Strategy's Bitcoin Purchases Drop 84%: Why the Slowdown?

Strategy's Latest Bitcoin Move: What Just Happened?

Strategy, the Nasdaq-listed firm formerly known as MicroStrategy, is famous for buying massive amounts of Bitcoin. But last week, the company made a surprisingly modest purchase of just 250 Bitcoins (BTCBTC-0.71%).

According to the official filing, this latest batch cost about $21.5 million. That translates to an average purchase price of $86,194 per coin.

While $21.5 million sounds like a fortune to most people, it represents a sharp drop for Strategy. Just a few weeks ago, the firm was adding far more crypto to its balance sheet.

A Look at the 3-Week Buying Slowdown

When you examine Strategy's recent filings, you can clearly see a steady decline in weekly Bitcoin acquisitions over the past three weeks.

• Two weeks ago: Strategy acquired 1,665 BTC.
• Last week: Strategy bought 334 BTC.
• This week: Strategy added just 250 BTC.

In total, weekly purchases have dropped by roughly 84% over this fortnight. This marks the second consecutive week that Strategy has reduced its buy size.

To put this in perspective, Strategy bought a staggering 55,500 BTC in a single week back in November 2024.

Has Strategy Run Out of Cash?

You might wonder if Michael Saylor and his team are running low on funds. The short answer is no.

An October 5 filing revealed that Strategy held approximately $4.9 billion in its dollar reserve. This cash buffer is set aside specifically for dividend payments.

Additionally, an official update posted on social media by Strategy on October 12, 2026, confirmed that as of October 11, 2026, the company held 848,250 BTC alongside $5.5 billion in USD assets.

Where Is the Money Going? Preferred Stock Buybacks

If the cash is available, why buy fewer Bitcoins? The company has been allocating more capital toward repurchasing its own shares.

Specifically, Strategy spent $176.3 million repurchasing Stretch (STRC) during the week ending October 4. STRC is a preferred stock that pays monthly dividends to investors.

That $176.3 million buyback was roughly six times the amount spent on Bitcoin that week. A week prior, STRC buybacks reached $151.7 million, which also topped the $142.7 million spent on Bitcoin.

Holdings Valuation and Skeptic Views

Bitcoin currently trades near $83,283, showing a slight 0.19% gain over 24 hours. At this price level, Strategy's total holding of 848,250 BTC is valued at around $70.61 billion.

The company's overall average purchase cost stands at $75,441 per Bitcoin.

Gold advocate and vocal crypto critic Peter Schiff commented on the slowdown. Schiff argued that Strategy has lost its buying power because STRC share sales—which previously funded its Bitcoin purchases—have dried up.

However, Michael Saylor shows no signs of changing his long-term outlook. On October 11, 2026, Saylor posted his usual chart of orange dots representing each purchase.

"There's always room for more orange."

What Lies Ahead for Strategy?

According to a September 28 filing, Strategy still has approximately $18.8 billion of common stock authorized for potential future sales.

Upcoming regulatory filings will clarify how Strategy balances its capital between funding additional stock buybacks and acquiring more Bitcoin.

Past performance of digital assets or corporate operations is not an indication of future results. Crypto assets remain highly volatile.