Michael Saylor's Strategy (NASDAQ: MSTR) bought zero Bitcoin between Oct 19-25, its first full pause since mid-September, according to its Oct 26 SEC filing.
Instead, 100% of spend went to preferred stock. The firm repurchased 2,068,459 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for $204.9M — ∼$99.06 per share, just below its $100 par value. Saylor posted "$205M of $STRC" on X.
Holdings flat at *848,517 BTC* acquired for $64.02B at avg $75,446 per coin. At ∼$80K BTC Monday, that's ∼$67.9B value — over 4% of Bitcoin supply. No BTC sales, no ATM common stock sales.
The shift extends October's trend: Strategy spent ∼$664M on STRC buybacks vs just $72.3M for 851 BTC this month. CEO Phong Le said buying STRC below $100 cuts future dividend burden at a discount. STRC pays ∼12% variable dividend.
Cash impact: USD Cash for general ops including BTC buys fell to $242.4M from $447.3M week-over-week. Separate USD Reserve for dividends/debt interest steady at $4.83B. Total USD assets $5.1B. $956.8M remains under its newly expanded $3B preferred buyback authorization.