Strategy disclosed in its October 19 update that it bought 267 BTC for $22.1 million between October 12 and October 18, at an average of $82,900 per coin including fees and expenses. In the same weekly filing, the company said it repurchased 1,938,780 shares of STRC, its variable-rate preferred stock, for $193.1 million, and that it increased the size of its Digital Credit Securities Repurchase Program from $2.0 billion to $3.0 billion.

According to the underlying 8-K filing, $22.0 million of the bitcoin purchase was funded with net proceeds from the sale of 140,872 MSTR shares, with $0.1 million drawn from USD Cash. USD Cash also paid for the STRC repurchases, and no preferred stock was sold that week.

The company announced the moves on X:

Strategy has repurchased $193M of $STRC and acquired 267 $BTC. As of 10/18/26, we hold 848,517 BTC and $5.3B of USD Assets. We have also increased the size of our Digital Credit Securities Repurchase Program from $2.0B to $3.0B. $MSTR

— Strategy (@Strategy) October 19, 2026 (via X)

The latest report extends a pattern. Across the three weekly reports through October 18, STRC repurchases totalled $561.8 million — $176.3 million, $192.4 million and $193.1 million — against $72.3 million of bitcoin buying ($28.7 million, $21.5 million and $22.1 million), or 851 BTC. Holdings rose to 848,517 BTC, acquired at an average of $75,446 including fees.

USD Cash has fallen 69% since September 7

USD Cash is the balance Strategy keeps for broader bitcoin-treasury purposes, which the filing says may include buying bitcoin, expanding the reserve and other capital management. It fell $193.2 million during the week, from $640.5 million to $447.3 million — exactly the $193.1 million of STRC repurchases plus $0.1 million for bitcoin. Measured from roughly $1.44 billion on September 7, the balance is down 69%.

The separate USD Reserve, which the filing says supports preferred dividends and interest on debt, stood at $4.83 billion, down from $5.10 billion on September 7. It paid $45.5 million of dividends during the week. Michael Saylor cited $5.3 billion in dollar assets — the reserve plus USD Cash — down from $6.54 billion on September 7.

For scale, a repeat of the latest week's $193 million in repurchases would take USD Cash from $447.3 million to about $254 million. That is simple subtraction, not a forecast.

The cap was raised with $161.7 million left

The board lifted the digital credit securities repurchase programme from $2 billion to $3 billion. The ceiling includes repurchases already made, so the increase added room to the programme rather than creating a fresh $3 billion to spend. After the raise, $1.16 billion of authority remained as of October 18.

Before the increase, by arithmetic from the filings, $161.7 million remained: the October 12 report showed $354.8 million left, less the week's $193.1 million of repurchases. The September 8 increase likewise came when about $190 million was left. Across the programme, $1.84 billion has been repurchased.

• June 29 — the $1.0 billion programme is announced.
• September 8 — raised to $2.0 billion with about $190 million left.
• October 19 — raised to $3.0 billion with $161.7 million left.

The remaining authority now outweighs the cash behind it: $1.16 billion against $447.3 million of USD Cash, a ratio of about 2.6 to 1. Spending the full amount would require more than USD Cash currently holds.

Buying close to par

The filings' share and dollar figures put the average price paid for STRC close to its $100 stated amount. In July, Strategy repurchased shares at an average of $86.53, and its July 30 filing said that while STRC trades below $100 it intends to be a regular and disciplined purchaser, buying more at deeper discounts and tapering as STRC approaches par.

Weekly spending in the same reports ran from $139.3 million (a six-day week) to $176.3 million, $192.4 million and $193.1 million, so it has not fallen as the average price rose. STRC closed at $97.72 on October 16, down from $99.53 the day before, Bitcoin.com News reported. The filings do not explain the pace.

How the cash has been refilled before

This week's $22.0 million from MSTR sales came from 140,872 shares, about $156 a share net. MSTR closed at $136.83 on October 16 after falling 9.6% on MSCI's index rule.

Earlier reports show other funding sources. In the report filed August 10, Strategy sold 1,690 BTC for $108.6 at an average of $64,262 and said the proceeds funded STRC repurchases. That report also shows $650 million of MSTR proceeds added to the USD Reserve. In the August 24 report, $136.4 million of MSTR proceeds paid for STRC repurchases and $300 million went to the reserve.

Three marks Monday's filing will test

Among the weekly reports from September 7 to October 18, the most recent week posted the highest STRC repurchase total, the lowest USD Cash balance and the highest average STRC price — by two cents. Monday's filing, covering October 19–25, will show whether each mark holds. The report for September 21–27 is not included, and two reports each show $176.3 million of repurchases.

Two scheduled events bear on the third mark. Shareholders vote on October 28 on daily record dates for STRC dividends. According to Strategy's October 15 filing, if the amendments pass by October 31 and take effect by November 1, November's dividends would be paid daily, totalling $1.00 a share at the 12% annual rate. Management says it will recommend keeping that rate until STRC shows sustained, healthy trading near $100; last week's buyback average was $99.60. Third-quarter results follow on October 29, TIKR reports.

MSCI is the other date. The index provider publishes its list of affected companies on November 11, with changes taking effect at the close on November 30.

This article is provided for informational purposes only and does not constitute financial or investment advice.