Strategy Bought 250 BTC While BTC per Share Stayed Flat

BTC per share finished essentially flat as common shares grew alongside the Bitcoin balance. The larger capital commitment in Strategy’s October 12 update was reducing preferred stock and its future dividend requirements.

BTC per share barely moved

Strategy sold 125,183 MSTR shares, raising $21.0 million net. Those proceeds funded Bitcoin purchases, alongside $0.5 million of USD Cash. The average purchase price was $86,194 per BTC, including fees. No preferred ATM issuance or MSTR repurchases were reported. Source: October 12 release.

Here is the comparison with the previous weekly update, using basic shares and Strategy’s Assumed Diluted Shares Outstanding (ADSO):

Calculated from the underlying inputs, ADSO BTC per share rose approximately 0.0014%. That rounds to +0.00% at two decimal places. Basic BTC per share slipped approximately 0.0008%.

ADSO includes shares from assumed conversions and equity awards, so its denominator is larger than basic shares.

The recurring benefit of retiring STRC

Strategy repurchased 1,932,145 STRC shares at an average of approximately $99.58. That retired $193.2 million of stated amount for $192.4 million, a discount of about $815,000. Source: repurchase table.

At STRC’s current 12% rate, the repurchases remove approximately $23.2 million in annualized dividends. Buying close to the $100 stated amount leaves little discount to capture, making the lower recurring dividend requirement the larger economic benefit.

Across this update and the October 5 filing, Strategy spent $368.7 million retiring roughly 3.706 million STRC shares. Together, those shares represent approximately $44.5 million in annualized dividends at 12%.

STRC notional is now approximately $8.792 billion, down from about $8.985 billion last week. That still implies a substantial $1.055 billion annual dividend bill. Remaining STRC holders retain the same 12% rate; Strategy pays it on fewer shares.

The price support case is less clear

Adrian Morris’s September analysis examined 60 trading sessions through September 4, 2026. The True North founding member found that a buyback proxy had no statistically significant relationship with STRC’s daily price returns after accounting for Bitcoin, MSTR and peer preferreds.

The study spread weekly repurchases evenly across trading sessions rather than using actual daily executions. It does not establish zero effect or cover October’s purchases. It does challenge the assumption that a recovery toward $100 demonstrates that buybacks drove the move.

USD Cash fell as STRC buybacks continued

Strategy’s USD Reserve stayed at a reported $4.88 billion, while USD Cash fell from $833.4 million to $640.5 million. The reserve supports dividends and interest; USD Cash serves broader treasury purposes. Current disclosure · Prior disclosure.

The $192.9 million decline in USD Cash matches the STRC repurchases plus the $0.5 million cash contribution to Bitcoin. That reconciliation uses rounded figures; the release explicitly identifies the Bitcoin contribution but does not separately attribute the buyback funding.

For MSTR shareholders, retiring preferred stock near stated amount uses almost as much cash as the claim it removes. The immediate improvement in net asset backing is therefore small. The next filings will show whether Strategy keeps reducing dividend commitments while preserving cash and growing BTC per share.