Strategy, the Bitcoin treasury firm formerly known as MicroStrategy, purchased 250 BTC for $21.5 million last week and repurchased $192.4 million of its STRC preferred stock, the company said on Monday.

The Bitcoin purchases were made between October 5 and October 11 at an average price of $86,194 per coin, including fees, according to the company's press release. The acquisitions lifted Strategy's total holdings to 848,250 BTC, a new record, accumulated for a total of $64 billion at an average of $75,444 per coin — meaning last week's batch was bought roughly $10,750 per coin above the firm's overall cost basis.

Alongside the Bitcoin buy, Strategy repurchased 1,932,145 shares of STRC, its variable-rate Stretch preferred stock, leaving $354.8 million still available under its program to buy back preferred shares. At $192.4 million, the preferred repurchase was roughly nine times the size of the week's Bitcoin purchase, and the remaining capacity leaves room for further buybacks.

Strategy funded the Bitcoin purchase mainly by selling about 125,000 shares of its MSTR common stock through its at-the-market offering program, a mechanism for issuing shares into the open market over time, raising $21 million, and covered the remaining $500,000 with cash. The company sold none of its preferred stock during the week.

The announcement followed a more active prior week, when Strategy bought $29 million in Bitcoin and repurchased $176 million of STRC as it posted a $21 billion third-quarter gain.

Strategy's dollar reserves

As of October 11, Strategy held $4.88 billion in a U.S. dollar reserve set aside for preferred stock dividends and debt interest, along with $640.5 million in cash earmarked for broader purposes such as buying Bitcoin — approximately $5.5 billion in U.S. dollar assets overall.

The company established its USD reserve with an initial $1.44 billion, and later created the separate USD cash pot after raising $2 billion through MSTR stock sales.

Strategy has also proposed that its preferred stock dividends accrue 365 days a year, and has said it could sell up to $1.25 billion of Bitcoin under its digital credit capital framework.

In September, Strategy CEO Phong Le defended the firm's Bitcoin sales as the "right trade," weeks before the company set a new holdings record at the end of the month with a $143 million purchase.

Despite the continued buying, traders on prediction market Myriad, which is owned by Decrypt's parent company Dastan, put only a 5% chance on Strategy's holdings surpassing one million BTC by the end of the year — a milestone that would require adding roughly 152,000 BTC to the current total.