Strategy halted its weekly Bitcoin purchases for the first time since mid-September while directing $204.9 million toward buying back its variable-rate preferred stock, STRC. The company also did not sell shares through its at-the-market offering program during the week ended October 25, according to an SEC filing cited by Decrypt.
The move leaves Strategy with 848,517 Bitcoin, acquired for a combined $64.02 billion at an average cost of $75,446 per coin. The company had continued adding to its holdings in recent weeks, although the purchases had been relatively small: 267 BTC for $22.1 million in the previous week and 250 BTC for $21.5 million the week before that.
Cash shifts from Bitcoin to preferred-stock buybacks
Strategy used its USD Cash balance to repurchase 2,068,459 STRC shares. The outlay was higher than the $193.1 million spent on the same type of buyback a week earlier and the $192.4 million used two weeks earlier.
USD Cash, which the company uses for general purposes including potential Bitcoin purchases, declined to $242.4 million from $447.3 million in one week. The latest buyback therefore represented a substantial use of the cash pool that had been available for corporate needs.
Strategy’s separate USD Reserve remained unchanged at $4.83 billion. That reserve is intended to cover dividends on preferred stock and interest payments on the company’s debt, distinguishing it from the cash used for the STRC repurchases.
After the latest transaction, Strategy said $956.8 million remained under its $3 billion authorization for preferred-stock buybacks. The company had increased that authorization from $2 billion one week earlier. Its separate authorization to repurchase MSTR common stock had $1 billion remaining.
MSCI decision adds a potential market issue
The pause in Bitcoin buying comes while Strategy faces the possibility of being removed from MSCI’s widely followed equity indexes. MSCI finalized a rule on October 15 covering “non-operating companies”—businesses whose balance sheets are dominated by a single asset. Such companies will be ineligible for the provider’s Global Investable Market Indexes after the close of November 30.
MSCI is scheduled to publish the list of affected companies on November 11. If Strategy is removed, investment funds that track the relevant indexes would be required to sell the affected shares. Strategy Chairman Michael Saylor has urged MSCI to abandon the rule, describing it as discriminatory.
Market picture
Moneyiar market data at October 25, 2026, 22:39 Tehran time, showed Bitcoin at $80,430.51, down 0.08% over 24 hours and 1.32% over seven days. Other tracked assets were mixed: Monad was $0.02155, down 0.49% in 24 hours but up 2.33% over seven days; Loaded Lions was $0.001182, down 2.39% and 3.06%, respectively; and Ontology was $0.05015, down 0.93% over 24 hours and 1.73% over seven days.
