Strategy Adds 1,036 BTC and Repurchases $188.3M STRC

Strategy bought 1,036 Bitcoin for $81.9 million and repurchased $188.3 million of STRC preferred stock, according to its Nov. 9 filing. The company financed both actions through an at-the-market sale of MSTR common shares.

Strategy acquired the Bitcoin between Nov. 2 and Nov. 8 at an average price of $79,012 per coin, including fees and expenses. Its holdings reached 850,364 BTC, acquired for a combined $64.16 billion at an average cost of $75,456.

Bitcoin traded near $74,800 after the announcement, putting the treasury at approximately $63.6 billion. That was below the $64.16 billion cost basis and the company’s average acquisition price at the time. The 1,036-coin purchase exceeded the previous week’s 811 BTC acquisition for $65.5 million but remained smaller than some purchases earlier in the year.

What did Saylor’s weekend post signal?

On Sunday, Nov. 8, Executive Chairman Michael Saylor posted “Connecting the dots” on X alongside Strategy’s Bitcoin accumulation chart. crypto.news reported that the post raised expectations of another acquisition before Strategy’s scheduled weekly disclosure.

On Monday, Saylor wrote on X: “Strategy has acquired 1,036 $BTC and repurchased $188M of $STRC.” The statement confirmed the filing’s figures for the Bitcoin acquisition and preferred-stock transaction.

How did Strategy finance the transactions?

Strategy sold 2,051,348 MSTR shares through its at-the-market common-stock offering program, generating approximately $283.8 million in net proceeds. The filing allocated those proceeds as follows:

• $81.9 million for Bitcoin purchases.
• $188.3 million for STRC preferred-share repurchases.
• $13.6 million for the general dollar cash balance.

This structure differed from the preceding week, when common-stock proceeds funded Bitcoin purchases and existing cash funded STRC repurchases. At that earlier disclosure, Strategy held 849,327 BTC, Bitcoin traded near $75,900, and the company had repurchased $208.2 million of STRC.

What does the STRC repurchase change?

Strategy bought back 1,887,464 STRC shares during the latest reporting period. It issued no new preferred shares and did not repurchase any of its other preferred-stock classes.

STRC, also known as Stretch, pays variable dividends and is designed to trade near its $100 stated amount. Strategy adjusts the dividend rate periodically under that structure.

The buyback reduces the preferred stock entitled to future dividends, although the filing did not disclose the resulting annual savings. Strategy had $560.3 million remaining under its preferred-stock repurchase authorization as of Nov. 8. The company did not use its separate $1 billion common-stock repurchase authorization during the week.

How much dollar liquidity backed the strategy?

Strategy reported approximately $4.9 billion in dollar-denominated assets. Those comprised a $4.77 billion reserve and $146.2 million in general dollar cash.

The reserve supports dividends on preferred securities and interest obligations on outstanding debt. Strategy used $21.1 million from the reserve for preferred-stock dividends during the week, while general cash supports Bitcoin purchases, capital management and potential additions to the reserve. The filing also showed $18.34 billion of unused capacity under the MSTR at-the-market offering program.

How did Strive’s Bitcoin position change?

Publicly traded Bitcoin treasury company Strive acquired another 29 BTC for approximately $2.2 million, Strive CEO Matt Cole announced on X. The purchase carried an average price of $75,721 per coin and raised the company’s reported holdings to 43,153 BTC.

Strive previously acquired 2,822 BTC for approximately $235 million in October after raising capital through warrant exercises. Its treasury strategy combines preferred-stock financing, ordinary equity fundraising, corporate financing transactions and cryptocurrency purchases. Unlike Strategy’s filing, Cole’s announcement did not provide a detailed breakdown of the financing used for the 29 BTC purchase.

Strategy’s next scheduled weekly disclosure is the near-term checkpoint for any change in how the company funds Bitcoin and retires preferred stock. It should show whether Strategy uses the remaining $560.3 million preferred-stock authorization or adds common equity under its $18.34 billion ATM capacity.