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# Strategy Pays $204.9 Million To Retire Its Own STRC Preferred Shares, Buys No Bitcoin
- URL: https://www.bullished.co/strategy-pays-204-9-million-to-retire-its-own-strc-preferred-shares-buys-no-bitcoin-211bd96c/
- Published: 2026-10-26T12:55:53.000Z
- Updated: 2026-10-28T16:59:38.000Z
- Description: The bitcoin treasury company funded the week's buyback entirely from cash, leaving its coin count at about 848,517.
- Author: Matteo Parrino
- Tags: SEC Filings, MSTR, Industry: Technology

[Strategy](https://www.bullished.co/tag/mstr/), which holds bitcoin as its main treasury asset and also sells enterprise analytics software, [repurchased 2,068,459 shares](https://www.sec.gov/Archives/edgar/data/0001050446/000119312526431146/mstr-20261026.htm?ref=bullished.co) of its variable-rate STRC preferred stock for $204.9 million between October 19 and October 25, according to an [8-K](https://www.bullished.co/learn/8-k-items-explained/) filed Monday. It bought no bitcoin in the same stretch.

## Paid from cash, not stock sales

Strategy said it used [$204.9 million](https://www.sec.gov/Archives/edgar/data/0001050446/000119312526431146/mstr-20261026.htm?ref=bullished.co) of what it calls USD Cash to fund the STRC repurchases. It sold no shares under its at-the-market program, the channel it normally uses to raise money for purchases.

USD Cash is the pot management keeps for broader bitcoin-treasury purposes, which can include buying coins or building up the dollar reserve. It stood at $242.4 million on October 25.

A separate USD Reserve held $4.83 billion on that date. That reserve is meant to cover dividends on the preferred stock and interest on the company's debt.

## Bitcoin stack unchanged

Strategy neither bought nor sold bitcoin during the week. As of October 25 it held about 848,517 bitcoin, acquired for an aggregate $64.02 billion, or roughly $75,446 per coin including fees and expenses.

The company funds those purchases by issuing Class A common stock and several classes of preferred stock, which it describes as digital credit. STRC is one of them, alongside STRF, STRK and STRD.

## Room left to buy back more

No shares of the other preferred series or of MSTR common stock were repurchased last week. Strategy has $956.8 million of purchase authority left under its preferred-stock repurchase program and $1.0 billion under its MSTR common stock program.

Seeking Alpha reported that MSTR shares rose for a second straight session, [climbing 8%](https://seekingalpha.com/news/4655523-strategy-rises-for-second-straight-session-climbing-8?ref=bullished.co).

The next weekly update will show whether Strategy taps USD Cash again for STRC repurchases against the $956.8 million of preferred authority that remains.

Learn

- [Item 7.01: Regulation FD disclosure →](https://www.bullished.co/learn/8-k-items-explained/#item-701-regulation-fd-disclosure)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — Strategy Inc (MSTR)](https://www.sec.gov/Archives/edgar/data/0001050446/000119312526431146/mstr-20261026.htm?ref=bullished.co) — SEC EDGAR
- [Strategy rises for second straight session, climbing 8% (MSTR:NASDAQ) | Seeking Alpha](https://seekingalpha.com/news/4655523-strategy-rises-for-second-straight-session-climbing-8?ref=bullished.co) — seekingalpha.com

### More on Strategy (MicroStrategy)

- [Strategy Says STRC Will Probably Pay Dividends Every Day After October 28 Shareholder Vote](https://www.bullished.co/strategy-says-strc-will-probably-pay-dividends-every-day-after-october-28-shareholder-vote/)
- [Strategy Raises Preferred Buyback Authority To $3 Billion, Buys 267 More Bitcoin](https://www.bullished.co/strategy-raises-preferred-buyback-authority-to-3-billion-buys-267-more-bitcoin-c5823709/)
- [Strategy Declares $1.00 Of Daily STRC Dividends For November, Payable Only If Holders Approve](https://www.bullished.co/strategy-declares-1-00-of-daily-strc-dividends-for-november-payable-only-if-holders-77525be1/)

[All Strategy (MicroStrategy) (MSTR) coverage →](https://www.bullished.co/tag/mstr/)