Strategy Halts Bitcoin Buying, Pours $205M Into STRC Buyback

Strategy bought no Bitcoin between October 19 and 25, its first weekly pause since mid-September, and instead spent $204.9 million of its USD Cash buying back 2,068,459 shares of its STRC variable-rate preferred stock, according to an SEC filing published Monday.

The Bitcoin treasury company also sold no shares through its at-the-market offering program during the week. Its holdings stand at 848,517 BTC, acquired for a total of $64.02 billion at an average price of $75,446 per coin.

The company confirmed the moves on X: "Strategy has repurchased $205M of $STRC. As of 10/25/26, we hold 848,517 $BTC and $5.1B of USD Assets."

Why the Bitcoin buying stopped

The pause breaks a run of consecutive weekly purchases that stretched back to mid-September, though those buys had already shrunk in size. Strategy bought 267 BTC for $22.1 million the previous week. Before that, it spent $21.5 million on 250 BTC, and $29 million in the week it reported a $21 billion third-quarter gain.

The STRC buyback was the largest capital deployment of any of those weeks. It cost $204.9 million, up from $193.1 million the week before and $192.4 million the week prior to that. Strategy funded the repurchase entirely from USD Cash, the general-purpose pool it uses for expenses including Bitcoin purchases. That balance fell to $242.4 million from $447.3 million a week earlier — a drawdown of roughly $205 million in seven days.

The separate USD Reserve, which covers preferred dividends and interest on the company's debt, held steady at $4.83 billion.

How much firepower is left

After the latest repurchase, $956.8 million remains available under Strategy's $3 billion preferred stock buyback program. The company raised that program's cap from $2 billion just a week ago, meaning the increase was consumed almost immediately. A separate $1 billion program for repurchasing MSTR common stock is untouched.

At the current pace — roughly $200 million of STRC buybacks per week — the remaining preferred repurchase capacity would last under five weeks. The company would need either to raise the cap again or slow the buybacks, unless ATM equity sales resume and refill USD Cash.

What does the MSCI rule change?

The pause lands as Strategy faces possible removal from MSCI's widely tracked equity indexes. MSCI finalized a rule on October 15 that classifies "non-operating companies" — those whose balance sheets are dominated by a single asset — as ineligible for its Global Investable Market Indexes, effective from the close of November 30.

Removal would force index-tracking funds to sell the affected shares, a mechanical selling pressure that sits independently of the company's treasury operations. MSCI will publish the list of affected companies on November 11, giving the market roughly three weeks of visibility before the rule takes effect.

Strategy chairman Michael Saylor had publicly urged MSCI to drop what he called a "discriminatory" rule, an appeal that failed to change the index provider's position.

The operational picture now hinges on sequencing. Strategy enters November with $242.4 million in USD Cash, no fresh ATM proceeds, and two index-related dates — November 11 and November 30 — that will determine whether forced index selling compounds its funding choices in the weeks ahead.