days before MSCI names the companies its new index rules could remove.
The repurchases are meant to hold STRC near its $100 par value. Strategy has said it would sell new shares at that price to fund Bitcoin purchases. Analysts at StoneX and TD Cowen say the steadier preferred stock leaves Strategy better placed to resume buying. The shares traded just below par on Monday.
TD Cowen tied the value of Strategy's common stock to how easily it can sell more preferred shares, The Block <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.theblock.co/news/business/2026-10-30-strategy-mstr-preferred-stock-bitcoin-buying-analysts-432214">reported</a> on Friday.
“We view these developments as important primarily because deeper distribution and better liquidity could ultimately increase Strategy’s capacity to issue Digital Credit efficiently,” TD Cowen analysts wrote.
<h2 id="header-1">Where Did the Cash Go? Mostly to STRC Buybacks</h2>
Strategy bought 811 Bitcoin at an average price of $80,846 between Oct. 26 and Nov. 1, a Securities and Exchange Commission <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.sec.gov/Archives/edgar/data/1050446/000119312526442707/mstr-20261102.htm">filing</a> shows.
It raised the <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/capital">capital</a> by selling common stock. About 40% of those proceeds went to Bitcoin, and the rest went to the company's cash account. That account then paid for the STRC repurchases.
The purchase follows a slow stretch. Strive bought more Bitcoin in one week than Strategy did in six, the desk <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/strive-bitcoin-buy-tops-strategy-six-week-total">reported</a> last week.
Strategy had bought back $2.04 billion of STRC this year as of Oct. 25, its third-quarter <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.strategy.com/press/strategy-announces-third-quarter-2026-financial-results_10-29-2026">results</a> show. Its Bitcoin per assumed diluted share fell 3.7% over the same period.<tweet-embed url="https://x.com/saylor/status/2117241559267836333"></tweet-embed>
<h2 id="header-2">Why Defend STRC? Daily Dividends and a Return to Par</h2>
STRC pays a variable-rate dividend intended to keep the shares near $100.
Shareholders approved daily dividends last week. STRC switched on Nov. 1 and now pays every business day, the company said. StoneX analyst Mark Palmer wrote that management expects the change to reduce <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/volatility">volatility</a>, improve <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/liquidity">liquidity</a> and broaden demand for the shares.
STRC traded near $99.80 on Monday morning, Nasdaq data <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.nasdaq.com/market-activity/stocks/strc">show</a>. It has not closed at par since mid-May.
<h2 id="header-3">How Much Cash Is Left? $133 Million Plus a Reserve</h2>
The buybacks cut the cash account by almost half in a week. A separate <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/corporate-treasury">treasury</a> reserve of $4.79 billion is set aside for preferred dividends and debt interest. StoneX and TD Cowen estimate it covers more than three years of those payments.
Strategy can also refill the cash account by selling common <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/equity">equity</a>, as it did last week.
Bitcoin critic Peter Schiff argued that the shrinking cash account limits how long Strategy can support STRC's price.
“At the recent rate of cash depletion, the remaining cash could be gone within days,” Schiff <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/PeterSchiff/status/2117269765228003331">wrote</a> on Monday.<tweet-embed url="https://x.com/Strategy/status/2117267716260442340"></tweet-embed>
<h2 id="header-4">What Comes Next? MSCI Names Affected Companies Nov. 11</h2>
MSCI will publish its final list of affected companies on Nov. 11, and the changes take effect at the close of Nov. 30, the index provider <a target="_blank" rel="noopener noreferrer nofollow" href="https://app2.msci.com/webapp/index_ann/DocGet?pub_key=aq0wbkjxPgo%3D&amp;lang=en&amp;format=html">said</a>. The rules test companies on operating assets and five financial ratios and could remove Strategy from MSCI's benchmarks.
Current members are removed only if they fail the screen in each of their two most recent annual filing periods.
Bitcoin traded near $77,900, about 3% above Strategy's average cost, CoinMarketCap data show. The company's plan for funding new Bitcoin purchases runs through STRC returning to par.
“When STRC gets back to par, we will issue more. We will buy bitcoin,” Strategy CEO Phong Le said in July, CoinMarketCap News <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/strategy-ceo-says-bitcoin-must-drop-to-dollar10k-before-debt-becomes-a-concern">reported</a>.
Further Reading: <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/bitcoin-recover-80k-ai-crypto-crash">Will Bitcoin Recover $80K After Friday's AI and Crypto Crash?</a>

Strategy Spends $208M Defending STRC and $65M Buying Bitcoin

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