Bitcoin: Strategy buys 1,665 BTC but spends more to support STRC

Two checks in the same week, one for bitcoin. Strategy added 1,665 BTC to its treasury for $142.7 million and spent $151.7 million to buy back its own STRC shares. Michael Saylor's company thus allocated more money to support one of its financing vehicles than to purchase the asset that underpins its entire strategy.

On the other hand, the company raised $246.2 million in net proceeds by selling 1.47 million MSTR shares, without issuing any preferred shares.

Key Points

• 1,665 bitcoins acquired at an average price close to $85,700, totaling $142.7 million
• The buyback of STRC shares mobilized $151.7 million, more than the bitcoins purchased during the same period
• No preferred shares issued, but $246.2 million raised through the sale of MSTR shares over time
• The balance sheet totals 847,665 BTC paid $63.95 billion, plus $6.02 billion in cash

Strategy adds 1,665 BTC paid $85,700 each

The 1,665 bitcoins were thus paid approximately $85,700 each, which is over $10,000 above the historical average cost of the portfolio ($75,437 per BTC). The counter reaches 847,665 BTC, acquired for $63.95 billion. Just over 4% of the 21 million bitcoin cap is now locked in the balance sheet of a single Nasdaq-listed company. The pace has significantly slowed: Strategy had absorbed 55,500 BTC in a single week in November 2024, for $5.4 billion.

To finance the operation, Strategy tapped into its ATM program (at-the-market), which allows it to sell shares directly on the market over time. The sale of 1.47 million MSTR shares generated $246.2 million in net proceeds, or about $167 per share. This faucet only works under one condition. The mNAV, which relates the market capitalization to the value of the bitcoins held, must remain significantly above 1, otherwise each share sold dilutes the amount of bitcoin attached to each share instead of increasing it.

![Strategy added 1,665 BTC to its treasury for $142.7 million and spent $151.7 million to buy back its own STRC shares. Michael Saylor's company thus allocated more money to support one of its financing vehicles than to purchase the asset that underpins its entire strategy.

On the other hand, the company raised $246.2 million in net proceeds by selling 1.47 million MSTR shares, without issuing any preferred shares.](https://public.chaincatcher.com/upload/news/202609/e06c489453054dd0bd0c90c6a68a86b7.png) ![Strategy added 1,665 BTC to its treasury for $142.7 million and spent $151.7 million to buy back its own STRC shares. Michael Saylor's company thus allocated more money to support one of its financing vehicles than to purchase the asset that underpins its entire strategy.

On the other hand, the company raised $246.2 million in net proceeds by selling 1.47 million MSTR shares, without issuing any preferred shares.](https://public.chaincatcher.com/upload/news/202609/d9992cdf815e4d4cb0c8381be72d2561.png) As usual, Michael Saylor announces his company's bitcoin purchases -- Source: X Account

STRC, the preferred stock that Strategy buys back below par

Let's talk about the absent one this accounting week: no new preferred shares have been issued. Strategy took the opposite route by buying back 1,534,530 STRC shares for $151.7 million, or nearly $98.9 per share.

Named Stretch, this perpetual preferred stock pays a monthly dividend whose rate is adjusted by the board of directors to keep the price close to its nominal value of $100. The shares were priced at $90 at their introduction in the summer of 2025. Buying them back at $98.9 costs nearly 10% more than the proceeds received at issuance, but avoids having to raise the coupon (which we recall runs in perpetuity and fixes the price of any future refinancing).

The structure has four tiers. STRK, STRF, STRD, and STRC each have their own dividend regime, and their performance on the stock market conditions Strategy's future access to capital. The balance sheet also shows $6.02 billion in dollar-denominated assets, a cushion that allows honoring the coupons without selling any bitcoins.

The period ended with $9 million more spent on defending STRC than on buying bitcoins. Paid $63.95 billion, the portfolio of 847,665 BTC is worth approximately $72.6 billion at the prices practiced during the week, representing nearly $8.7 billion in latent capital gains.

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