Strategy raised $283.8M selling its common stock last week, and only $81.9M of it went to bitcoin. $188.3M went to buying back its own STRC preferred shares, more than twice what went into the coins. • 1,036 bitcoin bought between November 2 and November 8, at an average of $79,012 • About 2.05M MSTR shares sold for $283.8M in net proceeds • 1,887,464 STRC shares repurchased for $188.3M, the only repurchase that week • Holdings now 850,364 bitcoin, bought for $64.16B at an average of $75,456 • $560.3M still left on the digital credit repurchase program and $1.0B on the MSTR repurchase program STRC is the variable-rate preferred Strategy uses to fund its bitcoin buys. The company authorized a $1B repurchase program in June and doubled it to $2B in September, after STRC fell below its $100 par. So the machine that used to turn stock sales into bitcoin is now spending most of the proceeds supporting its own funding, and last week's buy came in above its average cost. If the preferred needs this much support, how long can the flywheel keep running on common stock sales? Worth watching closely.
Image from TFTC (@TFTC21)

Nov 11, 2026 · 3:31 PM UTC

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Strategy put about $188M into STRC buybacks last week, roughly 2.3x the $82M it spent on 1,036 BTC. Holdings now stand at 850,364 BTC. Saylor keeps stacking, but more cash went to defending the preferred than to bitcoin.
Image from TFTC (@TFTC21)
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A good bitcoin treasury company should be buying low and selling high. Strategy seems to do the opposite.
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Prefs are a terrible product. Big mistake and the commons reflect that. A product that only works in the bull stage and is a top buyer all along the way
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@saylor how is what Saylor is doing to MSTR different than what the government does with fiat? The hypocrisy of Saylor is hard to ignore.
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without saylor and his ponzi bitcoin would be at $1 million a coin
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More of the common stock money went into STRC buybacks than into Bitcoin last week. Daily dividends are live now and should be doing more of that job than buybacks.
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The gamble is if they stabilize $STRC and don't let it fall off a cliff again, it will become more adopted, resulting in LESS dilution of the common. As they'll only need to sell STRC moving forward to fund their future bitcoin buys. If it works, it's genius. If it doesn't, well... look out below. I think it can work though.
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Saylor went from the messiah to Peter. MSTR common holders feel betrayed. If branding matters in digital credit, becoming the villain is a problem. His only friends now seem to be the institutions buying what he’s selling. The day greed killed Bitcoin.
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More than twice as much going to STRC buybacks as to bitcoin is interesting. Do you read that as them seeing the preferred as the cheaper asset right now, or more about protecting the dividend story?
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What a scammer
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🤗
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As long as it takes fur bitcoin to wake the f&@k up?
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Gross misunderstandings all over the comments, on multiple fronts. This is without realising that the shares being repurchased were sold @ $100, and bought back under, or well under that price. The bitcoin has already been bought from this, the common replaces the pref. Value.
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And it seems like all the passive stock buying from ETF’s may go poof today, once MSCI announces its decision…. Get out of MSTR while you still can and buy real Bitcoin.
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177,867 BTC accumulated in 2026 YTD against 18,149 BTC accumulated in the last bear market. Almost 10x more BTC accumulated in a bear market. Probably nothing. 🤡🤣
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Fortunately, I listened to @parkeralewis
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@BritishHodl
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