Strategy Bought 334 Bitcoin Last Week. It Spent 6x That Propping Up Its Own Preferred Stock.

Strategy bought 334 Bitcoin between Oct. 1 and Oct. 4. Cost: $28.7 million. Average fill: $85,838.80. That's the smallest positive BTC purchase of 2026, and it lands below June's previous low of 520 coins. The company now holds 848,000 BTC at a blended cost of $75,440.70 each.

Meanwhile, it dropped $176.3 million repurchasing roughly 1.77 million STRC shares over the same window. Read that again. Six times more capital went into its own preferred stock than into Bitcoin. That's not a treasury strategy anymore. That's a peg defense.

The Bitcoin side is doing great on paper. Q3's 43% rally pushed the carrying value of Strategy's stack to $70.82 billion as of Sept. 30, against an aggregate acquisition cost of about $63.97 billion. Fair-value accounting books a $20.91 billion digital-asset gain for the quarter. Head of investor relations Chaitanya Jain framed the sensitivity cleanly: every $1,000 move in BTC is worth $848 million of fair market value to Strategy.

None of that's realized profit. It's marks. And marks don't pay dividends on a 12% preferred.

That's the squeeze. STRC carries a $100 stated amount, and Strategy's own materials say the goal is trading between $99 and $100. It last closed at $100 in mid-May. Nearly 100 consecutive trading sessions below par since. The company already raised the dividend to 12%, flipped payments from monthly to semi-monthly, and spent roughly $1.45 billion of its $2 billion repurchase authorization trying to close the gap. $547.2 million is left. The buybacks aren't sticking.

So on Monday, Strategy filed a proxy asking MSTR holders to approve daily dividend accrual across its four US-listed preferreds. Not a higher rate. Just a shorter gap between earning and receiving. The pitch is tighter pricing, better liquidity, stronger demand. If it passes, STRC starts accruing daily Nov. 1, first payment Nov. 2. MSTR holders of record as of Sept. 25 vote on Oct. 28. STRC holders don't get a vote on their own product.

Here's the thing. Strategy keeps telling shareholders that healthier preferreds mean cheaper future issuance, which means more dry powder for Bitcoin. That's the whole chain. Break the $100 peg and the choice gets ugly: burn more cash on buybacks, eat a persistent discount, or reprice the instrument again.

Read the source. The docs say $99 to $100. The tape says otherwise. Watch the Oct. 28 vote, because that's the actual Bitcoin financing roadmap, not the 334-coin buy.