Michael Saylor’s Strategy (NASDAQ: MSTR) has acquired another 267 Bitcoin for approximately $22.1 million, bringing its total holdings to 848,517 BTC as of October 18, 2026. The purchase extends the company’s buying streak to four consecutive weeks as it expands its digital credit securities repurchase program to $3 billion.
Strategy paid an average of approximately $82,900 per Bitcoin between October 12 and 18, including fees and expenses. The company also repurchased $193.1 million in STRC preferred shares, spending nearly nine times more on preferred-stock buybacks than on additional Bitcoin.
The announcement highlights Strategy’s dual approach: expanding its Bitcoin treasury while managing financing costs, preferred dividends and shareholder dilution.
Strategy Bitcoin Purchase: Key Financial Figures
| Financial Metric | October 19 Data |
|---|---|
| Bitcoin acquired | 267 BTC |
| Purchase amount | $22.1 million |
| Average purchase price | $82,900 |
| Total Bitcoin holdings | 848,517 BTC |
| Historical acquisition cost | $64.02 billion |
| Average historical BTC cost | $75,446 |
| Share of maximum BTC supply | 4.04% |
| STRC shares repurchased | 1,938,780 |
| STRC repurchase spending | $193.1 million |
| Expanded buyback authorization | $3 billion |
| Reported USD assets | Approximately $5.3 billion |
Strategy Now Controls Over 4% of Bitcoin’s Maximum Supply
With 848,517 BTC, Strategy holds approximately 4.04% of Bitcoin’s maximum 21 million-coin supply. Its total historical acquisition cost has reached approximately $64.02 billion, equivalent to an average purchase price of $75,446 per Bitcoin.
At a hypothetical Bitcoin price of $80,000, Strategy’s holdings would be worth approximately $67.88 billion. At $90,000, the treasury’s gross market value would rise to $76.37 billion.
Every $1,000 movement in Bitcoin’s price changes the gross value of Strategy’s holdings by approximately $848.5 million, assuming its BTC balance remains unchanged.
Bitcoin Price Scenarios: Strategy’s Treasury Valuation
| Bitcoin Price | Treasury Value | Unrealized P/L |
|---|---|---|
| $60,000 | $50.91B | -$13.11B |
| $70,000 | $59.40B | -$4.62B |
| $80,000 | $67.88B | +$3.86B |
| $90,000 | $76.37B | +$12.35B |
| $100,000 | $84.85B | +$20.83B |
These are hypothetical valuations based on reported holdings and acquisition costs, not live market prices or forecasts. Figures exclude financing obligations and taxes.
Bitcoin’s market performance remains an important driver of Strategy’s valuation. The cryptocurrency previously surged above $80,000 amid renewed institutional demand, illustrating how quickly market conditions can change.
Latest Bitcoin Purchase Comes at a Lower Price
Strategy’s latest average purchase price of $82,900 was approximately 3.8% below the $86,194 paid during the previous reporting week.
On October 12, the company disclosed purchasing 250 BTC for $21.5 million, lifting its holdings to 848,250 BTC. Across the two weeks, Strategy acquired 517 Bitcoin for approximately $43.6 million.
The earlier figures were confirmed in Strategy’s official October 12 announcement.
Strategy Expands STRC Buyback Authorization to $3 Billion
Strategy increased its Digital Credit Securities Repurchase Program authorization from $2 billion to $3 billion, a 50% expansion.
The company repurchased 1,938,780 STRC preferred shares for approximately $193.1 million during the latest week, following $192.4 million in repurchases during the preceding period.
STRC, also called Stretch, is a variable-rate perpetual preferred security with a $100 stated amount per share. Repurchases can reduce outstanding dividend obligations and help manage financing costs.
The expanded authorization does not mean Strategy has already spent $3 billion or is obligated to use the full amount.
MSTR Share Sales Fund Bitcoin Accumulation
Strategy sold approximately 140,872 MSTR common shares, generating $22 million in net proceeds to finance most of its latest Bitcoin acquisition. Another $100,000 came from existing cash.
Although equity issuance supports Bitcoin purchases without immediately increasing conventional debt, it can dilute existing shareholders.
Investors must therefore assess whether additional Bitcoin holdings improve economic exposure per common share after accounting for new issuance.
Strategy Reports $5.3 Billion in Dollar Assets
Strategy reported approximately $5.3 billion in dollar-denominated assets as of October 18.
Its USD Reserve stood at approximately $4.83 billion after $45.5 million in preferred dividend payments, while additional USD Cash totaled approximately $447.3 million.
These reserves provide liquidity for dividend payments, debt interest and broader treasury management, particularly during periods of Bitcoin price volatility.
MSTR Stock: Risks and Investor Implications
MSTR shares provide substantial exposure to Bitcoin but are not equivalent to directly owning the cryptocurrency. Their valuation also reflects debt, preferred securities, cash reserves, financing costs and investor expectations.
A prolonged Bitcoin decline could reduce treasury value while leaving financing obligations unchanged. Higher Bitcoin prices could strengthen Strategy’s assets without guaranteeing equivalent stock gains.
Other cryptocurrency-linked businesses are pursuing different strategies. For example, HIVE Digital Technologies’ $350 million AI cloud contract highlights how some Bitcoin-related companies are diversifying beyond cryptocurrency mining.
Strategy’s October 29 Earnings Report in Focus
Strategy’s third-quarter financial results are scheduled for October 29, 2026, with a presentation planned for 5 p.m. Eastern Time.
Investors will be watching Bitcoin holdings, financing costs, common-share issuance, preferred dividend obligations and liquidity.
The latest announcement reinforces Strategy’s Bitcoin accumulation strategy while showing that preferred-stock repurchases and capital management have become increasingly important to its financial position.
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