Strategy Resumes Bitcoin Purchases With $65.5 Million Acquisition

Strategy acquired 811 $BTC for $65.5 million between Oct. 26 and Nov. 1, resuming its accumulation program after pausing for a week, according to a filing with the Securities and Exchange Commission ¹. The transaction was executed at an average price of $80,846 per coin and funded through the sale of 1,178,552 shares of MSTR stock, which yielded $164 million in net proceeds ¹. At the time of writing, $BTC changed hands around $77,485.

Following the acquisition, Strategy's total holdings reached 849,327 BTC, bought for an aggregate of $64.08 billion at an average cost basis of $75,451 per coin ¹. The firm previously allocated Q3 equity proceeds to direct purchases, expanding its balance sheet as part of an ongoing treasury strategy ¹. Of the recent share issuance proceeds, $98.5 million was directed into the company's USD Cash account, while $65.5 million financed the cryptocurrency acquisitions ¹.

Concurrently, Strategy deployed $208.2 million from USD Cash to repurchase 2,092,035 shares of its variable-rate preferred stock, STRC ¹. The buyback lowered the USD Cash balance to $132.7 million, down from $242.4 million the week prior, leaving approximately $748.6 million authorized under the preferred repurchase program ¹. The company maintained a separate USD Reserve balance of $4.79 billion to handle debt interest and preferred dividend distributions, which incurred $43.4 million in payouts over the period ¹. Total USD assets stood at $4.9 billion, providing an estimated 3.3 years of dividend and interest coverage ¹.

Index Review and Capital Structure

The treasury moves coincide with a shift to daily dividend distributions for STRC, which registered its initial daily record date on Nov. 1 following shareholder approval ¹. Although Mizuho Financial Group highlighted balance-sheet deleveraging—with net leverage retreating to 2.4% from 8.4%—analysts raised concerns over equity dilution, citing a 3.7% decline in Bitcoin per share this year ¹. Strategy also confronts potential exclusion from MSCI equity benchmarks under updated qualification terms for single-asset-dominated operating firms, with MSCI scheduled to disclose affected constituents on Nov. 11 ¹.