The money Strategy spent buying BTC this week was less than a fraction of what it spent buying back its own stock.
From October 5 to 11, Strategy added just 250 BTC, spending a total of $21.5 million at an average price of about $86,194.
That same week, it repurchased about 1.93 million shares of its own STRC preferred stock for $192.4 million—9 times what it spent buying BTC. The average repurchase price was about $99.60, below the $100 par value, effectively reducing future dividend obligations at a discount.
As of October 11, Strategy held a total of 848,250 BTC, with a cumulative investment of about $64 billion and an average cost of about $75,444. It also had about $5.5 billion in cash reserves.
My take: This isn’t a “lack of conviction.” Strategy is shifting from a “Bitcoin-hoarding machine” to “capital structure management.” Buying back STRC at a discount cuts a predictable annual dividend expense; by contrast, continuing to make large BTC purchases around $82,000 would be a highly uncertain bet. Even the biggest BTC bull is choosing to “buy itself first,” which suggests they’re waiting at these levels too—the market will find its direction after tonight’s CPI release. This kind of cash-preserving stance is actually more worth examining than aggressively adding to its holdings.
Data as of: 2026-10-13 12:00 UTC
Sources: bitcointreasuries.net; securities.io
For informational purposes only; not investment advice.
$BTC
#Bitcoin
CPI is due out tonight at 20:30. Do you think the $82,000 level will hold?
From October 5 to 11, Strategy added just 250 BTC, spending a total of $21.5 million at an average price of about $86,194.
That same week, it repurchased about 1.93 million shares of its own STRC preferred stock for $192.4 million—9 times what it spent buying BTC. The average repurchase price was about $99.60, below the $100 par value, effectively reducing future dividend obligations at a discount.
As of October 11, Strategy held a total of 848,250 BTC, with a cumulative investment of about $64 billion and an average cost of about $75,444. It also had about $5.5 billion in cash reserves.
My take: This isn’t a “lack of conviction.” Strategy is shifting from a “Bitcoin-hoarding machine” to “capital structure management.” Buying back STRC at a discount cuts a predictable annual dividend expense; by contrast, continuing to make large BTC purchases around $82,000 would be a highly uncertain bet. Even the biggest BTC bull is choosing to “buy itself first,” which suggests they’re waiting at these levels too—the market will find its direction after tonight’s CPI release. This kind of cash-preserving stance is actually more worth examining than aggressively adding to its holdings.
Data as of: 2026-10-13 12:00 UTC
Sources: bitcointreasuries.net; securities.io
For informational purposes only; not investment advice.
$BTC
#Bitcoin
CPI is due out tonight at 20:30. Do you think the $82,000 level will hold?