Strategy did not buy any Bitcoin last week, breaking a run of weekly purchases that began in mid-September, according to an SEC filing disclosed on Monday. The Bitcoin treasury firm also sold no shares through its at-the-market offering program — a standing mechanism that lets a company sell stock into the market incrementally over time — between October 19 and 25.

Instead, the company — formerly known as MicroStrategy and the largest corporate holder of Bitcoin — spent $204.9 million of its USD Cash buying back 2,068,459 shares of STRC, its variable-rate preferred stock. The outlay was up from the $193.1 million in repurchases reported the week before.

Strategy's Bitcoin holdings remain unchanged at 848,517 BTC, acquired for a cumulative total of $64.02 billion at an average price of $75,446 per coin. Its USD Cash balance fell to $242.4 million from $447.3 million a week earlier.

Strategy has repurchased $205M of $STRC. As of 10/25/26, we hold 848,517 $BTC and $5.1B of USD Assets. $MSTR

— Strategy (@Strategy) October 26, 2026

The pause follows a string of smaller Bitcoin purchases. Strategy bought 267 BTC for $22.1 million the previous week, after spending $21.5 million on 250 BTC the week before that, and $29 million in the week it posted a $21 billion third-quarter gain.

The STRC buyback was the largest of those weeks, up from $193.1 million the week before and $192.4 million the week prior. Strategy paid for it entirely from USD Cash, the pool of money it keeps for general corporate purposes, including buying Bitcoin — the same pool that funded its small weekly Bitcoin purchases in recent weeks went to preferred-stock repurchases this week instead. Its separate USD Reserve, which is earmarked to cover preferred dividends and interest on its debt, held steady at $4.83 billion. Together, the two pools roughly account for the $5.1 billion of USD Assets the company cited in its announcement: $242.4 million in USD Cash plus the $4.83 billion USD Reserve.

After the latest repurchase, $956.8 million remains available under the company's $3 billion program for buying back its preferred stock, a capacity it raised from $2 billion a week ago. A separate program to repurchase MSTR common stock has $1 billion left.

Strategy and the MSCI rules

The buying pause comes as Strategy faces possible removal from MSCI's widely tracked equity indexes. MSCI finalized a rule on October 15 that treats "non-operating companies" — those whose balance sheets are dominated by a single asset — as ineligible for its Global Investable Market Indexes from the close of November 30. The index provider is set to publish the list of affected companies on November 11.

Removal would force funds that track the indexes to sell the affected shares. Strategy chairman Michael Saylor had previously urged MSCI to drop what he called a "discriminatory" rule.