Strategy bitcoin purchase of 811 BTC came with a $208m STRC buyback

Strategy bought 811 bitcoin last week and repurchased $208m of its STRC preferred stock, Michael Saylor wrote on X on Monday 2 November. The company now holds 849,327 BTC and $4.9bn in USD assets, BTC-Echo reported.

The Strategy bitcoin purchase ends a pause. In the week to 25 October the company bought no bitcoin at all, according to its 8-K filing.

Two weeks of buybacks

• 19 to 25 October: no bitcoin, 2,068,459 STRC shares repurchased for $204.9m from USD cash.
• 26 October to 1 November: 811 BTC bought, $208m of STRC repurchased.
• Together: about $413m on STRC buybacks in two weeks.

Saylor's post gives no purchase price for the 811 coins. At about $77,600, the price BTC-Echo cites, they cost roughly $63m. By our count, Strategy spent about 3.3 times more on STRC buybacks last week than on bitcoin.

The split repeats early October, when Strategy bought 250 bitcoin and spent nine times that on buybacks. After 25 October it had $956.8m left under its preferred stock repurchase programme, so last week's $208m leaves about $749m, if all of it came from that programme.

The numbers differ by one coin. The 8-K counted 848,517 BTC on 25 October, and 848,517 plus 811 makes 849,328, one more than Saylor's total. Strategy has not explained the gap.

Saylor also posted two risk figures. Strategy puts its "USD duration" at 3.3 years, its measure of how long the dollar reserve can pay dividends, and its model credit spread for STRC fell one basis point to 59. The model assumes bitcoin returns 10% a year with 40% volatility, so the spread follows Strategy's own inputs.

“Strategy has acquired 811 $BTC and repurchased $208M of $STRC. As of 11/1/26, we hold 849,327 BTC and $4.9B of USD Assets.”

— Michael Saylor, executive chairman of Strategy, on X · btc-echo.de

What the holdings are worth

Saylortracker puts Strategy's average cost at $75,446 per coin, about $64.08bn in total. At $77,600 the stack is worth about $65.9bn, a paper gain of 2.9%, or roughly $1.8bn. The 849,327 coins make up about 4% of the 21 million bitcoin that will ever exist.

Bitcoin fell to just under $76,000 after the Binance hack last Thursday, about $550 above Strategy's average cost. The company also faces a possible MSCI exclusion from its indexes.

The ether side

Bitmine bought 8,573 ETH last week and holds 6,060,506 ETH, about 4.9% of supply. It calls itself the second-largest crypto treasury after Strategy, with $14.5bn in crypto and cash.

If you hold MSTR, watch the split. A dollar spent on STRC buybacks cuts the dividends Strategy owes on preferred stock, but it adds no bitcoin to the balance sheet.

The cost of the 811 BTC is our estimate at the current price; Strategy has not disclosed it. This is not investment advice.