Strategy purchased 1,036 BTC for $81.9 million between November 2 and November 8, marking its second consecutive weekly acquisition according to an SEC filing. The company paid an average of $79,012 per coin during this period, bringing its total holdings to 850,364 BTC. This accumulation represents more than 4% of bitcoin’s total supply cap, with the entire portfolio acquired for approximately $64.16 billion at an average cost of $75,456 per unit.
Funding Mechanics and Cash Reserves
The firm financed both the bitcoin purchase and a separate stock buyback by selling 2,051,348 shares of MSTR common stock for $283.8 million in net proceeds. Strategy used these funds to repurchase 1,887,464 shares of STRC preferred stock for $188.3 million, a volume lower than the previous week’s $208.2 million transaction. The remaining $13.6 million from the stock sale increased the USD Cash balance to $146.2 million as of November 8. A separate USD Reserve, which covers preferred dividends and debt interest, stood at $4.77 billion after paying out $21.1 million in dividends. Approximately $560.3 million remains available under the preferred stock repurchase program, while $1 billion is still accessible for MSTR buybacks.
Market Context and Competitive Position
Co-founder Michael Saylor posted a tracker chart on Sunday with the caption "Connecting the dots," signaling the upcoming filing. Strategy remains by far the largest of nearly 200 public companies using a bitcoin treasury model, significantly ahead of the next tier. Metaplanet holds 44,000 BTC, Tether-backed Twenty One holds 43,514 BTC, Strive holds 43,124 BTC, and MARA holds 35,577 BTC. MSTR stock fell 2.1% last week to close at $128.93, while bitcoin slipped 3.2% over the same period. The update arrives two days before index provider MSCI publishes its list of companies affected by new rules on firms dominated by a single asset, which could remove Strategy from equity indexes. Shareholders approved daily dividends on four preferred stocks last month, starting with STRC on November 1.
