- No Bitcoin added: Strategy sold no shares under its at-the-market program for Bitcoin purchases in the week of October 19 to October 23, 2026, leaving its holdings at 848,517 BTC.
- Preferred buyback: The company repurchased 2,068,459 STRC preferred shares worth almost $205 million.
- Stock moves: MSTR shares were lower in premarket trading on October 26, 2026, while Clear Street raised its price target to $211.
Strategy, the largest corporate holder of Bitcoin, has paused its Bitcoin purchases after two consecutive weeks of buying. Instead, the company used its capital to repurchase preferred stock, according to an official announcement dated October 26, 2026. The shift came as MSTR shares slipped in early trading amid broader pressure in the market.
What Happened
In its October 26, 2026 announcement, Strategy said it sold no shares under its at-the-market (ATM) offering program for Bitcoin purchases during the prior week. As a result, its total Bitcoin holdings stayed at 848,517 BTC. The company has acquired those coins for an aggregate of $64.02 billion, at an average price of about $75,446 per BTC. At the market price cited in the report, the holdings are worth almost $67.88 billion.
While Bitcoin buying was on hold, Strategy continued repurchasing its own securities. The firm bought back 2,068,459 STRC preferred shares for almost $205 million. According to the company, $956.8 million of preferred stock remains available under its digital credit securities repurchase program. Strategy also has $1 billion in aggregate purchase capacity left under its MSTR stock repurchase program.
Executive Chairman Michael Saylor addressed the pause in a post on X dated October 26, 2026. In it, he stated that as of October 25, 2026, the company held 848,517 BTC and $5.1 billion in USD assets. That USD total comprises $4.83 billion in USD Reserve and $242.4 million in USD Cash. Saylor also wrote that “USD Duration is 3.4 yrs and STRC’s BTC Credit is 54 bps assuming 10% BTC ARR, 40% BTC Vol, and a BTC price of $81,200.”
Why It Matters
For investors, the update shows how Strategy is allocating capital between buying Bitcoin and buying back its own securities. Pausing Bitcoin acquisitions while repurchasing STRC shares suggests management is prioritizing its balance sheet and dollar reserves at this point. Clear Street pointed to exactly that dynamic when it kept a buy rating on MSTR and raised its price target to $211. The firm said Strategy has strengthened its financial position through STRC repurchases and a larger USD reserve.
The situation also matters for the wider crypto market because Strategy is closely watched as a proxy for institutional demand. A pause in its purchases removes one source of steady buying pressure, even though the company’s holdings did not decline. Investors may read the update as a signal about how the firm views its funding options and its exposure to Bitcoin prices over the coming weeks.
Market Context
MSTR shares had a stronger week before the pause was announced. The stock gained almost 5% over the week and closed at $146.01 on Friday, October 23, 2026. In premarket trading on Monday, October 26, 2026, it fell 1.95% to $143.16. Trading volume remained below its average, reflecting macro pressure and elevated market volatility.
STRC, the preferred stock Strategy has been repurchasing, rose 1.25% during the week ending October 23, 2026, and was moving near $99.35 in premarket trading on October 26, 2026. The stock is approaching its $100 par value, which is the level the company’s repurchases appear to be building toward.
Bitcoin itself was trading near $80,000 after a recent rebound. Over the prior 24 hours, its low was $79,331 and its high was $80,825. Trading volume rose about 10% as traders waited for clearer direction. Market participants are also focused on the upcoming Federal Open Market Committee meeting and the release of US PCE inflation data, both scheduled for the week of October 26, 2026. Those events could influence risk appetite across both equities and digital assets.
What to Watch Next
Readers should follow several items in the coming weeks. The most important is whether Strategy resumes Bitcoin purchases through its ATM program and how its total holdings change in future announcements. Updates to its USD reserve and cash balances will show how much liquidity the company keeps on hand. The remaining capacity under the STRC and MSTR repurchase programs, $956.8 million and $1 billion respectively, will indicate how far the buyback activity may extend.
Macroeconomic developments also deserve attention. The FOMC decision and US PCE inflation figures could shift expectations for interest rates and, in turn, Bitcoin and equity prices. Finally, analyst revisions following Clear Street’s move, and any changes in trading volume for MSTR and STRC, will help show whether investor sentiment is stabilizing or weakening.
Source: original report
