Strategy Bought 267 BTC and Raised Its STRC Buyback Cap
Strategy raised its preferred buyback cap to $3 billion with $161.7 million of the old cap left, while the USD Cash that funds repurchases fell to $447.3 million.
Key Takeaways
- STRC buybacks $193.1M; bitcoin $22.1M.
- Old cap had $161.7M left.
- USD Cash fell from $1.44B to $447M.
- Average STRC buyback price: $99.60.
One week: $193.1 million for STRC, $22.1 million for bitcoin
In its October 19 update, Strategy disclosed buying 267 BTC for $22.1 million during October 12–18, at an average of $82,900 including fees and expenses. It also repurchased 1,938,780 shares of STRC, its variable-rate preferred stock, for $193.1 million. The underlying filing says $22.0 million of net proceeds from selling 140,872 MSTR shares paid for the bitcoin, with $0.1 million from USD Cash, and that USD Cash paid for the STRC repurchases. No preferred stock was sold that week.
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
https://t.co/4o0bQBaTb0— Strategy (@Strategy) October 19, 2026
The latest report extends a pattern. Across the three weekly reports to October 18, STRC repurchases totalled $561.8 million ($176.3 million, $192.4 million and $193.1 million) against $72.3 million of bitcoin ($28.7 million, $21.5 million and $22.1 million), or 851 BTC. Holdings rose to 848,517 BTC, bought 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 in the week, from $640.5 million to $447.3 million, exactly the $193.1 million of STRC repurchases plus $0.1 million for bitcoin.
USD Cash in Strategy’s weekly reports, $ million
Balances as of the date shown.
Source: Strategy 8-K reports, via the SEC.
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, which is the reserve plus USD Cash. The same sum was $6.54 billion on September 7.
For scale, a repeat of the latest week’s $193 million 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 rather than a new $3 billion to spend. After it, $1.16 billion remained as of October 18.
Before it, by our arithmetic from the filings, $161.7 million remained: the October 12 report showed $354.8 million left, less this week’s $193.1 million. The September 8 increase also came when about $190 million was left. Across the programme, $1.84 billion has been repurchased.
JUNE 29
$1.0B programme announced.
SEPTEMBER 8
Raised to $2.0B with about $190M left.
OCTOBER 19
Raised to $3.0B with $161.7M left.
The cap is larger than the cash behind it
$1.16 billion of remaining authority against $447.3 million of USD Cash, about 2.6 times. Spending all of it would take more than USD Cash holds.
Buying close to par
The filings give shares and dollars, which 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.
Average price paid per STRC share, by week
The axis starts at $96, so the differences look larger than they are. The line marks the $100 stated amount.
Dollars repurchased divided by shares repurchased, from Strategy’s 8-K reports.
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 hasn’t 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 don’t 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 sources. In the report filed August 10, Strategy sold 1,690 BTC for $108.6 million 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, last week had 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.
Each dot is one weekly report from September 7 to October 18; the orange dot is October 12–18. The report for September 21–27 isn’t included, and two reports each show $176.3 million of repurchases. Source: Strategy 8-K reports.
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, and last week’s buyback average was $99.60. Third-quarter results follow on October 29, TIKR reports.
MSCI is the other date. It 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.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
