Strategy (MSTR) Adds 1,036 Bitcoin for $81.9 Million as Holdings Slip Below Cost

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Strategy (MSTR) Adds 1,036 Bitcoin for $81.9 Million as Holdings Slip Below Cost

Strategy bought another 1,036 bitcoin last week. The Saylor-led firm spent $81.9 million at an average of $79,012 per coin between November 2 and November 8, a Monday 8-K filing shows, lifting total holdings to 850,364 BTC bought for $64.16 billion at an average of $75,456.

The coins were funded with net proceeds from MSTR common stock sales. Strategy sold about 2.05 million shares for $283.8 million, put $81.9 million into bitcoin, spent $188.3 million buying back its STRC preferred and parked $13.6 million in USD cash. No preferred stock was sold under the ATM during the week.

That buyback retired about 1.89 million STRC shares. Strategy still has $560.3 million left under its preferred repurchase program and $1.0 billion under its MSTR buyback authorization, with about $18.3 billion of MSTR still available under the ATM.

Executive Chairman Michael Saylor posted the update on X: “Strategy has acquired 1,036 $BTC and repurchased $188M of $STRC. As of 11/8/26, we hold 850,364 BTC and $4.9B of USD Assets.”

On Sunday he shared his usual “dots” tracker chart with the line “Connecting the dots,” a tease that has often preceded Monday buy filings. The chart landed after a weekend slide that pushed bitcoin toward $74,000, its weakest level since August.

A thin cushion under Strategy’s treasury

The filing lands as the spot bitcoin price sits below Strategy’s average cost. At the time of writing it trades near $74,800, about 0.9% under the $75,456 basis, leaving the stack roughly $550 million underwater on paper. The prior week’s average cost was $75,451, so the new purchase nudged the basis up by only $5 even though those 1,036 coins were bought at nearly $79,000.

Strategy’s ledger shows that was not the first time the firm has run a thin cushion this year. Between June 30 and August 10 it sold bitcoin in four consecutive filings — 1,363, then 2,225, then 1,638, then 1,690 coins — to fund preferred dividends and STRC buybacks before flipping back to accumulation.

Those sales cut the stack to 840,447 BTC at their low. Strategy has since rebuilt past that mark and now holds more than 4% of bitcoin’s 21 million supply cap. The pace of buying has slowed since the summer sales. Strategy added 811 bitcoin the week before this one and skipped buys entirely the week of October 19 through 25 while spending about $205 million on STRC.

What the preferred buybacks leave open

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.

This week’s mix put more ATM cash into preferred buybacks than into bitcoin. The $188.3 million STRC repurchase was more than twice the $81.9 million bitcoin spend, a pattern that has become familiar since Strategy built its USD Reserve and USD Cash buckets over the summer. Last week’s 811-coin purchase was also paired with a larger STRC buyback, then funded from USD cash rather than fresh stock sales.

As of November 8, the USD Reserve stood at $4.77 billion and USD Cash at $146.2 million. Strategy used $21.1 million of the reserve during the week to pay preferred dividends. The SEC 8-K is the primary disclosure; Strategy also posts the same figures on its public dashboard.

MSTR closed Friday at $128.93 after a rough stretch that included a 9% weekly drop into the October 30 close, and the stock was indicated lower in premarket trading Monday. At the time of writing, bitcoin is near $74,800, Bitcoin Magazine Pro data shows. The test now is whether Strategy keeps buying through an underwater stack or leans harder on preferred buybacks while the ATM stays open.

This post Strategy (MSTR) Adds 1,036 Bitcoin for $81.9 Million as Holdings Slip Below Cost first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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