Strategy added another 250 bitcoin to its treasury for $21.5 million, paying an average of $86,194 per coin. The purchase, announced by Michael Saylor on X today, October 12, pushes the company's total holdings to a new all-time high of 848,250 BTC and extends its buying streak to four straight weeks.
The return of weekly buys
Strategy spent the summer on the sidelines. After accumulating aggressively for years, it paused in mid-September — well, resumed in mid-September, but only after a hiatus during which it occasionally sold bitcoin. Those sales raised eyebrows at the time. A treasury company that built its entire identity around never selling had started selling. Whatever the reason, the pause served a purpose: it gave Strategy room to rebuild trust in its preferred stock and its cash reserves.
Now the accumulation engine is running again. Four consecutive weeks of purchases, and the company is back to doing what shareholders expect it to do.
STRC climbs back
The preferred stock, STRC, closed at $99.66 on the Friday before today's announcement. That's a recovery from a summer low below $75. Strategy also repurchased $192 million of STRC, a move that signals confidence in the instrument and gives holders an exit at a time when the broader market for preferred shares has been uneven.
The buyback matters for another reason. STRC is how Strategy raises a chunk of the capital it uses to buy bitcoin. Keeping the stock near par — and showing that management is willing to support it — makes future issuance easier. Investors who watched the summer slump with some concern now have a data point in the other direction.
Reserves draw down
There's a trade-off. Strategy's USD reserves fell to $5.5 billion, down from over $6 billion a few weeks earlier. That's the cost of buying bitcoin and repurchasing preferred stock at the same time. The company still has a substantial cash cushion, but the direction of travel is clear: reserves are shrinking as BTC holdings grow.
That's the Strategy model in a nutshell. Convert dollars into bitcoin, keep enough cash to service obligations, and lean on capital markets when the opportunity looks good. The question is how long the company can keep both plates spinning — buying coins and supporting STRC — before it has to pick one.
What to watch
The next weekly purchase announcement, if it comes, will tell us whether this four-week streak turns into another long accumulation phase. Strategy's reserve level is the other number to track. If it keeps falling, the company may need to tap markets again or slow the buybacks. For now, Saylor's machine is running, and the bitcoin treasury keeps getting bigger.
