A dozen digital asset treasury (DAT) companies that began buying Bitcoin in 2025 have sold all their coins, mostly to repay debt or return cash to investors after their stocks fell, according to Bitwise's October 2026 market report. The DAT model pioneered by Strategy relied on issuing shares or debt to buy more coins while the stock traded above the value of its holdings, and the process reversed once that premium disappeared. Sequans Communications, for example, accumulated more than 3,200 coins from June 2025 and sold its last by Sept. 24 of this year after using the proceeds to eliminate convertible debt. With public companies' average cost at $80,500 per coin in September 2026, many sellers likely took losses after Bitcoin entered a bear market in October 2025. Corporate buyers absorbed a net 18% of new supply in Q3, so the sales had little effect on price, but Strategy, holding 848,517 coins (about 4% of the 21 million supply cap), could have a large impact if it became a major seller.
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Related tickers and likely impact
BTC/USDT
▼ Likely negativeBitcoin
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 10/27/2026 | 80,909.77 |
| Change that session | +0.95% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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- Strategy skips Bitcoin purchases, spends $205M on STRC buybacks
Strategy made no Bitcoin purchases or sales last week, instead spending $204.9 million to repurchase about 2.07 million shares of its STRC preferred stock. Its USD Cash balance fell about 46% to $242.4 million from $447.3 million, while its USD Reserve held steady at $4.83 billion. The company still holds 848,517 BTC, acquired for $64.02 billion at an average price of $75,446 per coin. Since October began, it has spent about $664 million on STRC buybacks versus $72.3 million for 851 BTC, as Bitcoin fell toward $80,000 after reaching $84,777 on Wednesday.
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Strategy bought no Bitcoin last week, its first pause since mid-September, and sold no shares through its at-the-market program. The company spent $204.9 million buying back 2,068,459 shares of its variable-rate STRC preferred stock, up from $193.1 million the week before, while its USD Cash balance fell to $242.4 million from $447.3 million. It still holds 848,517 BTC, after buying 267 BTC for $22.1 million the previous week. $956.8 million remains under the $3 billion preferred buyback program, which was raised from $2 billion a week earlier. Separately, Strategy faces possible removal from MSCI's equity indexes under a new rule on “non-operating companies,” which Chairman Michael Saylor has urged MSCI to drop as “discriminatory.”
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Strategy bought 267 BTC for $22.1 million last week and repurchased $193.1 million of its STRC preferred stock, according to an SEC filing. Its board raised the digital credit securities repurchase program cap to $3 billion from $2 billion, leaving $1.16 billion available. The Bitcoin purchase was funded mainly by selling MSTR common stock, while the STRC buybacks came from cash reserves. The company now holds 848,517 BTC, acquired for a total of $64.02 billion at an average of $75,446 per coin. Strategy also faces possible removal from MSCI's indexes under a rule on 'non-operating companies'; MSCI will publish the affected list on November 11, and such companies are treated as ineligible from the close of November 30.
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Strategy said its Bitcoin holdings reached 848,250 BTC after buying 250 BTC for $21.5 million last week, a second straight weekly decline in purchases. The company funded $21 million through common stock sales and $500,000 from existing cash, and spent $192.4 million repurchasing STRC preferred stock, up from $176.3 million the previous week. It maintains a $4.88 billion US Reserve for preferred dividends and debt interest, plus $640.5 million in USD cash as of Sunday. The purchase followed a Sunday post by Michael Saylor signaling another buy, and Strategy typically reports purchases in SEC filings, which are closed Monday for Columbus Day. Accumulation has slowed, with holdings rising just 0.2% in the third quarter as the company acquired 7,218 BTC while selling 5,553 BTC.
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Strategy, the largest corporate Bitcoin holder, conditionally declared daily dividends on its STRC preferred stock for each day of November, subject to shareholder approval and related amendments. The annualized rate would stay at 12%, which management plans to keep recommending until STRC shows sustained, healthy trading near its $100 par value. STRC was down 0.2% at $99.32 on Friday. Last week, Strategy bought 250 Bitcoin for $21.5 million, bringing its holdings to 848,250 BTC, while in the week ending Oct. 4 it repurchased $176 million of STRC, more than six times its $28 million in Bitcoin purchases.
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