Strategy Buys 1,036 More Bitcoin, Spends Twice as Much Buying Back Its Own Preferred Stock

Strategy bought another 1,036 Bitcoin last week. Strategy Inc., the Bitcoin treasury company formerly known as MicroStrategy, bought 1,036 Bitcoin for about $81.9 million between November 2 and November 8, 2026, lifting its total holdings to 850,364 BTC. That sounds like business as usual for Michael Saylor's company, until the next line in the filing.

THE NUMBER THAT MATTERS MORE

Strategy spent $188.3 million buying back its own STRC preferred stock in the same week, more than twice the $81.9 million it put into bitcoin. Both came out of sales of its Class A common stock. Through its at-the-market program, Strategy sold 2,051,348 MSTR shares for $283.8 million after commissions. About two-thirds of that money went to repurchasing STRC, the variable-rate perpetual preferred stock the company calls Stretch.

In plain terms, Strategy diluted its common stock to fund a bitcoin purchase that came in smaller than the amount it spent defending its own preferred shares. The company paid an average of $79,012 per coin and funded the purchase entirely by selling its common stock.

STRETCH'S PUSH BACK TO PAR

STRC is designed to trade near its $100 par. Strategy has spent more than $2 billion retiring the preferred this year as the shares oscillated around that level, and shareholders recently approved daily dividends on STRC, STRF, STRK and STRD. Daily accrual for STRC began November 1. The buyback push is the reason Bitcoin purchases have taken a back seat. Strategy has spent about $1.06 billion buying back its STRC preferred shares since the start of October, nearly five times the $219.7 million it spent on Bitcoin over the same stretch.

The purchase itself was also a step up from the week before it. Strategy's prior filing showed it bought 811 BTC for $65.5 million at an average of $80,846 per coin between October 26 and November 1, taking holdings to 849,327 BTC. This week's purchase was about 28% more coins.

THE TREASURY LEADERBOARD SQUEEZE

While Strategy's lead at the top of the corporate Bitcoin treasury table is not in question, the fight for second, third and fourth place tightened again. Strategy leads with 850,364 BTC, followed by second-place Metaplanet at 44,000 BTC and third-place Twenty One Capital at 43,514 BTC.

Strive is closing in. Strive bought 29 BTC for $2.2 million, at an average of $75,721 per coin, bringing its holdings to 43,153 BTC. Strive trails third place by 361 BTC and second place by 847 BTC. That gap is smaller than a single good week of buying for any of the three companies involved, and it can move the moment one of them raises fresh capital.

This story comes from the Simply Bitcoin Live show. Watch the full episode.