Commentator Scott Melker reviews Strategy's (MSTR) latest weekly bitcoin buy: 811 BTC for $65.5 million at a cost basis of 80,846, bringing its holdings to 849,327 BTC and $4.9 billion in USD assets. To fund it, Strategy sold over a million MSTR common shares for $164 million in net proceeds, allocating $65 million to bitcoin and $98.5 million to its USD cash pile. It then spent $208.2 million buying back STRC preferred shares, a smaller STRC-to-bitcoin ratio than in recent weeks. According to Melker, STRC was back near par at 99.99 last week, and the complex structure usually comes at a small cost to MSTR shareholders.
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bitcoincryptoMichael SaylorMSTR
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Related tickers and likely impact
BTC/USDT
▲ Likely positiveBitcoin
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $1.6T |
| Close on 11/01/2026 | 78,354.00 |
| Change that session | +1.00% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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- What Is Strategy (MSTR)? The Bitcoin Treasury Company
Strategy, formerly MicroStrategy, became a Bitcoin treasury company after co-founder Michael Saylor made BTC its primary reserve asset in 2020. Between May and August 2026 it sold 6,948 BTC for about $432.5 million, moving away from its “never sell Bitcoin” stance toward a goal of never being a net seller, and it resumed buying at the end of August. Its purchases were funded largely by convertible notes and later by preferred stock, and STRC's fall below its $100 par value in June 2026 cut off a key funding route. As Bitcoin fell in 2026, mNAV, the premium over net asset value, dropped to where the market valued the company below its Bitcoin holdings, and the company reported a $12.4 billion loss for Q4 2025. In July 2026 it introduced “net Bitcoin per share,” which subtracts preferred stock and out-of-the-money convertible debt before dividing Bitcoin holdings by shares.
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MSCI is preparing to remove Strategy Inc. (MSTR) from its global indexes after classifying it as a “non-operating” company, which sent the stock down 9.6% to $137 on October 16. Final decisions are expected by November 11, 2026, with removals starting November 30. JPMorgan estimates index funds could be forced to sell about $2.8 billion of MSTR shares, though the shares would change hands rather than requiring Strategy to sell its 848,250 BTC. Still, a lower share price could make it harder for Strategy to raise funds for Bitcoin purchases, and the company has already sold $218.4 million of Bitcoin this year to support its USD Reserve. Bitcoin slipped 1.0% to $81,548 in the 24 hours before October 16.
- FinancialContent - Why Strategy (MSTR) Stock Is Down Today
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Strategy spent $208.2 million repurchasing STRC preferred shares and about $65.5 million buying 811 Bitcoin at an average price of $80,846, according to a Monday 8-K filing. The company sold about 1.18 million MSTR shares for net proceeds of $164 million, with $98.5 million allocated to its USD Cash balance. As of Sunday, it held $132.7 million in USD Cash and $4.79 billion in a separate US dollar reserve. Between Oct. 1 and Oct. 25, STRC buybacks totaled about $664 million versus about $72 million in Bitcoin acquisitions.
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