Strategy now holds 848,000 BTC — just over 4% of Bitcoin's total supply — as of Oct. 4. The company picked up another 334 BTC for about $28.7 million at an average price of $85,838.80 per coin, and bought back roughly $176.3 million of its STRC preferred stock in the latest reporting window.
The company logged a $21 billion gain on its digital assets in the third quarter of 2026. Bitcoin was trading near $86,000, up more than 4% over seven days and more than 8% over 30 days, though still down 30% year over year.
Where the Bitcoin money actually came from
The latest filing shows $15.7 million in net proceeds from MSTR common-stock sales went into Bitcoin, alongside a $13 million draw from USD Cash. That's a modest purchase, and the sourcing is worth noting: a chunk of it came from the company's own cash pile, not just fresh equity.
As of Oct. 4, Strategy's USD assets totaled $5.7 billion. Most of that — $4.88 billion — sits in a USD Reserve earmarked for preferred dividends and debt interest. Another $833.4 million is general-purpose cash, including money for Bitcoin purchases.
The late-September buy was bigger: 1,665 BTC for roughly $142.8 million.
STRC's rebound hasn't fixed the funding question
STRC had climbed back to about $99.40 after sliding to around $75 during the summer. The instrument carries an $8.93 billion notional value, a 12% variable dividend, and a 12.07% effective yield.
Peter Schiff linked Bitcoin's move above $80,000 to improved confidence and possible short covering. But he argued the STRC recovery hasn't restored Strategy's ability to raise money by issuing new STRC. That's the crux of his caution: the preferred stock isn't doing the fundraising work it once did.
Schiff also questioned whether Strategy's funding mix can sustain larger Bitcoin purchases if technology stocks pull back, warning that Bitcoin's price could reverse in that scenario.
The macro backdrop Schiff is watching
His outlook ties to falling bond prices, weak inflation and employment signals, and oil near $91 a barrel. The oil number follows a G7 pledge to release 100 million barrels from strategic reserves.
It's a mixed picture. Bitcoin's 30-day gain is real, but the yearly decline of 30% means the company's average cost basis is under water on a trailing basis, even with the Q3 gain on the books.
The next concrete checkpoint is Strategy's preferred dividend obligations and whether STRC can be issued at a yield the market will absorb. The company's $4.88 billion reserve covers those payments for now. The open question is whether common-stock sales and cash draws keep carrying the Bitcoin purchase program, or whether STRC issuance has to come back online first.
Schiff's warning hinges on a tech-stock pullback that hasn't happened yet. If it does, the funding mix gets tested in public.
