Strategy buys just 334 bitcoin, spends more on preferred shares

Strategy bought just 334 bitcoin last week. It spent $28.7 million on the coins, and more than twice that buying back its own preferred shares. By the standards of the largest corporate bitcoin holder, that is a tiny buy.

Those numbers come from an 8-K filing that Strategy submitted to the U.S. Securities and Exchange Commission on October 5, 2026. Michael Saylor, the company's co-founder and executive chairman, has built the former software firm into the largest corporate holder of bitcoin on record.

A small buy by its own standards

Each coin cost an average of $85,838.80, the filing shows. Strategy made the purchases between October 1 and October 4. Earlier in this cycle it often added thousands of coins in a single week. This time it added a few hundred. The pace has cooled.

Strategy still holds 848,000 bitcoin in total, bought for about $63.97 billion at an average of $75,440.70 a coin. Bitcoin changed hands between $85,000 and $86,000 around October 5, according to CoinGecko data cited by The Crypto Times. At those prices the holding was worth close to $73 billion. No other public company owns anything near it.

Funding came the usual way, only smaller. Strategy sold 92,894 of its MSTR common shares for $15.7 million and drew $13 million from its cash pile, the filing shows. In its heaviest stretches the company has sold hundreds of millions of dollars of stock in a single week. This raise was a fraction of that.

Where the money went instead

Buying back preferred stock took priority. In the same four days, Strategy repurchased 740,634 of its STRC preferred shares for $73.7 million, the filing shows. STRC is one of several preferred stocks the company sells to raise cash. Buying the shares back helps hold up their price.

Dividends took even more. Strategy set aside $142.5 million from its dollar reserve to pay dividends on its preferred stock for the week. Add it up. The company sent about $216 million to preferred holders and $28.7 million to bitcoin. It did not say in the filing whether the buying would speed up again.

A model that runs on the share price

Strategy pays for most of its bitcoin by selling new shares and preferred stock. That works best when its stock trades well above the value of the bitcoin it holds, a premium traders call mNAV. When that premium shrinks toward one, selling new shares no longer adds bitcoin per share, raising cash costs more, and the buying slows. The engine is the premium.

Other treasury firms feel the same pull. Japan's Metaplanet recently sold 10,000 bitcoin and bought back 11,000 to prove it could trade size without moving the market. Bitcoin itself has been soft, stalling below $87,000 in early October after a wave of long liquidations.

What to watch

The next filing will show whether this was a one-week lull or a longer shift. Watch the size of Strategy's share sales, which pay for most of the buying. Watch the gap between its stock price and its bitcoin. And watch the preferred dividends, now a standing cost that competes with bitcoin for the same dollars.

Saylor has said many times that Strategy means to keep stacking coins. The filing does not promise when.