Strategy purchased another 1,036 bitcoin last week. According to a Monday 8-K filing, the Michael Saylor-led company, which adopted bitcoin as its primary treasury reserve asset in 2020, spent $81.9 million at an average of $79,012 per coin between November 2 and November 8, lifting total holdings to 850,364 BTC acquired for $64.16 billion at an average price of $75,456.

The latest acquisition was funded with net proceeds from sales of MSTR common stock. During the week, Strategy sold roughly 2.05 million shares for $283.8 million, directed $81.9 million into bitcoin, spent $188.3 million repurchasing its STRC preferred stock, and parked $13.6 million in USD cash. No preferred stock was sold under the at-the-market (ATM) program during the period.

The STRC buyback retired approximately 1.89 million shares. Strategy retains $560.3 million under its preferred repurchase program and $1.0 billion under its MSTR buyback authorization, while about $18.3 billion of MSTR remains available under the ATM.

Executive Chairman Michael Saylor announced the update on X: "Strategy has acquired 1,036 $BTC and repurchased $188M of $STRC. As of 11/8/26, we hold 850,364 BTC and $4.9B of USD Assets."

On Sunday, Saylor shared his customary "dots" tracker chart with the line "Connecting the dots" — a teaser that has often preceded Monday buy filings. The post landed after a weekend slide that pushed bitcoin toward $74,000, its weakest level since August.

A thin cushion under Strategy's treasury

The filing arrives with the spot bitcoin price trading below Strategy's average cost basis. At the time of writing, bitcoin trades near $74,800, approximately 0.9% beneath the $75,456 basis, leaving the stack roughly $550 million underwater on paper. The prior week's average cost stood at $75,451, meaning the new purchase nudged the basis up by only $5 despite those 1,036 coins being bought at nearly $79,000.

Strategy's ledger shows this was not the first time the firm has operated with a thin cushion this year. Between June 30 and August 10, it sold bitcoin across four consecutive filings — 1,363, then 2,225, then 1,638, then 1,690 coins — to fund preferred dividends and STRC buybacks before flipping back to accumulation.

Those sales cut the stack to 840,447 BTC at their low. Strategy has since rebuilt past that mark and now holds more than 4% of bitcoin's 21 million supply cap. The pace of buying has slowed since the summer: the company added 811 bitcoin the week before this one and skipped purchases entirely during the week of October 19 through 25 while spending about $205 million on STRC.

What the preferred buybacks leave open

STRC is designed to trade near its $100 par value. Strategy has spent more than $2 billion retiring the preferred this year as the shares oscillated around that level, and shareholders recently approved daily dividends on its four preferred stock series — STRC, STRF, STRK and STRD. Daily accrual for STRC began November 1.

This week's capital mix put more ATM cash into preferred buybacks than into bitcoin. The $188.3 million STRC repurchase was more than twice the $81.9 million bitcoin spend — a pattern that has become familiar since Strategy built its USD Reserve and USD Cash buckets over the summer. Last week's 811-coin purchase was likewise paired with a larger STRC buyback, then funded from USD cash rather than fresh stock sales.

As of November 8, the USD Reserve stood at $4.77 billion and USD Cash at $146.2 million. Strategy used $21.1 million of the reserve during the week to pay preferred dividends. The SEC 8-K is the primary disclosure, and Strategy also posts the same figures on its public dashboard.

MSTR closed Friday at $128.93 following a difficult stretch that included a 9% weekly drop into the October 30 close, and the stock was indicated lower in premarket trading Monday. At the time of writing, bitcoin trades near $74,800, Bitcoin Magazine Pro data shows. Attention now turns to whether Strategy keeps buying through an underwater stack or leans harder on preferred buybacks while the ATM stays open.

This article was originally reported by Micah Zimmerman for Bitcoin Magazine.