Strategy pauses Bitcoin buying, spends $205 million on STRC buybacks

Strategy made no Bitcoin purchases or sales during the week ended Oct. 25, directing $204.9 million toward repurchases of its STRC preferred stock instead. The transactions reduced the company’s USD Cash balance by nearly 46% to $242.4 million, according to Cointelegraph’s account of its latest regulatory disclosure.

The company repurchased 2,068,459 STRC shares during the reporting period, which ran from Oct. 19 through Oct. 25. It also reported no share sales through its at-the-market offering program, leaving both its Bitcoin holdings and its issuance activity unchanged for the week.

Strategy continued to hold 848,517 BTC, acquired for an aggregate $64.02 billion at an average purchase price of approximately $75,446 per coin, including fees and expenses. The absence of transactions means the latest update reflects a change in cash allocation rather than an expansion or reduction of its cryptocurrency position.

The buybacks were funded entirely from USD Cash, which stood at $447.3 million a week earlier. The $204.9 million reduction matches the reported repurchase spending, illustrating how substantially one week of capital-management activity drew down that pool of money.

That balance is distinct from Strategy’s USD Reserve, which remained unchanged at $4.83 billion. Under the company’s disclosed framework, the reserve is intended to support preferred-stock dividends and interest payments on outstanding debt, while USD Cash can serve broader purposes, including Bitcoin acquisitions and capital management.

The distinction matters when assessing the decline in liquidity available for discretionary uses. The roughly 46% reduction applies to USD Cash, not to the separate reserve earmarked to support financial obligations, and should not be read as an equivalent fall across both balances.

The latest repurchases also exceeded the $193.1 million spent on STRC the previous week and $192.4 million the week before that, according to Decrypt. Those successive purchases show that preferred-share buybacks have remained a significant use of capital even as Strategy has continued to report its Bitcoin position separately.

Following the transactions, Strategy reported $956.8 million of remaining capacity under its digital credit securities repurchase program. A separate authorization for repurchases of MSTR common stock retained $1 billion of capacity; the latest filing reported no common-share repurchases during the period.

The disclosure establishes what Strategy did during one reporting week, rather than setting a timetable for its next Bitcoin purchase. Its remaining buyback authorization leaves room for further repurchases, but authorization is not a commitment to spend. Subsequent disclosures will show whether management resumes cryptocurrency acquisitions, continues preferred-share buybacks or uses available cash for other purposes permitted under its framework.