Strategy’s STRC hit $100, but common stock still funded last week’s Bitcoin purchases

Strategy funded its Bitcoin purchases with common-stock sales during November 2–8, even as STRC, its variable-rate preferred stock, reached $100. Strategy had said it would not issue STRC below that price, but its November 9 disclosure reported no STRC sales under its at-the-market offering program.

The allocation shows where the week’s financing went. Of $283.8 million in net proceeds from MSTR common shares, $188.3 million funded STRC repurchases, $81.9 million funded Bitcoin purchases and $13.6 million went to USD Cash, according to the weekly financing update.

That put about two-thirds of the new common-stock money into buying back preferred shares. Less than a third went into Bitcoin. STRC’s market-price recovery had yet to become reported STRC ATM financing within that week.

STRC buybacks received 2.3 times the common-stock proceeds allocated to Bitcoin.

Covers November 2–8, 2026 only. Allocation is not a return forecast or a conclusion about later STRC issuance. USD Cash allocation is a flow, not the cash balance; future dividend savings depend on rates and declarations.

Sources and evidence

Sources

1. Strategy November 9 Form 8-K
2. SEC November 9 Form 8-K
3. Strategy July 27 buyback policy

Supporting facts

• Strategy’s November 9 disclosure reports no STRC shares sold under its ATM program during November 2–8, while 2,051,348 MSTR common shares generated $283.8 million in net proceeds. [1] [2]
• Strategy allocated the November 2–8 MSTR net proceeds as $188.3 million for STRC repurchases, $81.9 million for Bitcoin purchases and $13.6 million for USD Cash. [1] [2]
• Of the $283.8 million in MSTR net proceeds for November 2–8, approximately 66.3% went to STRC repurchases, 28.9% to Bitcoin purchases and 4.8% to USD Cash; repurchases were about 2.3 times Bitcoin spending. [1] [2]
• Strategy repurchased 1,887,464 STRC shares for $188.3 million during November 2–8; its July policy describes buybacks as a way to reduce future preferred dividend requirements at a discount. [1] [3] [2]
• Strategy reported purchasing 1,036 BTC for $81.9 million during November 2–8, at an average $79,012 per bitcoin including fees and expenses; the purchases used MSTR sale proceeds. [1] [2]

Method

Reported net proceeds and allocations in USD millions: 188.3+81.9+13.6=283.8. Band widths use allocation/283.8: 66.34954%, 28.85835%, 4.79211%; labels rounded to one decimal. Buyback/Bitcoin ratio 188.3/81.9=2.29915, rounded to 2.3. Repurchased share count is reported.

Scope

Covers November 2–8, 2026 only. Allocation is not a return forecast or a conclusion about later STRC issuance. USD Cash allocation is a flow, not the cash balance; future dividend savings depend on rates and declarations.

Infographic by CryptoSlate

STRC recorded an historical intraday high price of $100 on November 4 and an unadjusted close of $99.98. Its highs on November 5 and 6 were $99.97 and $99.84, respectively.

Strategy’s July 27 policy announcement said the company would not issue STRC below $100. It also described a long-term objective of healthy, sustained trading near that level. The issuance and dividend policies were statements of intent that could change.

Strategy receives new equity capital when it sells shares and collects proceeds. In a secondary-market trade, a buyer instead pays another investor for an existing share. The market price and the issuer’s financing proceeds therefore describe separate transactions.

For November 2–8, the reported financing came from selling 2,051,348 MSTR shares. That share-sales figure includes shares sold but not yet settled as of November 6.

CryptoSlate’s November 5 coverage described renewed STRC financing as a possibility and included an unconfirmed tracker estimate that issuance might have financed 191 BTC. The subsequent weekly disclosure reports no STRC ATM sales for the period containing November 4.

Buying back preferred claims

Strategy bought 1,036 BTC for $81.9 million during the week, at an average $79,012 per coin including fees and expenses. Its Bitcoin purchase disclosure expressly identifies MSTR sale proceeds as the funding source.

Bitcoin purchases absorbed 28.9% of the common-stock proceeds. STRC repurchases took 66.3%, or about 2.3 times the Bitcoin allocation, while USD Cash received 4.8%. That makes the buyback program a substantial competing use of newly raised capital.

It also changes the mix of claims on the company. Issuing MSTR expands the common-share base, while repurchasing STRC reduces preferred claims. Strategy bought back 1,887,464 STRC shares during November 2–8.

The company’s July policy described discounted repurchases as a way to reduce future preferred dividend requirements. That gives the spending an economic purpose alongside its immediate cash cost. The eventual dividend savings depend on future rates and declarations.

The policy also anticipated a greater repurchase pace at deeper discounts, tapering as STRC approached $100. It left decisions subject to liquidity, market conditions and capital-allocation priorities.

The preceding week also paired MSTR fundraising with STRC repurchases, but disclosed a different funding route. In its November 2 filing, Strategy reported $164 million in MSTR proceeds: $65.5 million funded Bitcoin purchases and $98.5 million went to USD Cash. It separately used $208.2 million of USD Cash for STRC repurchases.

For November 2–8, the company explicitly assigned MSTR proceeds directly to the buybacks. The comparison shows a change in the disclosed funding allocation, with common-stock sales financing Bitcoin purchases in both weeks.

At November 8, USD Cash stood at $146.2 million, alongside a separate $4.77 billion reserve for dividends and interest. Strategy used $21.1 million of that reserve to pay preferred dividends during the week.

The next financing development depends on reported issuer sales and the use of their proceeds. STRC’s return to $100 provided a market-price milestone; the November 2–8 allocation shows that MSTR issuance supplied the disclosed money for both Bitcoin accumulation and preferred-share repurchases.