Strategy Spent $176M Defending STRC's $100 Peg and Bought Just 334 Bitcoin

Strategy’s latest filing will be read by most people as a Bitcoin story, because the company that built its identity on buying Bitcoin added only 334 BTC in the first four days of October. For anyone holding MSTR or collecting the 12% dividend on STRC, though, the more useful reading is that Strategy has spent five straight weeks doing something closer to what a stablecoin issuer does when its token slips below a dollar, which is spending reserves to hold a price.

According to the company’s October 5 Form 8-K, Strategy repurchased 1,773,802 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) for $176.3 million between September 28 and October 4, while its Bitcoin purchases that week came to $28.7 million at an average of $85,838.80 per coin. Holdings now stand at 848,000 BTC bought for $63.97 billion, and the company booked an estimated $20.91 billion gain on its digital assets for the third quarter.

Five Weeks of Filings Show Where Strategy’s Dollars Went

The pattern only becomes clear when the weekly filings are laid side by side, since any single week can be explained away as timing. Memeburn compiled the five weekly reports Strategy has filed since it doubled its STRC buyback authorization to $2 billion in early September, covering the weeks to September 7, September 13, September 20, September 27 and October 4, with average buyback prices calculated as aggregate cost divided by shares repurchased.