Strategy, the Bitcoin treasury company led by Michael Saylor, has purchased another 267 bitcoins for approximately $22.1 million.
The acquisition took place between October 12 and October 18 at an average price of about $82,900 per bitcoin, according to a recent SEC filing.
The latest buy lifts Strategy’s total holdings to 848,517 bitcoin. The company has spent roughly $64 billion acquiring its entire stack at an average cost of $75,446 per coin. These holdings now represent more than 4% of bitcoin’s fixed supply.
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Strategy funded the purchase primarily through proceeds from at-the-market sales of its Class A common stock. A small portion came from existing cash reserves.
In the same period, the company also repurchased $193.1 million of its preferred shares and expanded its authorization to repurchase digital credit securities.
Executive Chairman Michael Saylor announced the developments on X, stating, “Strategy has repurchased $193M of $STRC and acquired 267 $BTC. As of 10/18/26, we hold 848,517 BTC and $5.3B of USD Assets.”
In a follow-up post, he provided credit metrics: “USD Duration is 3.4 yrs and STRC’s BTC Credit is 53 bps assuming 10% BTC ARR, 40% BTC Vol, and a BTC price of $81,468.”
These moves continue Strategy’s dual approach of steadily accumulating bitcoin while actively managing its preferred equity capital structure.
STRC is a variable-rate preferred security designed to trade near its $100 stated value, the company has previously indicated it aims to support that level through disciplined repurchases when the shares trade at a discount.
The larger buyback authorization provides additional flexibility for future capital allocation decisions. The activity forms part of Strategy’s broader Bitcoin Treasury strategy, under which the company uses equity and preferred stock issuance, cash reserves, and opportunistic capital markets actions to grow its bitcoin holdings while maintaining liquidity for dividend obligations and other purposes.
As of October 18, 2026, Strategy held 848,517 BTC with an aggregate purchase price of $64.02 billion, equating to an average cost of $75,446 per bitcoin (inclusive of fees and expenses).
Strategy Continues Accumulating Bitcoin Amid Market Pressure
The latest acquisition comes as Strategy faces pressure from developments beyond the cryptocurrency market.
On October 16, shares of Strategy declined following news that index provider MSCI was moving forward with rules that could lead to the exclusion of Strategy and other digital-asset treasury companies from certain global equity indexes.
The proposed changes, scheduled to take effect on November 30, 2026, could affect companies that MSCI considers more similar to investment funds than operating businesses. MSCI’s final list of affected companies is expected on November 11.
The development matters because Strategy relies on access to capital markets to finance its Bitcoin purchases. Potential exclusion from major indexes could prompt some index-tracking funds to sell their shares, potentially reducing demand for MSTR stock. Nevertheless, the company has continued accumulating Bitcoin despite these concerns.
Strategy’s latest purchase highlights the company’s commitment to building its Bitcoin reserves, but its financing model also introduces considerable financial risks. The purchase marks another incremental addition in Strategy’s multi-year accumulation campaign.
Its continued reliance on equity issuance means existing shareholders could experience dilution as the company sells additional shares to finance further purchases. Its share price can also fluctuate significantly depending on Bitcoin’s performance, investor sentiment, and the market’s valuation of the company’s Bitcoin holdings.
Furthermore, Bitcoin’s volatility means the value of Strategy’s portfolio can decline sharply during market downturns, even when the company continues to hold its assets.
For investors, the distinction between buying Bitcoin directly and investing in Strategy is important. Buying MSTR stock provides exposure to a company whose financial strategy is heavily tied to Bitcoin, rather than direct ownership of the cryptocurrency.
Despite market volatility and external pressures on the stock, the company has maintained a consistent approach of converting equity proceeds into Bitcoin. The latest transaction keeps Strategy firmly positioned as the largest corporate holder of the asset.