Strategy’s Latest 8-K Tests Whether Bitcoin Buying…

Strategy's most recent 8-K filing, covering October 1 through October 4, reported the company purchased 334 Bitcoin for approximately $28.7 million at an average price of about $85,839 per coin. That was down from $142.7 million in purchases the previous reporting period and $75.7 million, representing 950 BTC, between September 14 and September 20.The purchase raised questions about whether the slowdown is a short-term pause or a shift in capital deployment.

Funding Mix Shifted Toward Cash Instead of Stock Sales

The filing disclosed that $15.7 million of the purchase came from proceeds of 92,894 shares of Class A common stock sold under Strategy's at-the-market offering program. The remaining $13.0 million came from the company's USD cash reserves, an unusual split for a firm that has historically relied almost entirely on equity and debt issuance to fund Bitcoin acquisitions, the SEC filing shows.No shares of any preferred stock series, including STRF, STRC or STRK, were sold during the reporting period to fund the Bitcoin purchase. That marks a departure from earlier weeks in 2026, when Strategy routinely issued billions in preferred shares to finance large-scale accumulation. Between May 11 and May 17, for example, the company bought 24,869 BTC for approximately $2.01 billion, funded largely by the sale of approximately 19.5 million shares of STRC preferred stock.The prior reporting period, covering September 21 through September 27, showed significantly more activity: 1,665 BTC purchased for about $142.7 million, funded entirely from MSTR stock sales. The drop from $142.7 million to $28.7 million in a single reporting cycle underscores how sharply the pace has slowed.

Buybacks Tell the Other Side of the Capital Story

While Bitcoin purchases shrank, preferred stock buybacks accelerated. The filing shows Strategy repurchased approximately 1.8 million shares of its STRC preferred stock for roughly $176.3 million across the combined September 28 through October 4 reporting periods.Specifically, 1,033,168 STRC shares were repurchased for $102.6 million between September 28 and September 30, with an additional batch of 740,634 shares repurchased for $73.7 million between October 1 and October 4, SEC filings show.During the same combined period, Strategy used $154.1 million of USD cash to fund STRC repurchases and $13.0 million of USD cash to fund Bitcoin purchases. As of October 4, $547.2 million remained under the preferred stock repurchase program and $1.0 billion remained under the MSTR common stock repurchase program.

Holdings Sit Above Cost Basis, But The Latest Buy is Underwater

As of October 4, Strategy held a total of 848,000 Bitcoin acquired at an aggregate cost of approximately $63.97 billion, averaging $75,441 per coin including fees. With Bitcoin trading near $83,500 over the weekend of October 11, the overall portfolio sits above its cost basis.The 334 BTC purchased at approximately $85,839 each, however, are underwater at that level. As of September 30, the fair value of Strategy's Bitcoin holdings exceeded the cost basis of its holdings, the 8-K confirmed. The USD reserve stood at $4.88 billion and USD cash at $833.4 million.

What to Watch Out For

Strategy's weekly 8-K cadence means a new filing covering October 5 through October 11 is more likely to appear on EDGAR on or around October 13, since October 12 is Columbus Day and the SEC is closed. That disclosure will reveal whether the buying pace recovered or whether the company continued prioritizing STRC repurchases over Bitcoin accumulation.Third-quarter results and unrealized fair-value gains or losses under the fair-value accounting rules remain the next major data points for institutional investors tracking the stock.