Strategy, the Nasdaq-listed bitcoin treasury company formerly known as MicroStrategy, spent $21.5 million to acquire 250 bitcoin between October 5 and October 11, according to a Monday filing with regulators.

The same disclosure shows the company repurchased $192.4 million of its STRC preferred stock, a dual capital move that signals a return to its trademark accumulation cadence after months of irregular purchases.

Executive Chairman Michael Saylor confirmed the figures in a post on X on October 12: "Strategy has acquired 250 $BTC and repurchased $192M of $STRC. As of 10/11/26, we hold 848,250 BTC and $5.5B of USD Assets."

What does the filing reveal about Strategy's treasury mechanics?

The disclosure details how the company funded last week's purchase: net proceeds from MSTR stock sales, supplemented by its USD Cash buffer. Strategy operates two distinct cash reserves, each with a separate mandate:

• USD Reserve — supports dividend payments on the company's preferred stock offerings and interest on outstanding debt.
• USD Cash — the deployable pool the company uses to buy bitcoin.

The separation matters for preferred shareholders. By ring-fencing the dividend-servicing reserve from the acquisition wallet, Strategy aims to keep its credit and preferred obligations funded even as it continues channeling capital into BTC.

Is the weekly buying pattern back?

The purchase marks the fourth consecutive week of bitcoin acquisitions. That follows an extended period in which Strategy bought sporadically or paused purchases for months at a time while it rebuilt a larger cash buffer.

The company first bought bitcoin in August 2020, initially framing the move as inflation protection for shareholders. It has since repositioned itself entirely as a bitcoin treasury. Investors now gain bitcoin exposure through MSTR shares or earn yield through its digital credit products.

Strategy is also leaning into income-oriented instruments, focusing on products that pay investors yield via its STRF, STRC, STRK and STRD preferred share series.

What is the state of the balance sheet?

The company now holds 848,250 bitcoin, worth approximately $70.2 billion at current prices, alongside $5.5 billion in USD assets. MSTR shares traded nearly 2% higher on Monday.

The longer-term picture is more mixed. The stock is down more than 50% over the past year, dragged lower by bitcoin's decline. Since the company began accumulating in August 2020, however, MSTR has appreciated nearly 1,000%.

The simultaneous BTC purchase and STRC repurchase suggest the company is now managing both sides of its capital structure at once — accumulating the asset while retiring preferred obligations it deems cheap relative to alternatives. Whether the weekly cadence holds will show up in the next round of filings.