Strategy buys 250 bitcoins at $86,194, buys back nine times more STRC

Little by little, the bird makes its nest. At Strategy, $21.5 million seems like pocket change. Michael Saylor's company added 250 BTC to its stash between October 5 and 11, at an average price of $86,194. Bitcoin is stagnating around $83,000 this Tuesday after a night of liquidations. The most telling figure of the week, however, is hidden elsewhere, in a line in the press release that few people have read.

Strategy nibbles 250 BTC above current price

The press release published Monday October 12 by Strategy details the assembly. The company sold 125,183 MSTR shares for about $21 million and took $0.5 million from its cash. This mechanism is called ATM (at-the-market) and allows a company to sell its shares over time, at the market price, to raise cash without going through a large issue. The stock is now at 848,250 BTC, or more than 4% of the 21 million bitcoins that will ever exist.

The timing makes you smile. Strategy paid its bitcoins about $3,000 more than their price on Tuesday morning. On this scale, the gap matters little, as its average cost price remains $75,444 per bitcoin for a total cost of around $64 billion. At $83,000, the reserve is worth nearly $70.4 billion. Its latent capital gain is therefore around $6.4 billion, a far cry from the euphoria of October 2025, when bitcoin exceeded $126,000.

STRC buyout eclipses bitcoin purchase

Let's return to the forgotten line. During the same week, Strategy repurchased 1,932,145 shares of STRC preferred stock for approximately $192.4 million. Nine times the bitcoin budget.

A preferred share pays a fixed dividend, paid before that of ordinary shareholders, in exchange for the absence of voting rights. Buying back these securities amounts to reducing a future burden. Strategy also keeps on hand a reserve of 4.88 billion dollars intended, according to the press release, to “support the payment of dividends” from its preferentials, plus 640.5 million in available liquidity. It has 354.8 million left in authorization to repurchase other preferentials, and 1 billion for its own MSTR shares.

You see the change in direction. In January, the company lined up 1,287 BTC in a single week for $116 million. In October, most of his weekly expenses are used to reduce his liabilities.

Saylor keeps smiling, MSTR action much less

On Sunday, Michael Saylor teased the ad on X with his favorite phrase, “There’s always room for more orange”. The market has less humor. MSTR stock closed Friday at $154.34, down 7% for the week and 53% year-over-year, according to The Block.

The problem is mechanical. When the stock loses its premium on the value of the bitcoins held, issuing new MSTRs to buy BTC brings in much less for existing shareholders, and the accumulation machine slows down. However, TD Cowen analysts have not given up on the matter. They are still targeting $260 on the stock and see bitcoin at $109,000 at the end of 2026.