Strategy (MSTR) is slowing its weekly Bitcoin (BTC-USD) purchases as the company directs more cash toward buying back its own shares. The firm bought 250 Bitcoin last week for roughly $21.5 million, paying an average price of $86,194 per BTC. This buy lifted Strategy's total treasury to 848,250 Bitcoin, worth about $70.61 billion with Bitcoin trading near $83,283.

Strategy's weekly BTC purchases have dropped fast, sliding from 1,665 BTC two weeks ago to 334 BTC, and now down to 250 BTC. This drop marks an 84.98% fall in Bitcoin purchases over 14 days. Even with the smaller buy, executive chairman Michael Saylor told followers on social media that there is "always room for more orange."

Strategy Prioritizes STRC Share Buybacks over Bitcoin Purchases

The slowdown in Bitcoin orders does not come from an empty bank account. Regulatory records show Strategy held about $4.9 billion in its dollar reserve on October 5. Rather than using those funds for Bitcoin, the firm used its money to purchase its STRC preferred stock.

During the week ending October 4, Strategy paid $176.3 million to buy back shares of Stretch (STRC), its preferred stock that pays a monthly dividend. That buyback spend was roughly six times larger than the cash used for Bitcoin during that same week. A week before that, the company spent $151.7 million on STRC buybacks, which also topped the $142.7 million spent on Bitcoin.

Michael Saylor Wants to Protect the Value of Each MSTR share

The corporate playbook at Strategy relies on a special process. First, the firm sells new MSTR common shares to investors to raise cash. Next, it uses that cash to buy more Bitcoin. This plan works well when MSTR stock trades at a premium to the Bitcoin it owns. Selling MSTR shares at a high price lets the company add more Bitcoin without hurting current investors.

When MSTR share prices drop, selling new common shares hurts existing owners by lowering the amount of Bitcoin tied to each MSTR share. Saylor explained this rule on February 5, 2026, saying, "When our equity trades weak, we don't sell it."

Strategy's management added during that call, "We wouldn't electively or programmatically issue equity to buy Bitcoin if it was going to decrease Bitcoin per share." To protect the value of those MSTR shares, the company uses STRC preferred stock. Buying back or selling STRC allows the firm to manage cash without creating new MSTR shares, which keeps the Bitcoin-per-share ratio safe.

Peter Schiff Questions the Strategy's MSTR Buying Power

Gold backer Peter Schiff said Strategy has lost its buying power because the MSTR share sales that once paid for its Bitcoin runs have dried up. In November 2024, the company bought 55,500 Bitcoin in one week. Last week's buy of 250 Bitcoin added just 0.029% to its total Bitcoin holdings.

Still, Strategy keeps plenty of dry powder ready. A September 28 filing shows the company has about $18.8 billion of MSTR common stock left that it can sell when market pricing improves. Its overall Bitcoin stash carries an average cost of $75,441 per Bitcoin. This has kept Strategy in profit as investors wait for the next official filing to see where the cash goes next.

Is Strategy Stock a Good Buy?

Currently, Wall Street has a Strong Buy consensus rating on Strategy stock (MSTR) based on 13 unanimous Buy ratings issued in the last three months. The average MSTR stock price target of $236 indicates about 51.34% upside potential. (See MSTR stock forecast)